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.

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.

Police, firefighters want Ohio’s communities to pay more toward their pension system

DECEMBER 3, 2021 | THE COLUMBUS DISPATCH (OHIO) | by Laura Bischoff

By Laura Bischoff, includes “The Ohio Police & Fire Pension Fund is asking lawmakers to boost how much local governments pay into cops and firefighters' retirement system – a move that could cost those communities hundreds of millions of dollars. … He added, ‘Employers should pay their fair share and the time to act is now while local governments are in a strong financial position.’ … ”

New study measures financial transparency among state governments

NOVEMBER 16, 2021


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. 

An Ohio pension manager risks running out of retirement money. His answer: Take more risks

OCTOBER 18, 2021 | THE WALL STREET JOURNAL | by Heather Gillers

By Heather Gillers, includes “… The problem is that this fund pays out more in pension checks every year than its current workers and employers contribute. That gap helps explain why it is billions short of what it needs to cover its future retirement promises. ‘The bucket is leaking,’ he said. The solution for Mr. Majeed—as well as other pension managers across the country—is to take on more investment risk."

Private equity investments continue to pose challenges for public pension plans

OCTOBER 18, 2021 | REASON FOUNDATION | by Jen Sidorova

By Jen Sidorova, includes “For investment managers of public pension plans, the pressure to achieve high returns has increased in recent years. … Private equity investing, which public pensions hope will bring higher returns, has become more common in portfolios. However, this strategy comes with a higher level of investment volatility, higher investment fees, and a noted lack of transparency.”

Majority of state finances worsened during beginning of pandemic

SEPTEMBER 28, 2021


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.

Ohio teachers pension fund rejects independent review’s findings

SEPTEMBER 7, 2021 | THE BLADE (OHIO) | by Jim Provance

By Jim Provance, includes “Ohio's nearly $95 billion pension fund for teachers has pushed back against preliminary findings of an independent review funded by retirees that claims the system lacks transparency and has paid excessive fees and performance bonuses for investments that have ‘massively underperformed.’ …” 

Ohio pensioners may hold the key to finally fixing America’s struggling public pensions

JULY 26, 2021 | FORBES | by Edward Siedle

By Edward Siedle, includes “… the Ohio Retired Teachers Association (ORTA) engaged my firm to conduct an independent expert forensic review of the $90 billion-plus State Teachers Retirement System of Ohio..."

The high cost of secrecy


Includes “… Alarmingly, our investigation reveals that the State Teachers Retirement System of Ohio (STRS) has long abandoned transparency."

A year out, $60 million bribery scandal still felt in business, politics

JULY 21, 2021 | WAND-TV (ILLINOIS) | by Mark Gillespie, Julie Smyth

AP story by Mark Gillespie and Julie Carr Smyth, includes “The arrests one year ago Wednesday of then-Ohio House Speaker Larry Householder and four associates in connection with an alleged $60 million bribery scheme have rocked business and politics across the state."

The corrosive effects of nuclear bailouts


By David Kraft, includes “Nuclear bailouts represent the government’s way of turning people into utility ATM machines.  At the state level, that would be ratepayers."

Two wins for tax cutting in Ohio

JULY 6, 2021 | THE WALL STREET JOURNAL | by Editorial

Editorial, includes “… Gov. Mike DeWine and the Legislature passed an income-tax cut that returns part of the state’s surplus to individuals and businesses. A legal victory also rolled back the Biden Administration’s attempt to seize control over state fiscal policy. Federal Judge Douglas Cole on Thursday ruled in Ohio’s favor in its challenge to the American Rescue Plan Act, aka the March spending blowout. …”

Private equity and hedge fund firms invested pension cash for retired Ohio teachers. Here’s what happened

JUNE 9, 2021 | NBC NEWS | by Gretchen Morgenson

By Gretchen Morgenson, includes “… ‘The first issue is lack of transparency’ in the pension plan's private equity and hedge fund investments, Rayfield said. ‘We don't know what fee structures and costs are associated with it and how much that investment is worth today. ” 

Private equity slammed by pensioners in Ohio fund report

JUNE 4, 2021 | STRS OHIO WATCHDOGS | by Neil Weinberg

By Neil Weinberg (Bloomberg), includes “A group of retirees says the $80 billion Ohio state teachers’ pension fund is paying high fees to private equity firms for underwhelming returns. A report commissioned by the 18,400-member Ohio Retired Teachers Association says ‘billions have been have squandered’ by the State Teachers Retirement System of Ohio on fees and under-performance in the pension fund’s $14.3 billion alternative-investment portfolio, according to a draft seen by Bloomberg.”

Members of teacher pension fund planning lawsuit to force transparency

MAY 3, 2021 | YAHOO FINANCE | by Jim Provance

By Jim Provance (The Toledo Blade), includes “The public records lawsuit will ask the Ohio Supreme Court to force the State Teachers Retirement System … to release information that investment firms have claimed is proprietary or a trade secret.”

Ohio teachers pension mauled by Panda

MARCH 3, 2021 | FREMONT NEWS MESSENGER | by John Damscroder

By John Damscroder, includes “… The New York pension forced FirstEnergy to disclose direct and indirect political spending along with lobbying expenses, twice a year, to keep the pension from putting the proposal to a shareholders vote. Thus, the company on the receiving end of a billion dollar Ohio Statehouse bailout the U.S. Department of Justice alleges passed with the help of $60 million in political bribes has reform imposed from New York rather than Ohio. …” (Note: Parallels with Illinois developments?)

1  2  3  4  5  >