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.
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.
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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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.
By Ian Karbal (Mountain State Spotlight), includes “On July 1, Gov. Jim Justice announced that in the 2021 fiscal year, which ended the previous day, West Virginia had a budget surplus of $413 million, topping previous expectations for the year."
By Scott Rasmussen, includes “… On a percentage basis, the biggest increases were found in Idaho, Arizona, Nevada, and Utah.”
Ranking 28th out of 50 on any list may not be something to brag about, but for Virginia, it represents a degree of improvement.
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.
Hindsight is 20/20, with Gov. Jim Justice and state revenue officials looking back on the last fiscal year and the first month of the new fiscal year, which both showed surpluses even as the pandemic affects the economy.
When the 2020 fiscal year ends Tuesday, West Virginia could still end up with a small surplus after sweeping state agencies for cash and utilizing excess Medicaid dollars.
U.S. Rep. David McKinley, R-W.Va., hopes his version of a fix for coal miner pensions passes the House of Representatives and breaks through the blockage in the U.S. Senate.
Gov. Jim Justice confirmed today that West Virginia’s state budget will end the fiscal year with a surplus.
The filing deadlines for candidates to enter state legislative races have already passed in 31 states.
See the financial condition of Alaska, Connecticut, Delaware, Iowa, Illinois, North Dakota, Utah, Washington and West Virginia.
The student loan bubble is going to burst in the very near future. Student loan debt is second only to housing debt at $1.4 trillion in outstanding loans.