Financial Transparency Score 2024

APRIL 23, 2024

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.

Hot off the Press! The State Report is Out: How Did Your State Do???

DECEMBER 10, 2023

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

Accounting is a methodology for measuring value. It's the process of identifying, measuring, and communicating economic information to enable well-informed assessments and choices for those who rely on the informationgood accounting matters!  

 

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.

NJ Retiree Update – December 2021

JANUARY 19, 2022 | BURYPENSIONS BLOG | by John Bury

By John Bury, includes “Based on state pension data updated through December, 2021 there are 363,722 retirees getting annualized pensions of $12,395,368,150. … There are now 4,789 retirees getting over $100,000 annually. Of those 118 are getting pensions of over $150,000 annually …” (Followed by a long list of names, pension amounts, and their government employers.)

NJ public pensions face fiscal peril as new police and fire retirees grow, study says

DECEMBER 16, 2021 | NORTHJERSEY.COM | by Dustin Racioppi

By Dustin Racioppi, includes “One retirement fund, for police and firefighters, had more people collecting pension benefits in 2019 than current workers, and two others were on a similar trajectory — meaning those funds are less able to handle investments risks, the analysis by the fiscally conservative think tank Garden State Initiative found. … ”

The looming tipping point of New Jersey’s pension system

DECEMBER 15, 2021 | THE GARDEN STATE INITIATIVE | by Andrew Biggs

By Andrew Biggs, includes “… In 2001, the PERS plan had 2.7 active employees for each beneficiary; by 2019, the worker-to-beneficiary ratio had fallen to just 1.4 workers to 1 beneficiary. … New Jersey’s public plans cannot invest their way out of their unfunded liabilities. … in 2019 the median maximum potential employer contribution to the 401(k)-type accounts … ”

New Jersey taxpayers ‘on the hook’ for massive debt: Report

DECEMBER 8, 2021 | THE EPOCH TIMES | by Gregory Bresiger

By Gregory Bresiger, includes “The state, the report concluded ‘remains in abysmal fiscal health and had no money set aside to weather the current or any future crisis.’ New Jersey officials claim the state has a balanced budget. ‘If this is true,’ Bergman asks, ‘then how is it the state has this massive debt problem?’ … Bergman contends rating agencies are compromised by relationships with states and cities. …”

Truth in Accounting: NJ’s debt burden now $58,300 per taxpayer

NOVEMBER 23, 2021 | SUNLIGHT POLICY CENTER OF NEW JERSEY | by Editorial

Includes “Truth in Accounting published its annual “Financial State of the States 2021,” and the good news is that New Jersey broke its streak of six consecutive years as the most indebted state.  The very bad news is that despite the gusher of federal COVID-relief money New Jersey ranked 49th, with an average debt burden of $58,300 per taxpayer. ”

New study measures financial transparency among state governments

NOVEMBER 16, 2021

PRESS RELEASE

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. 

A truck driver with a few thousand bucks and an iPhone just toppled New Jersey’s most powerful lawmaker

NOVEMBER 5, 2021 | REASON | by Eric Boehm

By Eric Boehm, includes “It is not hyperbole to say that Edward Durr, a 58-year-old truck driver from New Jersey, just pulled off one of the biggest political upsets in American history. With a bare-bones campaign that reportedly cost less than $6,000 (some earlier reports claimed that Durr spent just $153 on the race, but Durr later clarified that was not a full accounting) …”

Fixing New Jersey’s busted budget

NOVEMBER 4, 2021 | CITY JOURNAL | by Thad Calabrese, Thomas Healey

By Thad Calabrese and Thomas Healey, includes “The state is expected to spend more than $46 billion in the current fiscal year—a 10 percent increase over last year. Helping to control the damage is $6 billion of one-time federal relief, as well as $4 billion of debt. But in return for this largesse, New Jersey is offering Washington little reassurance about fiscal stability.” 

Assembly candidate: New Jersey should mine Bitcoin to pay off its debts

OCTOBER 7, 2021 | NJ.COM (NEW JERSEY) | by Kevin Ryan

From the not necessarily an endorsement department, op-ed by Kevin Ryan, includes “… According to Truth in Accounting, New Jersey has accumulated $189.6 billion (as of September 2020) in debt. Ballpark best guess, we each owe $57,900 — and we have Trenton insiders to thank for this ever-escalating burden.”

Majority of state finances worsened during beginning of pandemic

SEPTEMBER 28, 2021

PRESS RELEASE - FOR IMMEDIATE RELEASE

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.

Study: State worker pension plans in best shape since 2008

SEPTEMBER 15, 2021 | THE WASHINGTON POST | by Geoff Mulvihill

By Geoff Mulvihill, includes “The Pew Charitable Trust report credits a booming stock market over the past year as well as states’ longer-term steps, which include boosting taxpayer contributions to public pension funds and reducing promised retirement benefits, particularly to newly hired workers. … The health of public pension systems resonates beyond government employees.”

Municipalities and taxpayers deserve a fair price for utility assets

AUGUST 9, 2021 | NJ SPOTLIGHT NEWS | by Richard Mroz, Norman Kennard, Brien Sheahan

Op-ed by Richard Mroz, Norman Kennard and Brien Sheahan, includes “… Many local leaders around the country are determining that it is in the best interest of their ratepayers and constituents to redeploy municipal assets to more pressing needs..."

Levinson to municipalities: The ball is in your court for taxpayer savings through consolidation

JULY 13, 2021 | INSIDER NJ (NEW JERSEY) | by Editorial

Includes “Atlantic County’s proposal to provide taxpayers with hundreds of thousands of dollars in annual savings through a shared services, countywide municipal court system is meeting resistance. ‘It appears many towns are more interested in maintaining status quo than attaining significant savings,’ stated County Executive Dennis Levinson. …”

Most New Jerseyans are fiscal dullards

JULY 7, 2021 | BURYPENSIONS BLOG | by John Bury

By John Bury, includes “That is what the Murphy administration has to believe for them to send out this piece of gripka … treating $10.19 billion in Biden relief money as if it will never have to be repaid (one way or another). ”

Treasurer Muoio announces New Jersey has paid the full pension contribution for the first time in more than 25 years

JULY 6, 2021 | INSIDERNJ (NEW JERSEY)

Includes “…This marks the first time in more than 25 years that New Jersey is making the full Actuarially Determined Contribution to the Pension Fund, plus an additional $505 million contribution, and also the first time in years that the state has made a lump sum payment, rather than quarterly payments. The Treasurer also announced that by making the contribution in one lump sum, the State is now expected to save taxpayers roughly $2.2 billion over 30 years …”

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