28 States Didn’t Have Enough Money to Cover Their Bills in Fiscal 2022: Report

DECEMBER 24, 2023 | PENNSYLVANIA DAILY STAR | by Bethany Blankley

"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."

 

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. 

https://www.truthinaccounting.org/news/detail/financial-state-of-the-states-2023

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.

New study measures financial transparency among state governments

NOVEMBER 16, 2021

PRESS RELEASE

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. 

Majority of state finances worsened during beginning of pandemic

SEPTEMBER 28, 2021

PRESS RELEASE - FOR IMMEDIATE RELEASE

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.

Study: State worker pension plans in best shape since 2008

SEPTEMBER 15, 2021 | THE WASHINGTON POST | by Geoff Mulvihill

By Geoff Mulvihill, includes “The Pew Charitable Trust report credits a booming stock market over the past year as well as states’ longer-term steps, which include boosting taxpayer contributions to public pension funds and reducing promised retirement benefits, particularly to newly hired workers. … The health of public pension systems resonates beyond government employees.”

Thirty-nine states ill-prepared for coronavirus pandemic

SEPTEMBER 22, 2020

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.

State general revenue shortfall projections

JUNE 1, 2020 | by Bill Bergman, Sheila Weinberg

How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises? 

US oil crash adds to revenue woes for energy-producing states

APRIL 22, 2020 | KFGO 790-AM (NORTH DAKOTA) | by Karen Pierog

The massive downturn in the beleaguered oil market is compounding financial problems for U.S. states and local governments that rely on energy production for revenue and raising concerns for their bond investors, analysts said on Tuesday.

We don’t spend money we don’t have

DECEMBER 11, 2018 | RAPID CITY JOURNAL | by Dennis Daugaard

Every December, the state Legislature meets to receive a budget proposal from the governor. This proposal is the starting point for the legislative budget process, which ends with the passage of a budget bill at the end of session in March.

Think your state is fiscally sound? Think again

OCTOBER 11, 2018 | REASON | by Veronique de Rugy

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.

Scott Rasmussen’s Number of the Day: 1,166

JUNE 22, 2018 | BALLOTPEDIA | by Scott Rasmussen

The filing deadlines for candidates to enter state legislative races have already passed in 31 states.

State pension funding hits record shortfall, report finds

APRIL 13, 2018 | U.S. NEWS & WORLD REPORT | by Geoff Mulvihill

A new report finds that states' funding gap for public employee pensions hit a record $1.4 trillion in 2016.

Unfunded state liabilities total $1.5 trillion

FEBRUARY 2, 2018 | NEWSMAX | by Scott Rasmussen

Forty-one U.S. states do not have enough money to pay their bills, collectively they have racked up $1.5 trillion in unfunded liabilities.

10 states with the best pension funding: a tale of two discount rates

JANUARY 4, 2018 | BENEFITSPRO | by Nick Thornton

How trustees of state-sponsored pension plans value the cost of future liabilities, and in turn determine funded ratios, is a touchy subject among retirement policy experts and lawmakers.

States hiding true pension debt

NOVEMBER 17, 2017 | HEARTLAND INSTITUTE | by Matthew Glans

In this Research & Commentary, Matthew Glans examines how many states hide their true pension liabilities through their accounting practices and how states can make their reporting more accurate.

State pension funds continue to fall behind. Here’s how much you owe

OCTOBER 19, 2017 | CNBC

Voters worried that Congress and the White House can't tame federal borrowing may be overlooking another big debt bomb closer to home.

Trouble ahead: unfunded liabilities in state pension funds

MAY 11, 2017 | AMERICAN INSTITUTE FOR ECONOMIC RESEARCH

At the state level, public pension funds bear significant stress. 

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