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.

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. 

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.

Mass. bill would boost pensions for pandemic government workers. Critics say it would cost billions

JULY 23, 2021 | WBUR NEWS (MASSACHUSETTS) | by Todd Wallack

By Todd Wallack, includes “… The bill, which has drawn broad support in the state Legislature, would credit workers with three extra years of service for their pensions when they retire if they worked outside their home sometime between March 10 and Dec. 31 of last year."

MA legislature pass $48 billion state budget without raising taxes

JULY 12, 2021 | WWLP- 22 TV NEWS (MASSACHUSETTS) | by Jodi Reed

By Jodi Reed, includes “The Massachusetts legislature has officially passed a new budget without raising taxes because our revenue projections were higher than expected. Going into the budget season there was a lot of concern around the state of our finances, but lucky for lawmakers the state took in more tax revenue than expected, taking spending cuts and tax increases off the table.”

Should Massachusetts have a two-month sales tax holiday this year?

JULY 9, 2021 | BOSTON GLOBE | by John Laidler

By John Laidler, includes “Read two views and vote in our online poll.”

The punish-the-rich tax hike

JUNE 28, 2021 | CITY JOURNAL | by Steven Malanga

By Steven Malanga, includes “Massachusetts’s state-government coffers are ‘awash’ in cash, as tax collections come in well ahead of projections. State and local governments are also divvying up $8 billion from the so-called Biden stimulus. Things look so good in the state capital, in fact, that legislators now want …” (Note: This observation illustrates the importance of coupling current tax payment-based measures with indicators of longer-term government financial position, like TIA’s “Taxpayer Burden.”)

Town should seize opportunity to address unfunded pension deficit


Letter to the editor by Peter Vaill, “I urge your readers to attend Town Meeting on June 5 and vote in favor of Article 7, the Pension Obligation Bond. … State law requires that Andover’s pension plan must be ‘in balance’ by 2040 — now just 19 years away. … We need to fix this situation and we need to do it now. … We can no longer ‘kick the can down the road’ waiting for a more perfect solution. …”

New Jersey residents will pay most in taxes over a lifetime

MAY 18, 2021 | BLOOMBERG | by Laura Davison

By Laura Davison, includes “Residents of New Jersey, Massachusetts and Connecticut will face the highest tax burdens over a lifetime, according to a new study.”

Mayor Galvin asks council to chip away at epic OPEB debt


By Patrick Blais, includes “In a financial move that should pay huge dividends for the city in the years to come, Mayor Scott Galvin in recent days again called for a $750,000 deposit into a special trust fund established to cover the community's massive other-post employment benefits (OPEB) liabilities.”

Sixteen states lost population in 2020

FEBRUARY 1, 2021 | BALLOTPEDIA | by Scott Rasmussen

By Scott Rasmussen, includes “… On a percentage basis, the biggest increases were found in Idaho, Arizona, Nevada, and Utah.”

Massachusetts legislators aren’t worried state budget is late

OCTOBER 26, 2020 | LOWELL SUN (MASSACHUSETTS) | by Chris Lisinski

Without revealing how the Legislature would respond to the revised annual spending plan Gov. Charlie Baker unveiled last week, Senate President Karen Spilka on Wednesday praised Beacon Hill’s decision to “hit pause” on the state budget process.

Charlie Baker’s budget: Sustainable path or one-time bailout?


That’s what Gov. Charlie Baker seemed to say with his revised $45.5 billion fiscal 2021 state budget unveiled on Wednesday.

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.

State CPA society CEOs call for federal relief for state and local governments amid coronavirus

JULY 23, 2020 | ACCOUNTING TODAY | by Michael Cohn

Massachusetts Society of CPAs president and CEO Amy Pitter is spearheading a group of 28 state CPA society heads who have sent a letter to congressional leaders asking them to pass legislation to help state and local governments deal with the COVID-19 pandemic.

Mass. Senate passes transportation debt bill, punts on how to pay for it

JULY 20, 2020 | STREETSBLOGMASS (MASSACHUSETTS) | by Christian MilNeil

The Senate has passed a significant new bond bill that would authorize over $17 billion in new debt to pay for major construction projects – but the new legislation would not generate new tax revenues that could pay for that debt, or support the state’s struggling transit agencies in their annual operating budgets.

State general revenue shortfall projections

JUNE 1, 2020 | by Bill Bergman, Sheila Weinberg

How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises? 

State budget crisis looms in Maine as pandemic rages

APRIL 27, 2020 | PORTLAND PRESS HERALD (MAINE) | by Scott Thistle

The coronavirus pandemic is paving the way for a state budget crisis that will likely be deeper than any Maine has seen in decades.

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