Model Truth in Accounting Legislation -  A Work In Progress

Truth in Accounting Act - One Page Summary

Click here to upload a spreadsheet that has links to Each State's CAFR

"The Truth About Balanced Budgets:  A 50 State Study" found the following issues:

• Most state annual reports indicate their budgets are not balanced;
• Despite this fact, states perpetrate the myth that their budgets are balanced;
• Governorsand legislatures intentionally circumvent balanced budget requirements endangering fiscal sustainability and evading public scrutiny;
• Billions of dollars in retirement costs are incurred each year but not provided for in state budgets;
• Information required to assess the long-term consequences of current policy decisions is not available;
• Surpluses reported on state financial statements do not report true financial results; and
• Many state annual reports are not published on time.