States face a significant loss of federal dollars as temporary pandemic-related programs that were initiated in 2020 come to an end and national fiscal pressures rise.
As a candidate for governor in 2018, Kevin Stitt argued the state should build up at least $2 billion in savings to weather future downturns and avoid the financial chaos that prevailed during Gov. Mary Fallin’s second term.
A national report shows that the Oklahoma government has not only achieved Stitt’s initial goal but far surpassed it, becoming one of the more financially stable state governments in the nation.
Our sixteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states.
At Truth in Accounting, we are wrapping up our annual Financial State of the States report—an in-depth look at each state’s financial condition based on their audited financial statements. This year, as in years past, we are relying on each state’s 2024 Annual Comprehensive Financial Report (ACFR).
But here’s the problem: several states have yet to issue their ACFRs, and time is running out.
In the spirit of promoting clear and accurate fiscal information, Truth in Accounting has once again assessed the transparency of state governments’ financial reporting. While state budgets receive most of the public and media’s attention, their outcomes are detailed in each government's Annual Comprehensive Financial Report (ACFR), which is audited annually by certified public accountants. Our transparency score is based on key criteria outlining best practices, offering government officials and citizens a roadmap to enhance fiscal transparency and accountability.
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.