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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"Sobering Statistics
The study, called Financial State of the Cities 2023, was done by Truth in Accounting. It has some difficult truths: 50 out of 75 cities could not pay their bills; the combined debt for all 75 cities is $267 billion. Moreover, elected officials didn’t include the cost of government in this figure, instead pushing it onto future taxpayers."
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.
By Jared Walczak, includes “At the federal level, the state and local tax (SALT) deduction has emerged as a hot-button political issue ever since the deduction was capped at $10,000 under the Tax Cuts and Jobs Act (TCJA) of 2017. The SALT deduction has defenders as well as detractors, but a peculiar inversion of it—a state deduction for federal taxes paid—exists in only six 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.
Op-ed by David Guenther, includes “… At best, the American Rescue Plan Act was unnecessary. A worse and more likely scenario is that larding hundreds of billions of federally borrowed dollars onto state governments will enable ill-conceived spending that costs taxpayers twice — once for higher federal debt payments and again for ongoing spending paid for initially with one-time funds. ”
By Dirk VanderHart, includes “Worries over a potential funding gap in Oregon’s next two-year budget turned into a different sort of problem on March 11. … All in all, the framework presents a far sunnier outlook than lawmakers once expected.”
Editorial, includes “The federal government is not taxing the stimulus payments. In Oregon, they are not taxed as income, either. But the payments can impact the federal tax calculations used on your Oregon income tax. And so the stimulus payment may mean you owe state tax on more of your income and wind up paying more taxes or get a reduced refund.”
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.
The Ashland City Council last week discussed the city’s response to a drop in revenue as a result of the pandemic. The cuts Interim City Administrator Adam Hanks outlined are in line with what vocal critics of city spending have called for, but we’re not holding our breath waiting for any acknowledgment of that.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
Treasurer Tobias Read is pushing an investment policy change for Oregon’s public pension fund that would promote unionization of the workforce at buildings and other facilities in which the fund has a majority ownership interest.
You’ve got Oregonians seeking to cascade into Idaho, Virginians who identify as West Virginians, Illinoians fighting to escape Chicago, Californians dreaming of starting a 51st state, and New Yorkers who think three states are better than one.
Programs include two rebate programs through the Oregon Department of Environmental Quality, a federal tax credit, and local utility rebates though local utility rebates generally tend to
The board of Oregon’s public pension system voted 3-to-2 Friday to stand pat on the system’s key funding assumption, maintaining their assumed rate of return on investments at 7.2% annually.