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.

Tennessee Department of Finance and Administration


From December 29, 2021, includes “The state of Tennessee has completed its annual financial report for fiscal year 2020-21. … ‘Reliable, useful and timely financial and performance information provides fiscal transparency and a basis for future decisions on the direction of state policies and programs,’ Division of Accounts Director Mike Corricelli said.” 

New study measures financial transparency among state governments

NOVEMBER 16, 2021


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. 

Tennessee pension system boasts historic investment earnings


By Jon Styf (The Center Square), includes “Think tank Truth in Accounting said last month Tennessee had one of the healthiest financial outlooks of any state in the nation, ranking sixth nationally for fiscal health in its annual Financial State of the States report. At the end of fiscal year 2020, Tennessee had 92 cents set aside for each promised dollar of pension benefits,”

Majority of state finances worsened during beginning of pandemic

SEPTEMBER 28, 2021


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.

Some governors use federal virus aid to expand school choice

AUGUST 25, 2021 | ASSOCIATED PRESS | by Geoff Mulvihill

By Geoff Mulvihill, includes “When Congress sent states billions of dollars early in the coronavirus pandemic to help make schools safe, Tennessee Gov. Bill Lee saw an opportunity."

An epidemic of bad budgeting

AUGUST 23, 2021 | CITY JOURNAL | by Steven Malanga

By Steven Malanga, includes “Nashville’s budget woes predate the pandemic: the city began borrowing money to cover deficits after the Great Recession of 2008–09."

State dashboard compares local government debts

MAY 17, 2021 | WCYB-TV NEWS (TENNESSEE) | by Caleb Pehrne

By Caleb Pehrne, includes “The Tennessee comptroller's office is re-launching a statewide dashboard giving you a look inside county finances. The state dashboard shows most county governments in our region have about $1,000 of debt per person, a little higher than the state average. …"

The Music City meltdown

APRIL 29, 2021 | THE WALL STREET JOURNAL | by Steven Malanga

Op-ed by Steven Malanga, includes “… City leaders have used deficit financing to balance Nashville’s books and spent much of the city’s reserve funds. The Tennessee comptroller has threatened a state takeover, and even the Biden administration’s lavish stimulus isn’t enough to plug Nashville’s budget hole. Amid all this, angry local groups are trying to spur a special election to roll back a gigantic property tax increase.”

Nashville’s debt hits levels not seen in a decade

FEBRUARY 15, 2021 | TENNESSEAN | by Mike Reicher, Joey Garrison

By Mike Reicher and Joey Garrison, includes “… a recent report showed the city spent one out of every $10 of government funds to pay off debt last fiscal year. And this year’s budget may exceed that figure for the first time since at least 1993. … Moody’s gives Nashville the third highest credit rating available, something Briley likes to cite whenever the subject of Metro’s financial challenges arise.” 

Tennessee is well positioned financially

JANUARY 6, 2021 | EMPOWER MISSISSIPPI | by Brett Kittredge

Despite not having an individual income tax, few states are in better position financially than our neighbors to the north, Tennessee. They also happen to have one of the strongest economies in the nation and, as a result, are a magnet for new residents looking for higher paying jobs and new opportunities.

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.

Local governments weigh major tax hikes to plug coronavirus-induced shortfalls

JULY 20, 2020 | FOX NEWS | by Ronn Blitzer


State and local governments scrambling to raise money during the economic crisis caused by the coronavirus pandemic are looking to increased property taxes -- as well as wealth taxes and more -- to fill budget holes.

Tax hikes in a pandemic: Some states, cities say yes

JULY 17, 2020 | THE PEW CHARITABLE TRUSTS | by Elaine Povich

Nashville City Councilman Bob Mendes tried unsuccessfully for two years to get his booming city to raise property taxes to address its growing municipal needs.

Mayor Cooper says only answer to Nashville’s financial problems is a 32% tax increase

JUNE 2, 2020 | FOX 17 NASHVILLE (TENNESSEE) | by Dennis Ferrier

Mayor Cooper says the only answer to Nashville's financial problems is a 32% tax increase. But critics say the city’s crisis has nothing to do with natural disasters and everything to do with years of fiscal mismanagement.

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? 

Billion dollar plus shortfall for Tennessee state budget next year?

APRIL 30, 2020 | WKRN.COM (TENNESSEE) | by Chris Bundgaard

Tennessee could be looking at a shortfall of at least a billion dollars in next year’s state budget.

As pension costs climb, Memphis officials warn of ‘high-level revenue pressures’


Memphis has a sobering fiscal outlook for the coming year with city officials warning the Memphis City Council of "high-level revenue pressures," and saying that most of the modest growth in city revenue has already been swallowed up its pension fund. 

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