"In fiscal 2022, 28 states didn’t have enough revenue to pay all of their bills, according to the 14th annual Financial State of the States report, published by the Chicago-based nonprofit Truth in Accounting.
The report provides a comprehensive analysis of the fiscal health of all 50 states based on the latest available data from states’ fiscal year 2022 annual comprehensive financial reports.
New Jersey ranked last for having the worst fiscal health and the greatest taxpayer burden. Not far behind was Connecticut, followed by Illinois, Massachusetts, Hawaii, Kentucky, Delaware, Louisiana, California and Vermont in the bottom ten.
By contrast, 22 states reported surpluses, the majority of which are led by Republican governors."
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.
Includes: "Delaware’s overall financial condition worsened by 21% during the onset of the pandemic, mostly because of post-employment liabilities. A Truth in Accounting report from 2021 revealed that Delaware still has $1.8 billion of unpaid pension debt. With more than an $800 million surplus, it is time to pay down this massive debt."
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.
PRESS RELEASE - FOR IMMEDIATE RELEASE
Truth in Accounting's twelfth annual Financial State of the States report, a nationwide analysis of the most recent state government financial information.
Includes “…Chicago, which also has a pension problem, handled it just how we hope to avoid in Delaware. Mayor Rahm Emanuel initiated numerous taxes, from a large property tax hike in 2014 to a 911 communication tax.”
The 2020 Financial State of the States report surveys the fiscal health of the 50 states prior to the coronavirus pandemic. This data is released today by Truth in Accounting (TIA), a think tank that analyzes government financial reporting.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
The coronavirus pandemic is paving the way for a state budget crisis that will likely be deeper than any Maine has seen in decades.
“… In 2018, the 50-state average student debt per capita was $5,438.04, which placed Delaware above average and Arizona below average for student debt. Hypothetically, if every U.S. citizen was willing to pay $5,438.04, we could erase all student debt in the U.S. Unfortunately, money doesn't grow on trees, so it looks like you're on your own for this one.”
Intro includes “… She’s deep into the dark, dark arts of government accounting.”
See the financial condition of Alaska, Connecticut, Delaware, Iowa, Illinois, North Dakota, Utah, Washington and West Virginia.
Small departments get large amounts. How much is being sold?
Twenty-five states are currently facing a revenue shortfall, which is a marked improvement over our report from last year, when 31 states were in deficit.
How trustees of state-sponsored pension plans value the cost of future liabilities, and in turn determine funded ratios, is a touchy subject among retirement policy experts and lawmakers.
Delaware officials are rebuffing a report from a nonprofit that gave the state an "F" rating over its fiscal health.