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.
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.
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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.
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“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.