Financial State of the States 2022

OCTOBER 24, 2022

This year's report found that 31 states did not have enough money to pay all of their bills.

Would more sunshine move Kentucky out of its sinkhole?


By Jim Waters, includes “Recent reports by a nationally respected organization raise concerns about Kentucky's lack of financial transparency and the ensuing consequences of such deficiency. … ”

Would more sunshine move Kentucky out of its sinkhole?

DECEMBER 13, 2021 | BEECH TREE NEWS | by Jim Waters

By Jim Waters, includes “Recent reports by a nationally respected organization raise concerns about Kentucky’s lack of financial transparency and the ensuing consequences of such deficiency. … Truth in Accounting only ranked six states less financially transparent than Kentucky … ”

New report puts Kentucky in top ten least transparent states


By Sarah Durand, includes “Truth in Accounting, a nationwide organization that researches and reports on government financial data to improve transparency, looked at each state’s annual comprehensive financial report. Based on their scoring system, which includes receiving a clean opinion from an independent auditor - an area where the commonwealth failed - only six states placed lower in their transparency rating.”

New study measures financial transparency among state governments

NOVEMBER 16, 2021


Financial Transparency Score 2021

NOVEMBER 16, 2021

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. 

Kentucky’s taxpayer burden is $26,000, according to a 2021 report

OCTOBER 14, 2021 | NEWSBREAK | by Anita Durairaj

By Anita Durairaj, includes “Truth in Accounting states that they are a non-profit interested in empowering citizens by providing them with transparent information about the government and its finances. Since 2009, they have provided an annual financial report for Kentucky. For the most recent financial report involving the 2020 fiscal year, they have graded Kentucky as failing in its fiscal health.”

Kentucky earns another failing grade in Truth in Accounting report

OCTOBER 1, 2021 | MESSENGER-INQUIRER | by Steve Bittenbender

By Steve Bittenbender (The Center Square), includes “… ‘The majority of states were financially unprepared for any crisis,’ Sheila Weinberg, founder and CEO of Truth in Accounting, said in a statement. ‘When states can’t pay their bills, taxpayers are on the hook.”

Majority of state finances worsened during beginning of pandemic

SEPTEMBER 28, 2021


Financial State of the States 2021

SEPTEMBER 28, 2021

Truth in Accounting's twelfth annual Financial State of the States report, a nationwide analysis of the most recent state government financial information.

Study: State worker pension plans in best shape since 2008

SEPTEMBER 15, 2021 | THE WASHINGTON POST | by Geoff Mulvihill

By Geoff Mulvihill, includes “The Pew Charitable Trust report credits a booming stock market over the past year as well as states’ longer-term steps, which include boosting taxpayer contributions to public pension funds and reducing promised retirement benefits, particularly to newly hired workers. … The health of public pension systems resonates beyond government employees.”

Historic surplus leaves state in strong place to begin reinvesting in Kentucky’s needs


By Jason Bailey, includes “Thanks to aggressive federal pandemic relief that has increased Kentuckians’ incomes and strengthened consumer spending, Kentucky’s budget is seeing large revenue surpluses that are boosting the state’s rainy day fund to a historically high balance. These resources present a critical opportunity to reinvest in Kentucky’s public services after over a decade of budget cuts.”

Kentucky ends fiscal year record $1.1 billion surplus

AUGUST 5, 2021 | KENTUCKY TODAY | by Tom Latek

By Tom Latek, from July 9 2021, includes “The state of Kentucky wrapped up the fiscal year that ended June 30 with a record surplus in the General Fund, according to information released Friday by the state budget director’s office. … Gov. Andy Beshear reacted with excitement during a 58-second video posted on Facebook.”

He runs the worst-funded public pension in the country. Here’s his ‘good news’ story


By Andrea Riquier, includes “It’s a safe bet that many people, seeing their work described in print as ‘among the worst in the country,’ might cringe and try to avoid the media. But David Eager has spent the past five years running the Kentucky Public Pension Authority, with an eye to turning the system around. … ‘The hole (unfunded liability) is $16.5 billion. You’re going to pay your portion of that for the next 30 years. We’ve effectively assigned you a mortgage.’ MW: ‘I bet people loved that.’ …”

Kentucky governor offers $1,500 bonus to boost workforce

JUNE 25, 2021 | MIAMI HERALD | by Bruce Schreiner

By Bruce Schreiner (AP), includes “Gov. Andy Beshear on Thursday dangled a $1,500 bonus meant to lure thousands of unemployed Kentuckians back to work, offering it as an alternative to cutting off enhanced jobless benefits that Republicans and businesses blame for causing a workforce shortage.”

These public pension systems used to have too much money. Now they’re broke. What happened?

JUNE 24, 2021 | MARKETWATCH | by Katie Marriner, Andrea Riquier

By Katie Marriner and Andrea Riquier, includes “In 2001, some of the country’s biggest public pension systems were flush. The plan serving Kentucky state workers, for example, was 125.8% funded, meaning it had 25.8% more money on hand to pay all of what it owed current retirees and workers expected to retire for the next 30 years. But not even two decades later, Kentucky’s pensions, and some other previously over-funded plans, were in crisis. What happened? …”

Is Kentucky poor?

JUNE 22, 2021 | JANETPANIC.COM | by Alex -

Includes “… But Kentucky ranks 46th out of the 50 states on a range of financial metrics, according to the Mercatus Center at George Mason University. And the state rates 44th out of 50 according to Truth in Accounting, a nonpartisan, nonprofit group that analyzes government fiscal data.”

Kentucky lawmakers pass pension bill aimed at new teachers

MARCH 17, 2021 | US NEWS & WORLD REPORT | by Bruce Schreiner

By Bruce Schreiner (AP), includes “Supporters said the measure would relieve some pressure on the state’s troubled public pension plan for teachers without solving its massive unfunded liability. Opponents said the pension changes would become a deterrent in recruiting people into teaching.”

Kentucky governor expects state’s budget to be balanced

NOVEMBER 6, 2020 | EASTERN PROGRESS | by J.D. Davidson

 Despite business closures, job losses and increasing numbers in the COVID-19 pandemic, Kentucky Gov. Andy Beshear said the state’s budget will balance without any cuts.

Thirty-nine states ill-prepared for coronavirus pandemic

SEPTEMBER 22, 2020

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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