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.
The northeastern United States was badly ravaged by the Covid-19 pandemic. The five states with the highest Covid-19 deaths per capita to date are New Jersey, New York, Connecticut, Massachusetts, and Rhode Island; if the District of Columbia were a state, it would place sixth.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
The 2019 Georgia Legislative Policy Forum, featuring five think tanks, five policy issues and nearly two dozen policy experts and leaders, takes place November 15. Learn about education, healthcare, opportunity, regulation and transportation opportunities for Georgia.
Georgia legislative leaders scheduled meetings later this month to hear how state agencies plan to respond to Gov. Brian Kemp’s call to cut their budgets, but they may spend that time talking to each other.
Prior to the new rules implemented by the Trump administration to strengthen work requirements for the Supplemental Nutrition Assistance Program (SNAP), some Republican governor-led states had already begun implementing restrictions and eliminated the practice of submitting “geographic area waivers.”
Georgia’s political leaders owe it to parents and students to resolve the pension system’s solvency challenges.
A year and a half after the first pitch at SunTrust Park, Cobb has yet to account for tens of millions of dollars in stadium construction work and officials haven’t independently confirmed a final price tag on the county’s largest, most controversial public works project.
The Teachers Retirement System (TRS) of Georgia alarmed legislators and stakeholders when it requested over $588 million in increased contributions in the 2017 and 2018 legislative sessions combined, largely the result of missed actuarial assumptions.