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.
Radio segment, text by Pat Bradley includes “Vermont legislators have been working to find a way to reverse a growing deficit in the state’s pension fund. The legislature’s Senate Committee on Government Operations held a public hearing this week regarding recommendations from a state task force. … ”
By Mark Davis and Peter Hirschfield, five-minute radio segment, text includes “With Vermont awash in federal stimulus and state surplus money, Gov. Phil Scott on Tuesday offered a ‘transformative’ budget that both pays down long-term debts and makes a litany of new investments to bolster the state’s workforce. … The $7.7 billion spending plan includes no tax increases, and in fact offers $50 million in tax cuts and rebates. ”
By Peter Hirschfeld, includes “… ‘The biggest difference between this proposal and where we started is this proposal does not require our members to work longer for less retirement security,’ Howard said. ‘That was an important guiding principle, I think, of the discussion — to try to protect the commitment that people were given when they were hired to work a certain number of years and then be able to retire with some fiscal stability.’ …”
By Kim Jarrett (The Center Square), includes “Vermont is one of only 22 states that scored above 80 on a scale of 100 in Truth in Accounting’s (TIA) latest report on financial transparency. … Vermont received a score of 56 last year from TIA. Only 25 out of 50 points were received in the auditor’s opinion category in 2020. ”
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.
Op-ed by Stephen Walke, includes “The state of Vermont should honor its obligation to fully fund its teachers’ retirement system. It is simply not fair to place the burden on our educators. … Whether the approximately $1.5 billion owed appears on the state’s balance sheet as obligations backed by the full faith and credit of the state — that is, bonds — or as a pension fund liability, the state’s fiscal position is the same.” hmm
Editorial, includes “Democrats stipulated in their $1.9 trillion spending bill that none of the $350 billion going to states and localities could be ‘deposited into a public pension fund.’ That always looked like a trick, and Vermont is the first state to prove the point.”
By Scott Rasmussen, includes “… On a percentage basis, the biggest increases were found in Idaho, Arizona, Nevada, and Utah.”
Truth in Accounting ranked Vermont 48th out of 50 states in terms of a Financial Transparency Score. While EAI often discusses what programs should or shouldn't be in state budgets, the results of those budgets are found in a government’s comprehensive annual financial report (CAFR).
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 coronavirus pandemic is paving the way for a state budget crisis that will likely be deeper than any Maine has seen in decades.
Two weeks later, there’s little indication that the Statehouse gears are moving on the issue — a House Gov Ops hearing on pensions was on the calendar last week, then it wasn’t.