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.
"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
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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.
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.
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.
Twenty-three Oklahoma state legislators have joined colleagues from across the country to oppose additional federal bailouts for state governments, signing a letter that declares bailouts will incentivize poor financial management and punish fiscally prudent states.
Debt is a very common aspect of life in the U.S. If you own a house, you might be paying off a loan you used to buy it, and it could be years before you’ve finished doing so. Cities do this too for large public projects, except their debt frequently takes shape as municipal bonds.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
As of fiscal year 2017 the state of Illinois had $134.3 billion in unfunded pension benefits, up from $62.4 billion in 2009.
Audits are conducted pursuant to the Government Auditing Standards, known as the 'Yellow Book,' issued by the Comptroller General and may have financial and/or performance objectives.
With the end of fiscal 2018 arriving Sept. 30 for the federal government, bean counters at the Treasury could conduct a tally on the effect of the year's tax cuts - supported by the Republicans - on the national deficit.
The reason Oklahoma is so susceptible to the oil market is because it's one of only two oil states in the country -- the other is Louisiana -- that doesn’t protect its budget by reinvesting at least a portion of its oil revenue.
It's that time of the year again when we find out how deep in the red our country is thanks to the 2018 edition of the Mercatus Center State Fiscal Rankings.
What does the investment return for Fiscal Year 2018 mean as part of the big picture?
The fired executive director of the Oklahoma Police Pension and Retirement System was charged Tuesday with seven felony counts stemming from allegations he disguised personal vacations as business trips.
On Monday, thousands of teachers and supporters in Kentucky are expected to descend on the state capitol in Frankfort to demand Gov. Matt Bevin veto a bill that overhauls their pension plan, which they say was forged by lawmakers in secret backroom deals.