States face a significant loss of federal dollars as temporary pandemic-related programs that were initiated in 2020 come to an end and national fiscal pressures rise.
(The Center Square) – Virginia ended fiscal year 2024 with more money than it needed to cover its bills, placing it in the top quarter of states reviewed in a new financial report.
Our sixteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states.
In the spirit of promoting clear and accurate fiscal information, Truth in Accounting has once again assessed the transparency of state governments’ financial reporting. While state budgets receive most of the public and media’s attention, their outcomes are detailed in each government's Annual Comprehensive Financial Report (ACFR), which is audited annually by certified public accountants. Our transparency score is based on key criteria outlining best practices, offering government officials and citizens a roadmap to enhance fiscal transparency and accountability.
Our fifteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states.
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.
“The city of Norfolk was given $154.1 million in funding through the American Rescue Plan Act (ARPA), and leaders are seeking community input on how the money should be spent. If you're a resident who has ideas, there are a few ways you can make your voice heard. There are several drop-boxes across the city where you can submit your thoughts.”
By Marc Joffe, includes “The Pension Benefits, Design, and Funding Task Force created by the Vermont General Assembly is expected to release its findings in December. … Truth in Accounting recently ranked Vermont 43rd of the 50 states based on its measure of ‘Taxpayer Surplus or Burden’ with a per capita burden of $24,000. ”
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.
Includes “… The majority of the fund will be invested in blockchain firms, with only 15% going into cryptocurrencies themselves. … Back in December, JPMorgan predicted that pension funds could pull $600 billion into Bitcoin. … PORS is convinced that crypto markets are not showing the true value of cryptocurrencies.”
By Alina Tugend, includes “Pensions are complicated enough without employers passing the buck onto someone else, but increasingly, that is what's happening. … When an insurer takes over the plan, that pension is no longer protected by federal law, but rather state law, which regulates insurance companies."
Ranking 28th out of 50 on any list may not be something to brag about, but for Virginia, it represents a degree of improvement.
Virginia Republican lawmakers are crying foul over a deal reached this week on the state’s two-year budget.
Virginia prides itself on being a state that has a balanced budget. But, that doesn’t mean the Commonwealth is without debt. Michael Pope reports.
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.