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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Every year, for the past fourteen years, Truth in Accounting has released its Financial State of the States report which examines the financial status of the fifty states. This year our report was released on October 11, 2023. One of the data sets we reviewed is the auditors’ reports. Did the state receive an unmodified report for their Annual Comprehensive Financial Report? Last year I wrote an article for Accounting Today explaining which states did not meet auditing standards for 2021. This is a follow-up to that article.
"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.
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 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.”
By Corianna Baier, includes “Many people struggled with their financial circumstances and fiscal health in 2020. Based on a new report, it seems that state governments experienced similar trouble. Every year, Truth in Accounting, a nonprofit committed to transparent government financing, releases its Financial State of the States report. … Missouri is in that majority. …”
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 Wayne D’Orio, includes “As the new school year ramps up, much of the national attention is focused on mask mandates and how aspects of U.S. history will be taught. But away from the spotlight, the issue of school choice is quietly gaining acceptance, with seven states passing legislation this year that assists parents in at least partially funding their children’s education outside of public schools. …”
Includes “To balance this budget as required by the Missouri State Constitution, a total of $4,172,000 in one-time revenues from the federal American Recovery Plan are contemplated for use in the General Fund. … To be direct, this budget is making use of one-time revenues to bridge a continued structural imbalance in the General Fund and to accurately budget for the Stay Well fund, the newly re-established Health Department, and continued operation of the intra- and inter-city transit system.”
By Corianna Baker, includes “… All the cities on this list, including Kansas City and St. Louis, have balanced budget requirements, meant to ‘prevent elected officials from shifting the burden of paying for current-year services to future-year taxpayers.”
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.
Plaintiff lawyers want insurance companies to absorb the cost to business of the Covid-19 pandemic—and they’ve had some early successes
Monday marks the start of a new order in Kansas City requiring people to wear masks in public spaces. Mayor Quinton Lucas said the health order, which comes after several days of record new COVID-19 cases in the area, will help businesses.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
Lots of money being spent while the influx of revenue has slowed can be a recipe for cash problems. However, Missouri's budget director said the state has the tools it needs to keep the current year's budget balanced and cash flowing, despite disruptions caused by the COVID-19 pandemic.
East St. Louis fire and police pension board members will give the city another chance to keep their pension funds current before deciding whether or not to pursue another revenue intercept by the Illinois Comptroller’s office.