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.
"In fiscal 2022, 28 states didn’t have enough revenue to pay all of their bills, according to the 14th annual Financial State of the States report, published by the Chicago-based nonprofit Truth in Accounting.
The report provides a comprehensive analysis of the fiscal health of all 50 states based on the latest available data from states’ fiscal year 2022 annual comprehensive financial reports.
New Jersey ranked last for having the worst fiscal health and the greatest taxpayer burden. Not far behind was Connecticut, followed by Illinois, Massachusetts, Hawaii, Kentucky, Delaware, Louisiana, California and Vermont in the bottom ten.
By contrast, 22 states reported surpluses, the majority of which are led by Republican governors."
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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"(The Center Square) — According to a new report, Louisianans might need to dig deeper into their couch cushions to fund their share of the state's debt.
According to the nonpartisan Truth in Accounting's annual Financial State of the States report, each Louisiana resident owes $18,900 to pay off the state's debts. The report ranked Louisiana 43rd, saying the state owes $22.8 billion, and gave the state a D grade having a taxpayer burden between $5,000 and $20,000.
The state, according to Truth in Accounting, has $27.4 billion in assets and cash on hand to pay $50.2 billion in bills, including $13.3 billion in bond debt, $10.3 billion in unfunded pension debt and $9.9 billion in unfunded health care costs for state and local retirees."
"Sobering Statistics
The study, called Financial State of the Cities 2023, was done by Truth in Accounting. It has some difficult truths: 50 out of 75 cities could not pay their bills; the combined debt for all 75 cities is $267 billion. Moreover, elected officials didn’t include the cost of government in this figure, instead pushing it onto future taxpayers."
This year's report found that 31 states did not have enough money to pay all of their bills.
Includes “How would an independent third party grade Bossier City’s debt management? … By bond ratings standards, Bossier City has no worries, it seems. But let’s face it: the three municipal bond reps that spoke before the city council are sales reps. It’s their business to push debt. ”
By Hal Bundrick, includes “… By bond ratings standards, Bossier City has no worries, it seems. But let’s face it: the three municipal bond reps that spoke before the city council are sales reps. It’s their business to push debt. A national conservative nonprofit believes that government officials and the media have become too reliant on credit ratings. ”
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 William Patrick (The Center Square), includes “Louisiana has a $1 billion budget surplus and another $1 billion in remaining American Rescue Plan funds, said Commissioner of Administration Jay Dardenne, who also is ‘optimistic’ about the state’s financial outlook for next year. … ”
By Jared Walczak, includes “At the federal level, the state and local tax (SALT) deduction has emerged as a hot-button political issue ever since the deduction was capped at $10,000 under the Tax Cuts and Jobs Act (TCJA) of 2017. The SALT deduction has defenders as well as detractors, but a peculiar inversion of it—a state deduction for federal taxes paid—exists in only six states.”
AP story, includes “Nearly $1 of every $4 in state aid sent annually to Louisiana’s public schools disappears before it reaches classrooms, siphoned away to pay retirement obligations that cost $853 million a year, according to a new report from the legislative auditor.”
By Melinda Deslatte (AP), includes “Rather than crush state finances, the coronavirus pandemic is sending a glut of money to Louisiana's treasury, with Gov. John Bel Edwards and lawmakers facing another year of decisions about how to spend piles of cash available to them.”
By William Patrick (The Center Square), includes “Louisiana has a $1 billion budget surplus and another $1 billion in remaining American Rescue Plan funds, said Commissioner of Administration Jay Dardenne, who also is ‘optimistic’ about the state’s financial outlook for next year.”
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 Palermo, includes “… Higgins is explaining why he and other Republican members of Louisiana’s Congressional delegation voted against a bill that would provide Louisiana with much-needed disaster relief assistance. Higgins says the legislation would also raise the federal debt ceiling by another 15 trillion dollars.”
By Scott Rasmussen, includes “… On a percentage basis, the biggest increases were found in Idaho, Arizona, Nevada, and Utah.”
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.