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."
This year's report found that 31 states did not have enough money to pay all of their bills.
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.
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 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."
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.”
By John Laidler, includes “Read two views and vote in our online poll.”
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.”)
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. …”
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.”
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.”
By Scott Rasmussen, includes “… On a percentage basis, the biggest increases were found in Idaho, Arizona, Nevada, and Utah.”
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.
That’s what Gov. Charlie Baker seemed to say with his revised $45.5 billion fiscal 2021 state budget unveiled on Wednesday.
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.
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.
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.