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.
Includes: “Truth in Accounting, an organization dedicated to educating the public about government financial information, released their 2022 Financial State of the Cities report today. ... ”
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 Paul Woolverton, includes “Yes, it is true that the state has not passed a comprehensive biennial budget since June 28, 2017. … When North Carolina last had a budget in place — the end of June 2019 — the average price of regular grade gas was $2.65 per gallon … ”
By John Hood, includes “… A common refrain from disgruntled conservatives is that for all the talk of reducing the size and scope of government, their movement has made little progress. Federal deficits are massive. … But the federal government isn’t the whole story. Here in North Carolina, conservative governance has actually reduced the size of state government and significantly improved its fiscal condition. …”
By Johnny Kampis, includes “One of the nation’s leading financial watchdogs says North Carolina has fared better than most states in terms of balancing its budget, but the picture isn’t all rosy as the state has an average debt burden of $1,400 per taxpayer. … ‘It’s almost a success story, as much as you can find one in state and local governments,’ …”
By Lucille Sherman, includes “North Carolina lawmakers are getting closer to finally passing a state budget, but the process of doing that isn’t exactly transparent. … A spending agreement has been months in the making: The Senate passed its budget in early July. The House passed its proposal in August. What exactly have the chambers been doing in behind-closed-doors negotiations over the last few weeks? …”
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 TIA intern Joshua Terry, whose last day is today (Thanks for all the great hard work, Josh!) includes “… Arizona, Florida, North Carolina, and Texas have smaller Taxpayer Burdens compared to New York, California, and Illinois. There certainly may be other factors at play here, as Texas isn't too far off of New York or even California with its Taxpayer Burden.”
Includes “The town of Grifton has been recognized by the Local Government Commission for significant improvements that led to a financial turnaround and removal from a state list of government entities battling financial and governance challenges. … The General Assembly established the LGC in 1931 to help address the problems in local government finance caused by the Great Depression.”
Includes “The treasurer said, ‘there are less people paying into the pension plan than are not,’ and went on to explain that not everyone paying into the plan is currently drawing a retirement check. ‘There are over 100,000 people who are vested in the [pension] plan and, for one reason or another, are not drawing a retirement check — yet,"
By Ned Barnett, includes “… The state has recently taken over the finances of the small towns of Robersonville, Eureka, Pikeville, Kingstown and the Cliffside Sanitary District in Rutherford County. Local governments have been subject to a takeover only five other times, all since the late 1990s.”
By Johnny Kampis, includes “… That may sound like a lot of money, but it’s all relative in the world of government pension debt. Bill Bergman research director for Truth in Accounting, a Chicago-based fiscal watchdog, told Carolina Journal the North Carolina debt is a drop in the bucket in juxtaposition to states like Illinois."
By Johnny Kampis, includes “In a move that will make government-employee pensions less risky for taxpayers, N.C. Treasurer Dale Folwell announced Tuesday, Feb. 2, that the assumed rate of return on the main state retirement plan will be lowered.”
While an annual report from a financial watchdog shows most U.S. cities are poorly prepared to face the fiscal fallout from the COVID-19 pandemic, the three North Carolina cities examined showed stronger numbers.
Janet Gerald, mayor pro tem of Kingstown, knew high sewer costs were a financial strain for the town when she was took office three years ago. Still, the realization that the town needed to relinquish control of its spending hit her hard.