Recent scrutiny of federal programs in Minnesota has drawn national attention to serious oversight failures at the state level. Those problems are not isolated. Audits in Georgia and other states reveal similar warning signs that raise broader concerns about accountability, internal controls, and the use of federal funds.
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.
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.
Georgia has $8.8 billion to pay its bills, with a surplus of $2,400 per taxpayer, according to Truth in Accounting's Financial State of the States report.
Our fifteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states.
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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Every year, for the past fourteen years, Truth in Accounting has released its Financial State of the States report which examines the financial status of the fifty states. This year our report was released on October 11, 2023. One of the data sets we reviewed is the auditors’ reports. Did the state receive an unmodified report for their Annual Comprehensive Financial Report? Last year I wrote an article for Accounting Today explaining which states did not meet auditing standards for 2021. This is a follow-up to that article.
This year's report found that 31 states did not have enough money to pay all of their bills.
By Sudhin Thanawala (AP), includes “… Republicans had presented Georgia’s plan as a financially responsible alternative to a full expansion of Medicaid services under the Affordable Care Act, which 38 states have already done. … Democrats in Georgia say full expansion would cover hundreds of thousands of people at a much lower cost to the state. ”
By Nyamekye Daniel (The Center Square), includes “While no state earned a perfect score in the report, Georgia received 54 points. TIA said this year's transparency scores are worse than previous years because of response to the COVID-19 pandemic. Federal aid highlighted weaknesses in states' unemployment insurance. ‘These weaknesses caused several states to receive poor audit opinions,’ TIA wrote.”
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.
By Jen Sidorova, includes “… A single year – or even several years – of exceptionally high investment returns would be welcome news for TRS. Even a streak of high returns, however, will not change the harsh truth that this and many other plans still face significant funding risks going forward. Georgia policymakers need to address these risks to protect taxpayers, employees and retirees.”
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.
By Jeff Amy, includes “Some retired Georgia teachers could return to work and collect both a full salary and a full pension under a proposal that Gov. Brian Kemp unveiled Tuesday to bolster the state’s teacher workforce.”
Illinois Gov. J.B. Pritzker was all smiles about Georgia’s U.S. Senate election results Wednesday, saying he’s optimistic that the federal government will come through with more state aid now that Republicans can’t block it.
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.