This year's report found that 31 states did not have enough money to pay all of their bills.
By Tim Carpenter, includes “Adam Proffitt, the governor’s budget director, told the Legislature’s budget committee members the governor was intent on eliminating a bundle of accounting gimmicks added to the budget framework over the years to mask financial problems. … ”
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 Ganon Evans, includes “… The COVID-19 pandemic is a perfect example of how an uncertain future could derail healthy pension payments. Methods to prepare for these uncertainties in future pension plans include stress testing at the state level and cost-sharing plans between employers and employees.”
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 Matthew Kelly, includes “The state of Kansas overcame bleak expectations to collect 9.3% more tax revenue than expected in the 2021 budget year, the Department of Revenue reported Friday. … The budget flexibility afforded by the high revenue intake is sure to stoke heated debate over the relative merits of slashing taxes and further bolstering public services.”
Op-ed by John Hendrickson and Jonathan Williams, includes “… The Kansas tax reform, and innuendo surrounding it, has created a paralysis among some policymakers who fear that cutting tax rates will lead to budget shortfalls. However, a careful analysis of the Kansas tax reform story should reassure legislators pursuing tax rate reductions across the nation, since it was unsustainable spending growth that was the real driver of budget problems in Kansas.”
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.
Plaintiff lawyers want insurance companies to absorb the cost to business of the Covid-19 pandemic—and they’ve had some early successes
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
There is at least one issue a divided electorate can come together on this election year: A recent poll finds 90% of those surveyed agreed on the importance of making health care more affordable.
A new report produced by the Kansas Chamber and a Washington, D.C., think tank takes aim at county appraisers in Kansas who embrace “dark story theory” to escalate property values for higher tax collections.
After lawmakers repealed Brownback’s signature income tax cuts in 2017, Kansas’s cash reserves quickly swelled to $1.1 billion… He acknowledged the forecast does not take into account the possibility of future recession… Under current spending levels, Kansas will end the next fiscal year with a surplus of $722 million.
Kansas City’s next mayor will inherit a municipal budget stretched to cover a lengthening list of urgent needs.
“Democratic Gov. Laura Kelly worked Monday to rescue a key budget proposal that would reduce Kansas' annual payments to its public pension system by trying to sell the plan to wary retired teachers and government workers. Kelly's plan faces widespread opposition among Republican lawmakers, who view it as her way of freeing up state funds for additional spending on public schools and government programs. … She insisted she isn't trying to free up money for new spending and said retirees have heard "a lot of misinformation."
After two straight years of lackluster revenue growth, state finances are on the upswing thanks in large part to a stable economy and a one-time boost from December's federal tax overhaul.
This is not my quarterly 80% fundedness update. This is driven by an incredibly stupid thing said by a politician (of whom I have little expectation) and by someone who really should know better.
Despite delaying hundreds of millions in payments to the state’s pension fund and revising future interest earnings downward, state officials said this week that current and former state employees need not worry about their pensions.