States face a significant loss of federal dollars as temporary pandemic-related programs that were initiated in 2020 come to an end and national fiscal pressures rise.
On Thursday, Sept. 25, Truth in Accounting (TIA) released its annual Financial State of the States report, and once again Connecticut finds itself near the very bottom. The state earned an F, ranked 49th out of 50, and carries a per-taxpayer burden of $44,500. In simple terms, every taxpayer would have to write a check of that amount to pay off the state’s obligations today.
Our sixteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states.
In the spirit of promoting clear and accurate fiscal information, Truth in Accounting has once again assessed the transparency of state governments’ financial reporting. While state budgets receive most of the public and media’s attention, their outcomes are detailed in each government's Annual Comprehensive Financial Report (ACFR), which is audited annually by certified public accountants. Our transparency score is based on key criteria outlining best practices, offering government officials and citizens a roadmap to enhance fiscal transparency and accountability.
Although the state of Connecticut is sitting on a massive accumulative state pension debt of some $35 billion, most of the chatter in our media concerns the state’s biennial “surplus.”
Truth in Accounting (TIA) released its 15th annual Financial State Of The States Report for 2024. This is the third report TIA has done in conjunction with the University of Denver's School of Accountancy.
Our fifteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states.
The easiest way to avoid debt is through prudent policies in which the state’s annual domestic spending is substantially less over time than the state’s annual gross domestic product, a sort of economic husbandry Connecticut has not practiced for decades.
Truth in Accounting has once again created a transparency score for the financial reporting by state governments to encourage the publication of transparent and accurate government financial information.
Now Available
Our annual report on state fiscal health. Debt among the states improved slightly. Going from $1.2 trillion down to $938.6 billion.
What happened?
How did your state do? Read the full report below.
https://www.truthinaccounting.org/news/detail/financial-state-of-the-states-2023
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This year's report found that 31 states did not have enough money to pay all of their bills.
The state’s net AGI migration improved by nearly $1.4 billion, from around negative $1.6 billion to negative $302 million, in 2020. The IRS’ newly released interstate Adjusted Gross Income migration data show how much wealth states lost or gained between 2019 and 2020. The latest available data is for 2020. Net AGI migration in 2020 is calculated by subtracting AGI inflow from AGI outflow. The change between 2019 and 2020 in net AGI migration takes an individual state’s net AGI migration in 2020 and subtracts it from net AGI in 2019.
When assessing the states whose wealth increased the most between 2019 and 2020 through migration, most follow previous AGI migration trends: Florida, Tennessee, Nevada, and Texas are among the top states for net AGI increase in 2020. Most of these states’ performance has been analyzed by Truth In Accounting: Top and Bottom Net AGI 2020 Analysis. READ MORE
By Keith Phaneuf, includes “Connecticut officials have ignored for decades the effects of inflation on the state income tax, an oversight that costs low- and middle-income families tens of millions of dollars annually, according to a new report. ”
By Keith Phaneuf (Connecticut Mirror), includes “… Increasing income, sales and corporation tax receipts have state finances finishing more than $2.2 billion in the black this fiscal year — a whopping cushion approaching 10% of the entire budget. … ”
Seven-minute video, text includes “Rep. Laura Devlin, Deputy House Republican Leader, poses questions about the reality of Connecticut's long term financial picture after officials talked about revenue increases.”
By Martin Braun, includes “Residents of Norwich, Connecticut, will vote Tuesday on whether to gamble with their tax dollars by issuing bonds to cover swelling pension obligations, amid a record year for sales of such debt. Voters are being asked to approve issuing $145 million of securities to cover Norwich’s pension obligation, after retirement costs almost tripled in the past decade.”
To encourage the publication of transparent and accurate government financial information, Truth in Accounting has created a transparency score for financial reporting by the states.
One-hour video analysis of Connecticut state government finances and the state’s performance in our latest Financial State of the States report.
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