"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
|
|
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.
This year's report found that 31 states did not have enough money to pay all of their bills.
By Nebraska Governor Pete Ricketts, includes “Families and businesses with healthy finances follow a budget. Families have to monitor their spending to meet day-to-day needs and be prepared for future expenses. Businesses have to keep costs lower than revenues to meet payroll and make a profit. State government is no different. … As public servants, we have a special obligation to be responsible with taxpayer dollars. …”
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 Sarah Curry, includes “The news of the latest federal infrastructure bill, which follows the CARES Act and the American Rescue Plan Act, has some people worried about the amount of debt and spending our country is taking on. And while that is happening far away from Nebraska, many of us don’t think about the impact these spending plans have on the governance of states.”
By Zachary Christensen and Jordan Campbell (Reason Foundation), includes “Public pension debts from three major municipal plans in Nebraska are approaching $1 billion, and an analysis of Omaha’s two municipal systems and Lincoln’s public safety plan suggest that this shortfall is likely to continue to expand unless policymakers make meaningful changes to how the city funds and manages the retirement plans.”
By Don Walton, includes “… Erdman introduced LB133 and a proposed constitutional amendment (LR11CA) to rewrite the state's tax system, eliminating property, income and corporate taxes and replacing them with a consumption tax applied to services and the purchase of new goods.”
Nebraska Gov. Pete Ricketts will push to reduce property taxes during this legislative session by limiting local government spending, and he warns the issue could go to voters if lawmakers don’t approve changes.
Businesses, charities and individuals suffering from the economic effects of COVID-19 can soon apply for a new round of state aid, Gov. Pete Ricketts announced Monday.
As pandemic restrictions loosen, Nebraska is growing again. While some states continue to struggle through the current coronavirus impacted economy, Nebraska now has the lowest unemployment rate of any state in the country.
OPS Superintendent Cheryl Logan said it’s time for the district to get out of the business of running a pension system.
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.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
Signed April 24, L.B. 713 requires Nebraska’s legislative fiscal analyst to conduct budget stress tests in odd-numbered years and publish a long-term budget every four years.
What is identified in the corporate world as investment is often identified politically as spending when it occurs in the public sector.
“… Kagan believes the OPS board will try to get the money needed from the pension from taxpayers. 'They’re looking to either make up this unfunded portion of the pension plan through either another bond issue or property tax hike, and we would oppose both of those,' Kagan said. Kagan would like to see budget cuts make up for the pension shortfall, but he might get opposition from the classrooms on that suggestion.”