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.
“Broadly, Elorza proposes to spend the remaining money on arts and tourism ($7.7 million), business and economic development ($5.3 million), city services and infrastructure ($12.5 million), sustainability ($12 million), racial equity ($15 million) and youth and community investments ($12 million). … ”
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.
Includes “Each year, the Employees' Retirement System of Rhode Island (ERSRI) publishes a report on all the investments that the fund has made, but there is one area that isn’t disclosed. Nearly 11% of the fund is invested in private equity funds and while the names of those funds are disclosed, who the investors are in those funds -- the limited partners -- is a secret.”
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 Amy Russo, includes “… Calling the proposal ‘a risky strategy with a mixed track record,’ Magaziner said that as of the writing of his letter, ‘the presentations made by the City’s Administration so far have not included either a clear accounting of the potential financial benefit of the proposal, nor a clear strategy for mitigating the risks associated with the proposal.’ ‘Once a pension obligation bond is issued there is no turning back,’ he warned. …”
By Scott Rasmussen, includes “… On a percentage basis, the biggest increases were found in Idaho, Arizona, Nevada, and Utah.”
The financial condition of the City of Providence, Rhode Island certainly looks precarious. The municipality may need to seek bankruptcy protection in the near future primarily as a result of its over $1 billion in unfunded pension obligations.
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.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
The current U.S. budget deficit could soon exceed a record $4 trillion. The massive borrowing is being driven both by prior budget profligacy and a hurried effort by the Donald Trump administration to pump liquidity into a quarantined America.
The coronavirus pandemic is paving the way for a state budget crisis that will likely be deeper than any Maine has seen in decades.
It is becoming clearer by the day that the transparency required to protect the taxpayers is woefully lacking at the Rhode Island Convention Center.
A new study gives Rhode Island’s teacher’s pensions an “F." It is not where Rhode Island was supposed to be seven years later after adopting comprehensive pension reform.
PROVIDENCE — Rhode Island’s state budget grew faster than residents’ personal income and faster than the rate of inflation over the past eight years, according to a report by the Rhode Island Public Expenditure Council.
Getting a clear financial picture in Warwick has not been an easy task. Even those with accounting degrees would likely have a difficult time piecing together the complex puzzle of shifting budgetary conditions that have developed in the past couple years without a calculator and some detailed notes in front of them.