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.
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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This year's report found that 31 states did not have enough money to pay all of their bills.
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 “Both PERF and TRF are hybrid plans in which both the employer and member have funds at risk. … This concept has been part of the Indiana system for a generation. … TRF’s pre-1996 fund is a pay-as-you-go plan that has been in place since 1921. … Typically, in pay-as-you-go plans, no funds are set aside today to fund projected benefits years in the future. Instead, these plans are funded in the year the benefit payment is provided to the member. ”
By Jeanie Lindsay, includes “A new study says school choice options in Indiana have saved the state millions in education spending. But researchers say the cost-savings come as the state spends less on education than it did more than a decade ago.”
By Kaitlin Lange and Arika Herron, includes “In their final hours at the Indiana Statehouse Thursday, lawmakers overwhelmingly passed the two-year state budget filled with one-time spending and an unexpected amount of new education dollars."
Editorial, includes “Ten years ago in these columns, we hailed Indiana for its leadership in establishing one of America’s most ambitious school voucher programs. On Thursday the Indiana Legislature built on that achievement by approving a budget that will take the program to 48,000 students a year from about 37,000.”
By Brandon Smith, includes “Gov. Eric Holcomb said the state’s new, $37 billion state budget will be “transformational” for Indiana’s future. The final budget proposal unveiled Tuesday uses a combination of state tax revenues and money from the latest federal COVID-19 relief package.”
We’ve updated our Data-Z website to include the latest Census population data through 2020. The link above takes you to a “pretty picture
When it comes to allowing taxpayers to easily analyze state finances, Indiana is one of the best states in the nation, according to a report released Tuesday by Truth in Accounting.
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.
While we hear more about the federal and state governments for the laws they pass and policy decisions they make, it is the local governments that are responsible for public education, law enforcement, road maintenance, parks, public health programs and more. One good way for people to get a solid understanding of the county government’s activities is to look at its budget.