Truth in Accounting’s Financial Transparency Score 2026 evaluates how effectively each state government discloses its true financial condition through audited financial reports.
States face a significant loss of federal dollars as temporary pandemic-related programs that were initiated in 2020 come to an end and national fiscal pressures rise.
Our sixteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states.
At Truth in Accounting, we are wrapping up our annual Financial State of the States report—an in-depth look at each state’s financial condition based on their audited financial statements. This year, as in years past, we are relying on each state’s 2024 Annual Comprehensive Financial Report (ACFR).
But here’s the problem: several states have yet to issue their ACFRs, and time is running out.
In the spirit of promoting clear and accurate fiscal information, Truth in Accounting has once again assessed the transparency of state governments’ financial reporting. While state budgets receive most of the public and media’s attention, their outcomes are detailed in each government's Annual Comprehensive Financial Report (ACFR), which is audited annually by certified public accountants. Our transparency score is based on key criteria outlining best practices, offering government officials and citizens a roadmap to enhance fiscal transparency and accountability.
Our fifteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states.
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 Stephen Pimpo, includes “The mayor says he wanted to restructure the position to focus on accounting and working with budgets. ‘We need to get this one right,’ says Ward 3 City Councilman Rusty Greene. ‘And given our track record over the last few years of balancing the budget and maintaining the books, I would say someone with a strong financial background would almost be a must.’ …”
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 Steve Wilson, includes “… Report author and ALEC's chief economist and executive vice president of policy Jonathan Williams said that while the overall numbers aren't as bad as California or Illinois in terms of dollar amounts, the per-capita and other measures should be of concern to Mississippi policymakers. … Williams says greater unfunded liabilities have goaded pension fund managers to aim for riskier investments.”
By Scott Rasmussen, includes “… On a percentage basis, the biggest increases were found in Idaho, Arizona, Nevada, and Utah.”
Mississippi is one of 39 states that can’t pay its bills, according to a recently released report and taxpayers owe $10,400 apiece to make the debt whole.
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.
Despite a massive economic downturn associated with the COVID-19 pandemic, the Mississippi Legislature passed a bond bill that will add $291 million to the state’s indebtedness.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?