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Welcome to the Institute for Truth in Accounting news section. Here you will find all of our press releases, publications and news highlights.

I-Team: Illinois Poison Center hotline's cry for help

This health services agency is pleading for taxpayer dollars to keep it afloat.
Hawaii gets better marks for new online transparency system

Here's what Hawaii is doing to provide their citizens with more timely and thorough financial information.
No more free ride

The days of free ambulance service in the Chicago area are over – but how municipalities establish transport rates, and collect fees, is raising good-governance questions.
Topinka Receives Most Improved Award, but Financial Hole Reaches $175 Billion

Unfortunately, the state continues to understate its poor financial condition.
Extension of a temporary tax hike a bitter but necessary pill

More than ever, this General Assembly will be charged with keeping a tight lid on state spending and finding new ways to make state government more efficient.
U.S. public pension gap widened to nearly $1 trillion in fiscal year 2012

"Even though we've seen recent market gains and reforms, the funding gap has continued to grow for pensions."
State lawmakers raid fund for poor to balance budget

NY state use money from a fund to help poor get legal help to balance the budget
Panel seeks greater disclosures on pension health

A panel of risk experts sees a teachable moment in Detroit’s bankruptcy and pension woes.
Do states really balance their budgets?

Loopholes, unexpected expenses and glorified revenue predictions make balanced budgets an unattainable reality for some legislatures.
Pensions are an issue of political will and mathematics

But how can a state with over 130,000 employees in 2009 have had a pension tab of zero dollars?
Pension expert: local Pennsylvania downgrades lurk

Because of new accounting rules PA and many other states and cities will likely have their credit downgraded
Mayors say big cities are driving US resurgence

Cities say they have abandoned by DC for years are now driving the US economy
Mayors say big cities are driving US resurgence

Cities say they are driving the US economy despite being abandoned by DC
Experts call for actuarial changes to stem underfunding of public pension systems

Inappropriate actuarial assumptions are partially to blame for largely underfunded pension systems. Here are the experts' recommendations for change.
Moody's Downgrades Chicago Credit Rating (Again)

Moody's changes rating for Chicago From A3 to Baa1
Pension crisis: PA auditor general warns of tax increases, bankruptcy

Financial struggles loom ahead in Pennsylvania.
Forbes: It's time for States to call a Constitutional Convention

States need to pass an amendment for balanced budget.
Cal. Governor Jerry Brown has a fake surplus

Jerry Brown's state has raised its taxes to record numbers but still don't report their massive debt obligations
Record Debt in NJ, $40.4 Billion

Bloomberg: According to Moody's, New Jersey has had a "sluggish economic recovery"
Memo to legislature: no time for half measures on CalSTRS

California State Teachers’ Retirement System requests $240 billion to finance teacher pensions
Assembly backs Article Five convention to force feds to balanced budget amendment

Wisconsin passes their balanced budget amendment 58-38 as well as a way to sending delegates to an Article 5 Convention.
Fiscal watchdog disputes Hawaii governor’s surplus claims

Hawaii's financial condition is not as strong as elected officials claim.
What Other Cities will follow Detroit? The Answer depends on more than just pensions

Although pensions were successfully cut, creditors can still seek litigation.
Debt burden in Michigan now $25,300 per taxpayer

The state has among the highest debt per-person in the nation.
CT state pension funds grew by $2.9B in 2013, even after payouts

The political debate over Connecticut's long-term health and pension liabilities just got more complicated.
Pay or Print?

It is unthinkable that the United States would default, either to our lenders or our citizen-voters who are expecting payment. So some adjustments will be made, and they will be painful.
How your debt stacks up: student debt and state debt

Students' debts continue to pile up, but that's not the only burden have to worry about.
Buffalo Grove might not be so great, after all.

This village, ranked as one of the best places to live, has accumulated a significant amount of debt.
Taxpayers continue to flee states with heaviest tax burdens

Are more people flocking to or fleeing from your home state?
Will IL pension reform be enough?

Here's what the new legislation will entail, and how it will affect the state's current predicament.
Pension reform leads to bump in IL credit rating

The unfunded liabilities in Illinois have been cut by 20% according to State Lawmakers.
New report shows large debts in states as well

According to the Truth in Accounting's 2012 Financial State of the States, states still have nearly $1.3 trillion of debt despite 49 of them operating with balanced budget requirements.
A hard knock on the Motor City

Reality reached into Michigan last week and shook the foundations of municipal finance.
Truth in Accounting Issues the 2012 Financial State of the States

Truth in Accounting has again identified the top five “Sinkhole” states, those that have the highest per Taxpayer Burdens. Connecticut’s Taxpayer Burden is $46,000, Illinois - $42,200, Hawaii - $41,300, New Jersey - $34,200, and Kentucky - $26,700.
Sebelius asked to explain $2B in Obamacare loans

Health and Human Services Secretary has to explain $2B in loans to Co-ops without really knowing if it'll be repaid
Judge questions Gov. Bobby Jindal's budget balancing method

Louisiana Gov. uses the same tactics to balance the budget as he has over passed year, will probably get overturned.
Maryland makes the easy choice for their debt

After approving an unpopular $395m bill, Gov. Martin O'Malley decided to raise the state borrowing limit to $75m a year
Alabama Bankrupt County Starts Selling $1.8b in bonds

Jefferson county Alabama has started selling sewer bonds in an amount totaling around $1.8 Billion.
Little Change In New York's Fiscal Condition

Glenn Blain reports that despite saving $47m less in spending, the 3 year outlook at the deficit remains the same.
Getting Connecticut’s books in order requires half a billion in state bonds

By using tricks such as delaying payments, CT now needs to issue bonds to recover, and this isn't the first time.
Illinois Evading Pension Fix Leads State Gaps Wider: Muni Credit

Bloomberg explains how states not making full contributions to pensions are effecting the total debt
Sandy-Impacted Governments Still Facing Fiscal Challenges

Municipal Finance Today reports that Governments are still trying to recover from the storm that caused an estimated $65 Million in damage.
How to Break An American City

Discussing cities that may be worse off than Detroit, why cities are broken and why people acknowledge the problem and don't step up to fix it
Public Pension Governance: A Heated Discussion

An event co-hosted by Truth in Accounting and DePaul University’s Center for Financial Services drew a standing-room-only crowd on Oct. 22.
Why Truth in Accounting Matters in Debt Ceiling Negotiations

Watch Sheila Weinberg, TIA CEO, explain the importance of using the truthful numbers when debating the debt ceiling.
America’s default on its debt is inevitable

James Grant, Editor: Grant's Interest Rate Observer
Illinois Moving Up … in a Dubious Category

Truth in Accounting reveals IL posted largest increase in
Truth in Accounting Releases the 2011 Financial State of the States

For the third year Truth in Accounting reviewed each state's Comprehensive Annual Financial Report (CAFR) to determine the financial condition of each state and each Taxpayer's Burden. Download the report by making a contribution or obtain a free download
What is the cost of Illinois’ pension crisis to you?

WTVO TV (Illinois)- “How much is the state's pension crisis costing you the taxpayer?
Government Standoff ShakesTrust in US Debt

World's financial system relies on US backing its debt.
Editorial: Why we all should be watching Detroit carefully

What happens to Detroit's public worker pension system could ripple across the nation
The Indebted States of America

States and localities owe far, far more than their citizens know.
TIA Letter to the Editor: Detroit accounting

Bankruptcies driven by long-standing government budgeting gimmicks
TIA Letter to the Editor: This early christmas is mostly an illusion

The rise in state revenues is no reason to increase spending, given states' debt
Home price recovery linked to taxpayer burden

In 2012, states with higher taxpayer burdens had a lower recovery in home prices.
TIA Letter Appears in Wall Street Journal: Hidden Obligations Indict Both Legislators and Voters

Government entities need to fully disclose all promises to future retirees to regain credibility with bondholders, rating agencies and, most importantly, taxpayers.
It's done: Hawaii lawmakers OK’d a record $24 billion biennium budget

Hawaii’s government is growing, taxpayers are going to foot the bill
New Mexico among slowest to release financial reports

NM took 356 days to release their 10-K's, corporations take less than 90 days to do so
Marathon bomb suspect had been on welfare in Massachusetts — Truth In Accounting cited

18% of MA residents received Medicaid in 2011; MA offers third largest welfare benefits package in the U.S.
Stealing from the needy: MA residents charged with unemployment fraud

Scheme further strains the high-spending "welfare state"
Truth in Accounting adds new talent

Sheba Sands joins Truth in Accounting as our new Director of Communications. Dawn Miller and Tom Wright join our board.
Mismanaged state pensions bill taxpayers for shortfall

State pensions, still feeling the pain of the Great Recession, are now underfunded to the tune of more than $4 trillion
Morning Bell: Revealing what states are hiding

Proper accounting would reveal tens of billions of dollars in extra teacher pension costs
MA named 4th biggest welfare state

MassFiscal in GoLocalWorcester
Letter: Malloy’s majority: The switchman’s sleeping

Legislative leaders support Cuomo's pension smoothing

Cuomo’s initiative will limit the growth in pension costs which have skyrocketed in recent years
Unmasking staggering pension debt and hidden expense

How new rules from Moody’s and GASB affect the financial reporting of pensions in seven California counties
GASB offers governmental accounting research system online platform

GARS Online provides efficient, effective, and easy access to all U.S. Generally Accepted Accounting Principles
Private employers believe public-sector pension reform overdue

Defined benefit plans now rare in private sector
What you need to know when writing about public pensions

MaryJo Webster shares tips on how to navigate through your state's financial plans
Antiquated Accounting Hides True Pension Debt

Pension Solution Requires Truth In Accounting
Illinois and Greece as penitent cookers of books

SEC exposes Illinois' misleading reports on pensions while Greece cleans up its financial data
Public pension overhaul clears New Mexico legislature

The measure addresses one of the largest financial problems confronting state government
GASB publishes new user guide on business-type activities

A new, easy-to-understand guide to how state and local governments finance and account for their business activities
LETTER: State bad For business

The list of Connecticut critics grow
SEC settles securities fraud case with Illinois

Federal regulators order Illinois to stop misleading investors about the public pension condition.
SEC Says Illinois Hid Pension Troubles

For years, Illinois officials misled investors and shortchanged the state pension system, leaving future generations of taxpayers to foot the bill, U.S. securities regulators allege.
The pension fund that ate California

CalPERS’s corruption, insider dealing, and politicized investments have overwhelmed taxpayers with debt.
Wilshire Associates: State pension funding gap up 20 percent in 2012

Report highlights the uphill struggle faced by state pension plans nationwide
Truth in Accounting Statement on IL Governor's Budget Address

“As Governor Quinn outlines his budget plan for the State of Illinois, we remind lawmakers and the public that the current way in which state finances are accounted omits both substantial assets and substantial liabilities.
Sequestration not likely to cause the Missouri sky to fall

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The Real National Debt is Far Worse Than You Think, Critics Say

“Congress doesn’t even know what the real numbers are,” said Rep. Jim Cooper, D- Tennessee. “The real national debt isn’t $16 trillion. I wish it were that low. The real national debt is closer to $60 or $80 trillion.”
Van Lines Data Show People Fleeing States With Big Fiscal Problems

Citizens and businesses are fleeing states with fiscal problems – that is one apparent message from the latest annual report from United Van Lines.
Crisis in Connectict

Providence Journal Reports on Connecticut's Fiscal Issues
Illinois: small suburbs exploit tax loophole

Illinois has no borrowing limits for many mostly bigger cities and villages, and that has fostered risky gambles that have sent taxes skyrocketing.
Virginia Governor Offers Modest Spending Increase In Budget

Gov. Bob McDonnell's cautious revisions to Virginia's two-year budget target modest spending increases for indigent health care, conditional raises for teachers and a $128 million deposit into the state's rainy day reserves.
Rhode Island’s Pensions Reformer Offers Lessons to Illinois Audience

In 2009, Gina Raimondo was working in the private sector in Rhode Island and raising a family. She had been concerned about state government finances for some time. Then one day, incited by a news article, she decided to do something about it.
Rhode Island’s Pensions Reformer Offers Lessons to Illinois Audience

On Dec. 5, Rhode Island Treasurer Gina Raimondo discussed pension reform at a breakfast meeting with Chicago-area business, government, and academic leaders. The meeting was hosted by the Union League Club of Chicago and the Inst. for Truth in Accounting.
Michigan laying groundwork for managed bankruptcy for Detroit

Even as Michigan's Treasury prepares to begin another financial review of Detroit's books, a plan is being solidified in the governor's office that would guide Michigan's largest city through what is being called a managed bankruptcy.
Rhode Island Gov.Chafee: Let's negotiate on pension reform

Gov. Lincoln Chafee is calling for both sides in the state pension reform lawsuit to come to the table and negotiate even as the case moves through the courts.
Sheila Weinberg testifies on Cook Co., Illinois pension debt

On December 4, 2012, IFTA CEO Sheila Weinberg testified on the true scope of municipal debt in Cook Co., Illinois before the county board's Pension Committee. The testimony coincided with the release of the Municipal Government Debt Crisis Report.
$6.7 billion burden shifted to Maine’s future taxpayers

The state of Maine has $14.5 billion in assets, but most of these assets are not available to meet the state’s bills.
Truth in Iowa State Accounting and Budgeting

The Institute for Truth in Accounting’s second edition of The Financial State of the States spotlights the lack of truthful accounting and transparency in state government. Iowa is no different than most of the other states in the country.
Iowa Transparency reports on IFTA study

The past two years of budget squabbling in Des Moines have made the taxpayers of Iowa very aware of the Iowa Code Section 8.54. This limits expenditures to 99 percent of revenue.
North Carolina's Real Debt – and the Nation’s

An article in the Wall Street Journal again reminds us of the real U.S. debt — and the real financial burden NC imposes on taxpayers.
“Fire Janet Cowell” – Treasurer’s Record Too Sensitive for Facebook?

In an attempt to counter an onslaught of advertising by the Janet Cowell Campaign touting a job well done, a few grassroots activists created a facebook community page titled “Fire Janet Cowell – NC Treasurer.”
Economist William Bergman reports on Public 'Bankruptcy' Crisis panel at DePaul Univ.

Click for William Bergman's reporting of the Public Bankruptcy Panel and CAN-TV broadcast dates and times.
Sheila Weinberg moderates The Public Sector 'Bankruptcy' Crisis panel

On Monday, October 22nd, 2012, the DePaul University Center for Financial Services hosted The Public Sector 'Bankruptcy' Crisis panel.
Chicago’s Next School Crisis: Pension Fund Is Running Dry

New York Times reports The Chicago Teachers’ Pension Fund has about $10 billion in assets, but is paying out more than $1 billion in benefits a year — much more than it has been taking in.
State budget crises: Two wins, one loss

New York, Illinois and California have seen the markets and ratings agencies react in very different manners based on their actions (or inactions, as the case may be).


Towns borrow, you pay

Unlike many states, Illinois lets even the smallest cities and villages take massive gambles with millions in loans -- leaving taxpayers on the hook.
New Hampshire's True Financial Burden is $8,600 per Taxpayer

On the eve of Comeback America's '$10 Million A Minute' national bus tour's New Hampshire stop, the Institute for Truth in Accounting announces the state has a true financial burden of $8,600 per taxpayer. Read press release.
Oregon's state budget appears stable for now

Long-term outlook of slow growth causes concerns, state economist says.
California takes softer line in latest plan to rein in pension costs

Gov. Jerry Brown announced a new plan Tuesday to rein in public pension costs that would raise the retirement age, cap benefits for the highest-paid employees and eliminate "spiking" — but lacks key parts of the bolder system overhaul he proposed earlier.
Barrons reports on states' finances and underfunded pensions

Barrons ranks the 50 states in terms of debt and pension liability as a percentage of GDP, while the Institute's recent study ranks the states in terms of each state's overall taxpayer burden including all liabilities. Read more.
Sam Brownback, Kansas Governor, Plans Budget Cuts, Calls For Agencies To Reduce By 10 Percent

Kansas Democrats are fighting back against what they say are "unheard of" budget cut proposals and a predicted revenue shortfall from which the state cannot recover.
U.S. municipal downgrades -- most in a decade

Moody's downgraded nearly 300 U.S. municipal issuers in the second quarter, the most in a decade.
Berkshire Trims Municipal-Debt Bet

Warren Buffett's Berkshire Hathaway Inc. recently terminated about half of a big wager on the health of municipal debt, amid a worsening outlook for states, cities and municipalities across the country.
Rosemont, IL: 4200 residents and $370 million in taxpayer-backed loans

Chicago Tribune and Northwestern Univ. Medill Watchdog report on the financial condition of this powerhouse suburb
California student assistants get the ax as part of union pay-cut deal

California's ongoing state budget crisis has claimed another victim: student state workers. In a few weeks the state will ax hundreds of their jobs – just as the school year gets under way.
David M. Walker Announces the $10 Million a Minute Bus Tour

The Hon. David M. Walker, former U.S. Comptroller General, today announced a first-of-its-kind national bus tour to engage Americans about our nation’s deteriorating financial condition — and show them what they can do to help restore fiscal sanity.
Truth in Accounting Study: Public Debt Puts N.C. In Nation's Bottom Third

North Carolina is $37.6 billion short of the money it needs to pay its long-term bills, according to a June 25 report by the Institute for Truth in Accounting.
San Bernardino seeks bankruptcy protection

San Bernardino, facing the possibility of missing payroll, becomes California's third city in weeks to authorize a bankruptcy filing.
CBO: Healthcare Price Tag Shifts from $940 Billion to $1.76 Trillion

President Obama's landmark healthcare overhaul is projected to cost $1.76 trillion over a decade, reports the Congressional Budget Office, a hefty sum more than the $940 billion estimated when the healthcare legislation was signed into law.
MA Governor Patrick signs $32.5b state budget bill

Governor Deval Patrick signed a $32.5 billion budget into law Sunday afternoon, vetoing $32.1 million in spending and rejecting the Legislature’s efforts to keep open Taunton State Hospital.
Former Comptroller General David M. Walker and the Institute for Truth in Accounting Release “The Financial State of Connecticut” and “The Financial State of Bridgeport, CT” reports

Connecticut’s unfunded burden per taxpayer as of June 30, 2011 was $50,900, up from $49,000. Bridgeport, Connecticut’s unfunded burden per taxpayer as of June 30, 2011 was $28,400, an increase from $27,100 in 2010.
States Face Pressure on Pension Shortfalls

New accounting rules are likely to show that public pension plans could face hundreds of billions of dollars in additional liabilities, putting new pressure on state and local governments to act.
Montana doesn't have assets to pay all bills

The state has $13.1 billion in assets, but most are not available to meet Montana’s bills, according to a recent report that based its findings on information in state financial and pension data.
Hawaii Zinged by Two National Reports on State's Growing Liabilities

Hawaii has made national news in recent days because of two national reports shining the light on Hawaii’s growing state liabilities.
Here's what happened this Spring at Truth in Accounting

Spring 2012 e-newsletter
Missouri is more than $7 billion in the pension hole, report says

Missouri has promised nearly $6.7 billion to its retirees in pension and health-care benefits not disclosed on state financial statements, and the average taxpayer’s share of the state’s overall debt burden is some $3,800.
Kansas pension deficit increases again, researchers say

Truth in Accounting calculated in a report issued Wednesday that Kansas’ estimated pension obligations in 2010 already were larger than any one of the state’s other debts.
Oklahoma: state’s debt large but pension reforms will help

A new and intensely detailed review of the financial “state of the states” places Oklahoma in the lower-middle tier of U.S. states as of fiscal 2010.
Unfunded and Unreported: $900 Billion in States’ Liabilities

Sheila Weinberg tells Heartland Institute some state governments have been ignoring money they owe to pretend their budgets are balanced. They do this using cash-based accounting, which the IRS allows for businesses with revenue under $5 million.
Download or Purchase Hard Copy of 2010 Financial State of the States

For the second year the Institute reviewed each state's Comprehensive Annual Financial Report (CAFR) to determine the financial condition of each state and each Taxpayer's Burden. Download the report by making a contribution or obtain a free download.
Truth in Accounting Releases Financial State of the States (2nd Edition)

Below Download the Report Or Obtain Hard Copy of 2010 Financial State of the States.
Truth in Accounting report says states have $900 billion off-balance sheet debt

The Institute released its second annual "Financial State of the States" report, identifying five "sunshine" states and five "sinkhole" states.
Individual Financial State of the State

North Dakota Considers Eliminating Property Tax

New York Times reports that in an election today residents of North Dakota will consider a measure that abolishes the property tax entirely.
New York State Has Some Prisons to Sell You

New York state has a glut of vacant correctional facilities because of lower crime rates, new programs that allow early release for nonviolent offenders and the dismantling of its strict drug laws.
Education not spared from Illinois budget cuts

School districts across Illinois could be facing an expensive double-whammy when it comes to state funding.
Michigan's state budget addresses autism coverage, community college funding

Medicaid would cover certain treatments for autism under a budget proposal that soon will be voted on in the Michigan Legislature.
National Assn. of Bond Lawyers Offers Guidelines for Public Pension Disclosure Obligations

NABL has published guidelines for state and local government disclosure obligations when offering bonds to the market.
Rhode Island expected to end year with $102.7-million surplus

The projected surplus for the current 2011-12 state budget year is $102.7 million, according to Budget Officer Thomas Mullaney.
California deficit has soared to $16 billion, Gov. Jerry Brown says

The bigger deficit is a significant setback for California, which has struggled to turn the page on a devastating budget crisis. Brown, who announced the deficit on YouTube, is expected to outline his full budget proposal on Monday in Sacramento.
Lawyers for the needy decry Florida budget veto

Legal Aid Society of Palm Beach County Director Bob Bertisch had high hopes that Gov. Rick Scott would spend one of his workdays learning how Bertisch's lawyers help low-income domestic violence victims and poor homeowners fighting foreclosures.
Texas Gov. Rick Perry touts budget limits as crucial to state’s future

Gov. Rick Perry set the parameters for crafting the next state budget by presenting what he called the five simple tenets to his Texas Budget Compact.
Assembly Budget Committee set to question New Jersey governor's higher education spending plan

Higher education is getting more scrutiny than usual this year, due to Governor Christie's plan to reconfigure the state's higher education institutions.
In tough times, municipalities turn to volunteers to get the job done

Cash-strapped Chicago-area communities increasingly turn to volunteers to do jobs that government employees or contractors once performed.
G.A.O. Calls Medicare Advantage Test Project Costly Waste

New York Times reports the non-partisan G.A.O. says Medicare is wasting more than $8 billion on an experimental program that rewards providers of mediocre health care and is unlikely to produce useful results.
In an apparent first, a public pension plan files for bankruptcy

In what's believed to be a first by a public pension plan, the Northern Mariana Islands (U.S. Commonwealth) Retirement Fund filed for Chapter 11 bankruptcy protection on Tuesday.
Florida Gov. Rick Scott's budget-signing to focus on new school cash

The $70 billion spending plan approved last month by lawmakers includes a $1 billion boost for Florida's classroom, coming after a year in which schools absorbed a $1.3 billion reduction and per-pupil spending fell to its lowest level in six years.
Medicare Trustee: Medicare cuts can't be double-counted in new healthcare law

The CBO estimated the new healthcare law will reduce the deficit by coupling an expansion of federal health spending with cuts to Medicare and higher taxes. Now, a new study by a Medicare trustee suggests that the law will actually increase the deficit.
Truth in Accounting Winter Wrap-up

Here's what happened this Winter at Truth in Accounting
New York lawmakers giving final passage to state budget today

The usually contentious budget battle in Albany was largely collegial this year. Gov. Andrew Cuomo and lawmakers dealt with the most divisive issues in the weeks and months before the April 1 budget deadline.
Providence R.I. Bankruptcy Seen as Unavoidable on Budget Gap

Rhode Island’s capital and biggest city, probably will seek bankruptcy court protection to deal with a budget deficit, Robert Flanders, the state- appointed receiver for nearby Central Falls, said yesterday.
Deficits Push N.Y. Cities and Counties to Desperation

Even as there are glimmers of a national economic recovery, cities and counties increasingly find themselves in the middle of a financial crisis. And many have exhausted creative accounting maneuvers and one-time spending cuts or revenue-raisers.
CBO nearly doubles national healthcare law estimate

President Obama's national health care law will cost $1.76 trillion over a decade, according to a new projection released today by the Congressional Budget Office, rather than the $940 billion forecast when it was signed into law.
Illinois' pension problems could be worse than the numbers show.

A report by U.S. Government Accountability Office released late last week says Illinois could face unforeseen payment hikes because of how the state has handled its public pensions.
Many States Take a Wait-and-See Approach on New Insurance Exchanges

States are lagging in the creation of health insurance exchanges, the supermarkets where millions of consumers are supposed to buy subsidized private coverage under President Obama’s health care overhaul.
San Diego tackles municipal pensions

A decade ago, the San Diego City Council gained notoriety for cutting deals with city unions to boost pensions in exchange for reducing the amount the city allocated to the pension fund.
Michigan's next year budget will be tied to requirements

For cities, schools and colleges, most of the new funding Gov. Rick Snyder proposed for next year’s budget will be tied to meeting certain requirements.
$25 Billion Foreclosure Deal to Hit Pensions Harder Than Banks

The government’s deal with banks over their foreclosure practices after 16 months of investigations is cheap for the loan servicers while costly for bond investors including pension funds, according to Pacific Investment Management Co.’s Scott Simon.
California Controller: State to run out of cash in March without action

California will run out of cash by early March if the state does not take swift action to find $3.3 billion through payment delays and borrowing, according to a letter state Controller John Chiang sent to state lawmakers today.
Increased higher education funding in Illinois goes to pensions

Illinois' 12 percent increase in higher education spending this year isn't going to benefit students. The additional funding for fiscal year 2012 is going into the State Universities Retirement System to address its under-funded pension program.
State action in Illinois urged to stop pension debt from ballooning

Illinois’ multibillion-dollar pile of unpaid bills will quadruple within five years unless steps are taken to curtail state pension and Medicaid spending, a government watchdog concluded Monday in a new analysis of the state’s budget.
Oregon’s $20 billion in unpaid bills

Oregon has a constitutional requirement to have a balanced budget, which means we can only spend as much as we take in. But the truth is Oregon does not have a balanced budget, at least not according to the Institute for Truth in Accounting
Truth in Accounting Explains Hawaii's Nightmarish Finances

That is what Sheila Weinberg, from the fiscal watchdog group Truth in Accounting, said when she reviewed the state’s Employee Union Trust Fund figures in the state’s recently release Comprehensive Annual Financial Report (CAFR).
Public Pensions Increase Private-Equity Investments

Large public pension plans are pouring more money into private-equity funds, deepening ties between government workers and an industry currently under the harsh glare of U.S. presidential politics.
Rhode Island Miracle Explained

Gina Raimondo, the state treasurer who led the state's pension reform effort, visited the Manhattan Institute yesterday to explain the miracle, and it turns out she didn't need heavenly powers, only political nerve and good judgment.
Truth in Accounting Awarded Searle Freedom Trust Grant

Funding will be used to develop State Data Lab site
Truth in Accounting Awarded Searle Freedom Trust Grant

Funding will be used to develop State Data Lab site
Definition of a state budget cut hard to pin down

What, exactly, is a budget cut? It depends on whom you ask.
Corporate subsidies in Louisiana: few strings attached

While Gov. Bobby Jindal has sought to make government transparency a hallmark of his administration, a new report finds that Louisiana asks for little in return when it comes to corporations receiving multi-million dollar subsidies.
Kentucky can no longer use those one-time tricks, budget director warned.

Kentucky's chief budget officer told the House on Tuesday that the next two-year state budget will be the toughest yet for lawmakers to craft and more cuts to state agencies are likely.
Pension peril: Illinois' TRS goes higher-risk with investments

The Illinois Teachers' Retirement System — the worst-funded major pension plan in the U.S. — is pumping more of its assets into higher-risk investments while using accounting methods that some pension experts say understate its funding shortfall.
Waterbury Republican American Editorial: CT Light and Power Performance

Connecticut Light & Power has to answer for the utility's much-criticized performance during and after Tropical Storm Irene and October's freak snowstorm.
Illinois pension costs next year deal blow to already-shaky finances

Illinois' public employee pension costs will increase by more than twice as much as expected next year, a blow to state finances that continue to be shaky despite a major income tax increase.
Truth in Accounting ranks CT a budget 'sinkhole’

Connecticut muddy budget accounting qualifies it as a "sinkhole state,'' ranking it with New Jersey, Illinois, Hawaii and Kentucky as the first worst in the nation, an advocacy group says.
California Oct. revenue misses forecast by $810.5 mln

California's revenue in October came in $810.5 million below its projected level in the state budget, increasing pressure on its leaders to impose more spending cuts to keep the state's books balanced.
Hawaii State Liabilities Climb by 60 Percent in Two Years

The Hawaii state legislative auditor has released the 2010 Comprehensive Annual Financial Report (CAFR), which is a series of audited government statements that detail the financial condition of the state government.
Hawaii's Financial Report Released - Finally

Hawaii's 2010 CAFR was issued on October 12th, which is 469 days after the end of the June 30, 2010 reporting period.
Hawaii in dire financial condition, says Sheila Weinberg

Hawaii state government’s financial situation is dire, mainly because of unfunded obligations that total in the billions of dollars.
Wisconsin school districts save by changing health plans

Wisconsin school districts are saving millions of dollars this year by changing health insurance companies.
Truth In Accounting Coming to Hawaii Oct 10-12

Sheila Weinberg will be speaking in Hawaii on “Government Accounting: The Seen and the Unseen -- What Needs to be Done?”
School officials say they'll sue California over latest state budget

Local school officials say they will sue California over $2.1 billion in education funding they believe state leaders should have provided in the June budget.
N.J., The Sinkhole State — your cost $34,600

We’ve been called a lot of things but to my memory, this is the first time we’ve been The Sinkhole State.
State budget cuts hurt New Hampshire area seniors

The latest victim of the Legislature’s budget cuts to hospitals is the St. Joseph Adult Day Health Center. The real victims of this budget cut, however, are elderly individuals and their families.
Families Feel Sharp Edge of State Budget Cuts

Stretched beyond their limits and searching for new corners of their budgets to find spending cuts, states are now trimming benefits for residents who are in grim financial shape themselves.
Summer 2011 Quarterly Round-up e-Newsletter

Read the Institute's Summer e-Newsletter:
Walker Joins Truth in Accounting Advisory Board

Hon. David M. Walker, CAI Founder and CEO, and former Comptroller General of the United States, becomes Institute's first Advisory Board member
Illinois Sales tax loophole leaves some cities, towns crying foul as firms exploit Illinois law

Some government agencies plan to pursue legal action against companies that set up satellite offices in other parts of the state to avoid higher sales-tax rates in Chicago and the surrounding area.
A New Day Status Report to the People of Hawai'i

Governor Neil Abercrombie mentions Hawaii's per capita debt ranking in public comments on August 17, 2011.
Chicago Sun-Times reports Truth in Accounting names Illinois a "Sinkhole State"

The states have used accounting trickery to to conceal a total of $1 trillion in outstanding bills.
$2,585,323,000,000 has been put into the Social Security trust fund.

But the government has siphoned all if this money off to be used by other agencies.
Truth in Accounting issues the Glencoe, IL "Financial State of the Village"

The Institute's review of Glencoe, Illinois' 2011 financial statements uncovered the Village does not have the funds to pay for almost $17.3 million of obligations as they come due. Each household's share is $5,800.
.Bondholders Win in Rhode Island .

Central Falls, R.I., a city of 19,000 residents that filed for bankruptcy Monday, is a bondholder's dream.
Comeback America Initiative Unveils Fiscal Frameworks to Avoid, Address Another Economic Crisis

The Comeback America Initiative (CAI), a non-partisan organization dedicated to fostering a national discussion around fiscal challenges and solutions, issued the “Restoring Fiscal Sanity Report.”
Generational Balance, Not Budget Balance

If we are going to amend the Constitution, let’s prohibit today’s adults from leaving tomorrow’s generations with higher lifetime net tax rates.
Truth in Accounting Identifies Five Sinkhole States

State Balanced Budgets Have Been Unbalanced
Institute Identifies Kentucky as a Sinkhole State

Truth in Accounting Report Names New Jersey a "Sinkhole" State

Illinois Ranks 48th Taxpayer's Burden

Each taxpayer's financial burden is $26,00
Institute Finds Hawaii Per Taxpayer Financial Burden is $25,000

Hawaii Identified as Sinkhole State
Connecticut Ranks Worse of All States

Truth in Accounting Connecticut State as a Sinkhole State
Institute releases the Illinois Budget Transparency Study

Institute for Truth in Accounting completed its two-year study on the transparency in the state of Illinois' annual budgeting process.
Illinois is 50 out of 50 for state deficit

Illinois owed $37.9 billion more than all of its assets combined, including cash, investments and property, as of July 1, 2010, according to a statewide financial audit by the Illinois Auditor General Holland and Illinois Comptroller Topinka.
Facing a Hit Over Debt in Alabama .

In a move to avoid the largest municipal bankruptcy in U.S. history, holders of more than $3 billion in debt issued by Jefferson County, Ala., are working on a rescue that would leave them with steep losses.
The Financial State of the States

Most states are sinking in debt. Despite the existence of a balanced budget requirement in all but one state, governors and legislatures have dug huge financial holes.
Download Our State Studies

Head of Rhode Island's Fund Aims to Win Workers' Support.

Standing before hundreds of state employees at a union meeting in late May, Gina Raimondo warned that Rhode Island's pension system could run out of money unless big cutbacks are made.
Proposed accounting changes could add up to $13.5 billion to Oregon’s balance sheets

Proposed changes to add unfunded pension liabilities to government balance sheets may end up increasing Oregon governments’ liabilities by more than $13.5 billion.
Sen. Lieberman states new course must be plotted for nation's economy

Joe Lieberman and Lowell Weicker Jr., together again for a summit on fiscal responsibility Friday in Hartford, bemoaned the political and economic direction of the state and nation.
Balanced state budgets left out billions in debt and pension liabilities

Although 49 out of the 50 states are technically required to balance their budgets, nearly every U.S. state still owes billions of dollars in off-the-books debt and pension obligations, according to a new report from a government accounting watchdog.
Taxpayers told debt boosted by $1 trillion

A new report by Truth in Accounting reveals vast new piles of debt for American taxpayers – in addition to the estimated $14.5 trillion in the national debt.
State pension accounting takes a step toward transparency

The Governmental Accounting Standards Board, a nonprofit based in Norwalk, Conn., will release a draft of changes to pension accounting rules Friday. These changes will first affect government balance sheets in fiscal year 2013.
Institute releases the Illinois Budget Transparency Study

The non-partisan Institute for Truth in Accounting today released its two-year study on the transparency in the state of Illinois' annual budgeting process.
NJ Gov. Christie signs landmark bill reining in public employees' pension and health benefits

New Jersey Gov. Chris Christie on Tuesday signed landmark legislation that increases pension and health contributions paid by a half-million teachers, police and other public workers and removes the issue from collective bargaining for four years.
No Labels brings political all-stars to Hartford to talk about fiscal responsibility at the state and federal levels

What do Lowell P. Weicker Jr., Linda McMahon, Ben Barnes, Joe Lieberman, Barbara Kennelly and Nancy Johnson have in common?
Institute's 50 State Study uncovers the true financial condition of the states

Today, the Institute for Truth in Accounting (IFTA) announces completion of a significant, comprehensive study of all 50 states' assets and liabilities, including pension and retirement healthcare obligations.
Lawmakers to hold hearings on Illinois business tax

Illinois lawmakers announced today they will hold hearings to review the state’s business tax structure, giving companies threatening to leave the state a forum to vent about this year’s tax hike.
Cook County taxpayers owe $108 billion, County Treasurer reports

The average Chicago household now owes a staggering $63,525 to cover local government debt, according to Cook County Treasurer Maria Pappas.
Truth in Accouting 50 State Study Reports the True Financial Condition of the States

The Institute has just conpleted a significant, comprehensive study of all 50 states' assets and liabilities, including pension and retirement health obligations.
US financial obligations now about $62 trillion, USA Today study finds

The USA Today June 7 story quotes Sheila Weinberg of the Institute for Truth in Accounting, who also did a study of Montana’s financial obligations.
Analysis: National concern over debt intensifies, some analysts encourage spending changes

News reports indicate that U.S. government debt is larger -- and a more serious challenge to lawmakers -- than many had assumed.
CT Governor's Legislative Agenda Shocks State and Awes Unions

Some media outlets in the state of Connecticut, as well as residents, are questioning the judgment of Governor Dannel Malloy, who is leading the state legislature on a whirlwind drive of dubious legislation.
It’s time U.S. addresses $77 trillion national debt

Some observations from Terry Savage at the Chicago Sun-Times
Truth About Balanced Budgets

A 50 State Study
Aon Hewitt Report Shows Potential Impact of Health Care Reform on Retiree Medical Programs

Aon Hewitt's survey found that 36 percent of respondents plan to make changes to their pre-65 retiree benefits strategy to directly leverage the health insurance exchanges that states, or the federal government, are required to create in 2014.
Truth in Accounting and Comeback America Initiative issue the Bridgeport, Ct. "Financial State of the City":

Review of Bridgeport's audited financial and actuarial reports uncovered the city is $1.4 billion short of the funds needed to pay the city's commitments. Each household's share is $27,100.
Treasurer says every Illinois household owes $42,000

You used to be able to lead a long life without ever knowing the name of an Illinois state treasurer.
'Spending cuts' -- and like gimmicks -- must end, says David M. Walker

Most governments in the United States have grown too big, promised too much and waited too long to restructure.
True Connecticut Taxpayer Burden is $63.5 Billion

Truth in Accounting and Comeback America Initiative report the state of Connecticut does not have the funds available to pay over $63.5 Billion in commitments as they come due. Each taxpayer's share is $49,000.
State Pension Plans Lose Ground

One bright light: Pew's study showed New York state pension plans were 101% funded during the period reviewed. Illinois state pension plans were the least funded, at 51%.
Truth in Accounting Spring Quarterly Round-up eNewsletter

Truth in Accounting Holds Springfield Legislative Workshop; Legislation Calls for More Transparency During the Illinois Budget Process; Moody's State Debt Analysis Now Includes Pension Obligations
Mass. House releases $30.4B 2012 state budget plan

Massachusetts House leaders unveiled a $30.4 billion proposed state budget for the 2012 fiscal year on Wednesday that they say spends $94 million less than Gov. Deval Patrick's plan, in part through additional cuts in state programs.
Sheila Weinberg on WXCO 1230 Talk Radio

Join Sheila Weinberg from the Institute for Truth in Accounting tomorrow (April 12) 9:00-10:00 a.m. on WXCO 1230, Oliver K. Burrows Talk Radio, Wausau, Wisconson
California still dreamin' on pensions

The California Public Employees' Retirement System chose Wednesday to leave its assumed rate of investment return unchanged at 7.75%. That was against its own actuary's recommendation to lower it to 7.5%.
Legislation Calls for More Transparency and Accountability

State Representative Mike Tryon (IL-64th District) has introduced the Long-Term Accounting Act into the Illinois legislature. The Act calls for increased timeliness, transparency and accountability during the state budgeting process.
Illinois Legislative Leaders Fail To Obey Budget Law

On every third Wednesday in March, Illinois House and Senate are required to adopt a joint resolution that is equivalent to a family deciding how much it will have available to spend in next year's budget. The day was yesterday, March 16.
Illinois lawmakers looking to reform pension system - again

Lawmakers need to clean up their own future retirement system before they touch other state employees’ plans – at least that’s what one lawmaker says he intends to do.
States Pursue New Tactic to Restrain Federal Debt

Louisiana one of 10 states with leaders seeking Jeffersonian, anti-debt amendment
What comes after a Trillion?

A few hardy suburban souls who volunteered with The Concord Coalition — a grass-roots organization dedicated to educating the public about federal budget issues — suggested in the late 1990's to use a budget "surplus" to pay down the national debt.
Moody’s Adds State Pension Liabilities To Credit Reports

Moody's Investor Service is adding pension liabilities to the factors it reports publicly in rating total state debt, a new approach one expert called "very significant."
Property Tax, Pay Caps Highlight Christie’s New Jersey Reforms

After a year in office, New Jersey Gov. Chris Christie has persuaded lawmakers to pass several bold reforms to slow government spending and ease the state’s tax burden.
SEC probes Illinois pension savings projections

Securities and Exchange Commission inquiry won't affect bond sale plans, Quinn says
Sheila Weinberg radio podcast on Hawaii "Financial State of the State"

Listen to Sheila Weinberg's podcast on Peter Kay radio show in Hawaii (Hawaii time 9PM -- Sheila time 1AM)
Las Vegas Review-Journal Editorial: Is Nevada in the red?

Are State pension obligations like a home mortgage or more like credit card debt?
Why was the 2009 Hawaii CAFR issued 16 months later?

The Institute's 50 State Study uncovered it took Hawaii 477 days (almost 16 months) to issue its 2009 CAFR. The June 30, 2009 CAFR was issued on October 20, 2010.
State Controller rebuts Truth in Accounting report on Nevada's financial health

"The organization is confusing how we budget in Nevada," Wallin said. "We budget based on a cash basis. We absolutely can pay all our bills."
Year ahead looms as toughest yet for state budgets

Despite lower tax revenue since the recession began, the level of service expected from state and local governments remains, often creating a disconnect between public perception and the reality of the fiscal crisis confronting elected officials.
Sheila Weinberg on WTTW11 Chicago Tonight

In a panel discussion about the Illinois tax hikes, Sheila Weinberg, CEO of Truth in Accounting asks
Sheila Weinberg podcast interview with Louisiana's Pelican Inst. for Public Policy

$19,800 per taxpayer to cover $24.7 billion shortfall
Financial Review Finds New Red Ink for North Carolina

Watchdog group says pension, health, retirement commitments exceed $66 billion.
Budget Watchdog: State Has Billions in Unbudgeted Retiree Costs

Former Gov. Jennifer Granholm told the MIRS news agency she was handing over a balanced state budget that even had a surplus. But one watchdog accounting agency is saying Granholm is ignoring $50.1 billion the state owes to its workers.
How the town of Bell, CA hit bottom

The normal checks and balances, from a robust local press to engaged civic groups, had largely vanished before or during Robert Rizzo's long reign as city administrator.
Fear of defaults putting pressure on municipal bonds

Investors pulling money from funds
Want to feel rich? Think like the government

State of Maryland uses tricks and dodges not available to most citizens
This Just In: State in Shambles

On reports as these, the question isn’t whether the auditors will find that the state is in shambles, but to what extent.
Truth in Accounting Fall 2010 e-newsletter

Here's What Happened This Fall at Truth in Accounting
National Conference of State Legislators gathers over ‘dire’ numbers

Sheila Weinberg, founder of The Institute for Truth in Accounting, which is studying debt and unfunded obligations of states, said unfunded pension and health care obligations for state workers is probably between $750 billion and $3 trillion today.
States Face Budget Shortfalls of $26.7 Billion .

Illinois had the largest midyear shortfall relative to the size of its budget among the 15 states with deficits: $13 billion, or 47% of its general-fund budget.
Is Montana in financial jeopardy?

The state is denying claims made by a government accounting watchdog that it has nearly $1 billion in “off-sheet” liability while the group making the accusations is standing by its research.
Sheila Weinberg discusses Wisconsin budget on WSAU Radio

Sheila Weinberg discusses Wisconsin budget.
Efforts For More Open Government Brings Divergent Groups Together

Legislators and advocates on the right and left are often at odds on policy, but a conference next week will bring divergent groups together on something they can all agree on: the need for greater openness and transparency in government.
California voters provide a slight opening for taxes

Voters could be persuaded to consider tax hikes as part of California's budget fixes, but it will take a sustained bully pulpit effort by Gov.-elect Jerry Brown, analysts say.
What’s truth got to do with it? Don’t ask bond raters or governments

According to Sheila Weinberg, founder of The Institute for Truth in Accounting, the bookkeeping is so bad “most governors and legislators actually believe they’ve been passing balanced budgets for years.”
Politicians helped bring Chicago's public pension funds to the brink of insolvency

Inadequate contributions, underperforming investments have also jeopardized the retirement of tens of thousands of city workers and put taxpayers on the hook for billions of dollars,
Illinois pensions cut investment expectations

Move will cause unfunded liabilities to rise.
Texas holds line on spending, taxes, but poor have suffered

The statistics tell the tale of Gov. Rick Perry's decade as governor.
Higher ed funding rises in new California budget

A wave of mass student protests, a new lobbying strategy by university leaders, and the governor's desire to leave a positive legacy in education during his final year in office led to a remarkable turnaround for California's public colleges.
Truth in Accounting Issues Connecticut Financial State of the State

Review of Connecticut's financial statements showed the state does not have the funds available to pay more than $59 billion in commitments as they come due. Each taxpayer's share is $46,100.
Truth in Accounting Issues Connecticut "Financial State of the State" Report

Connecticut does not have funds available to pay more than $59 billion of the state's commitments as they come due. This is the highest burden per taxpayer of any state calculated by the Institute.
Connecticut Financial State of the State Report

Read Truth in Accounting's Connecticut Financial State of the State Report
Michigan faces ‘spooky’ retiree health care costs

Michigan faces more than $41 billion in unfunded health care liabilities larger than most state pension systems. A battle is brewing to see who picks up the tab.
Lawsuit claims $200M owed to Louisiana 'rainy day' fund

A lawsuit filed Monday challenges the way state lawmakers balanced last year's budget with $200 million from Louisiana's "rainy day" fund and seeks a repayment that could damage this year's budget.
Truth in Accounting reports Kansas has amassed a taxpayers’ burden of $8.5 billion

After an intensive review of the state’s 2009 audited financial report, the Institute determined that Kansas does not have the funds available to pay more than $8.5 billion of the state’s commitments as they come due.
New Hampshire Lawyers Sue State Over Court Budget Cuts and Delays

A group of New Hampshire lawyers led by Chuck Douglas, a former Congressman and New Hampshire Supreme Court justice, is suing the state in a bid to get about $4 million from the state's biennial budget restored to the courts.
Searching for the Fed's Financial Reports?

Links to Federal Government's and Agencies' Financial Reports
Lawmakers keep working on Michigan state budget

Michigan lawmakers approved some pieces of the next state budget Thursday, but so far haven't completed tax amnesty and state employee retirement incentive plans that are supposed to be approved before Oct. 1.
Florida state budget outlook remains weak

Florida's budget picture is improving but remains shaky, with unemployment expected to climb through the autumn and foreclosures still outpacing home sales, a legislative budget panel was told Tuesday.
Idaho budget cuts eliminate survey used for drug prevention programs

Idaho has made much of a startling statistic – that teen meth use in the state dropped 52 percent from 2007 to 2009. It’s the largest percentage drop of any state and coincided with the Idaho Meth Project ramping up its graphic anti-meth TV ads.
Pennsylvania steps in to meet city’s debt cost

The state of Pennsylvania has stepped in to help its capital city Harrisburg avoid a default by advancing next year’s state aid so that the money can be used to make a $3.3m bond interest payment due this week.
Texas' White promises monthly state budget updates

Texas Democratic gubernatorial candidate Bill White on Wednesday accused Republican Gov. Rick Perry of hiding from an anticipated $18 billion state budget deficit and promised to provide monthly updates of the state's financial condition if he's elected.
Summer 2010 Newsletter

- Sheila Weinberg Speaks at US Chamber of Commerce - Work on Phase II of 50 State Study Continues - Illinois Budget Transparency Study Completed
Spring 2010 Newsletter

-Peterson Foundation Fiscal Summit -Truth in Accounting Expert Uncovers $40 Million Error -Proposed Illinois Taxpayer's Fiscal Charter Includes Truth in Accounting Act
R.I. sees surplus in state budget based on preliminary figures

Despite recent economic woes, the Rhode Island state budget reported a surplus of $17.7 million in its general fund, according to the preliminary fiscal year figures posted by Controller Marc Leonetti.
No end in sight for California budget deadlock

As California's budget impasse moves into record-breaking territory, and as the consequences of inaction multiply, people around the state and at the Capitol say it's anyone's guess as to when a spending plan will be passed.
Illinois pension funds project asset sales

Illinois employee pension funds are sending up flares warning they may have to sell off as much as 10 percent of their investment portfolios unless lawmakers find a way for the financially hobbled state to make its pension contributions this fiscal year.
Virginia is for surpluses

Here's something you don't see often these days: a government running a budget surplus.
How States Hide Their Budget Deficits

The SEC's charges against New Jersey for misleading investors should warn other states against sweeping the truth under the rug.
States Can No Longer Dodge the Budget Axe

The problem is not that state leaders haven't made tough choices. It's that they haven't yet made the toughest choices needed to manage our increasingly bleak fiscal outlook.
Hawaii 2009 certified annual financial report still not issued

The grant sponsored study The Truth About Balanced Budgets – Part II has uncovered the state of Hawaii has still not issued its certified annual financial report for fiscal year ended June 30, 2009.
Illinois comptroller candidates seek a peek at public servants' paychecks

Amid outrage of hefty salaries of some government officials, comptroller candidates call for more transparency
Bill Brady, nominee for governor, vows to balance Illinois budget the first year

Bill Brady prefers to see challenges as opportunities.
Little relief seen for state and local layoffs

An injection of $26 billion in federal aid won't be enough to save the jobs of more than a half million people who work for state and local governments or for companies that do business with them.
As State Budgets Falter, So Do Pension Promises

There’s a class war coming to the world of government pensions.
Pennsylvania State budget may still be millions short of projections for fiscal year

When the current fiscal year, state budget was approved by lawmakers and signed by Democrat Governor Ed Rendell, our elected leaders ignored the fact that the budget was only balanced if the Federal government kicked in an additional $850 million.
Sales Tax Holidays Spread to 18 States

Despite state budget troubles, more states than ever are embracing sales tax holidays, which aim to please back-to-school shoppers even as they draw criticism from economists.
New York Legislative Leaders Vow to Return Next Week to Finish

A second day of a special legislative session in Albany produced nothing, and lawmakers are heading home, at least for a long weekend, as differences over a bill to give SUNY and CUNY more financial autonomy continues to hold up the budget.
Glimmer Of Hope For Nevada Tax Revenues, Looming Challenges In Next Budget Cycle

The major funding gaps Nevada and other states have been forced to address in their current budgets will continue in the next cycle even as tax revenues finally begin to show signs of life, a national report released today says.
Missouri switching to deductible health plan

Missouri employees and retirees soon may have to pay more out of their pockets for health care — a result of state budget troubles that also have led to frozen wages and pension changes.
Michigan may lose $560M in Medicaid funding

Gov. Granholm says Congress has not acted to extend payments.
Illinois files its 2009 CAFR one full year later

Illinois just released its June 30, 2009 CAFR (annual financial report) one full year after the period ended
Police and fire pensions get padded despite Illinois' pension deficit crisis

Some municipalities are sweetening deals for their top police and fire administrators even as they call for pension reform in Springfield.
Indiana schools won't get any extra tax revenue cash

The state budget agency says Indiana schools won't get any extra cash to supplement their budgets this year because tax revenues fell $957 million short of previous expectations.
How much money does Missouri need to pay all of its obligations?

Each taxpayer across Missouri would need to shell out $5,000, compiling a total of $9.1 billion, to help the state pay all of its obligations, according to research by the Institute for Truth in Accounting.
MN Governor Tim Pawlenty's Budget Problem

Minnesota Governor Tim Pawlenty’s office said on Monday that the state may need to set up a bank line of credit in order to stave off a cash crunch.
State Budget Woes ‘Just as Tough’ in 2011, Fed Economist Says

Tepid economic growth and demands for aid from ailing U.S. cities and towns will combine to make next year “just as tough” for state budget makers, according to Yolanda Kodrzycki, an economist at the Federal Reserve Bank of Boston.
Vetoes hit programs throughout New York

It took Gov. David Paterson seven hours last week to place his signature or initials on 6,681 individual pages of vetoes.
Showdown Over N.J. Budget Is Avoided for Now

Gov. Christopher J. Christie on Tuesday signed into law New Jersey’s smallest budget in five years, with major cuts to schools, municipalities, mass transit and other areas — a milestone in his drive to tame what he calls an out-of-control government.
New state budget plans burdened by recession, pension costs

States have launched into their 2011 fiscal year saddled with many of the same state budget problems that they had the year before. Forty-six states have a fiscal year that starts July 1.
Illinois facing 'outright disaster' amid budget crisis

For the last few years, California stood more or less unchallenged as a symbol of the fiscal collapse of states during the recession. Now Illinois has shouldered to the fore, as its dysfunctional political class refuses to pay the state’s bills.
Wash. governor in D.C. to fill budget gap

Washington Governor Christine Gregoire is in our nation's capitol Wednesday, in a last-ditch effort to prevent more state cuts.
Massachusetts governor set to sign 2011 budget

Gov. Deval Patrick has vetoed $457 million in spending included in the budget for the state's new fiscal year.
NC lawmakers primed to meet budget deadline

After hammering out an agreement over the weekend, the House and Senate were prepared to approve the 2010-11 state budget before the new fiscal year begins Thursday.
Pennsylvania budget gap widens

Budget time in Harrisburg is never easy, but Republican lawmakers in Washington just made it more difficult.
States of Crisis for 46 Governments Facing Greek-Style Deficits

Californians don’t see much evidence that the worst economic contraction since the Great Depression is coming to an end.
Oregon’s General Fund budget cut to 2007 levels, overall budget grows

Gov. Ted Kulongoski’s final approval over agency budget cuts has reverted Oregon’s General Fund spending to approximately 2007 levels. Oregon’s General Fund budget accounts for about 22 percent of the entire Oregon state budget.
Medicaid’s Ticking Bomb - Long Term Care - Could Wipe Out State Budgets

A new study claims the costs of Medicaid’s long-term care services could cripple states’ already-fragile budgets.
Colorado state budget needs modest cuts this year

Crisis looms in 2011-12
California's Summer Budget Wheel Spins

For the 24th straight year, California legislators have failed to deliver a state budget to the governor by the constitutionally-required deadline of June 15. This year, the date came and went without so much as whimper.
In Budget Crisis, States Take Aim at Pension Costs

Many states are acknowledging this year that they have promised pensions they cannot afford and are cutting once-sacrosanct benefits, to appease taxpayers and attack budget deficits.
Next Kan. budget depends on extra federal funds

A congressional impasse over a new economic stimulus package threatens to punch a $130 million hole in Kansas' budget, only weeks after state legislators raised taxes to keep it balanced
SC Governor's Mixed Veto Bag

The S.C. House of Representatives voted to sustain 51 of Gov. Mark Sanford’s 107 budget vetoes on Wednesday – resulting in $261 million in “savings.” Both the number of sustained vetoes and the dollar amount “saved” are records for the administration.
Medicaid Cut Places States in Budget Bind

Having counted on Washington for money that may not be delivered, at least 30 states will have to close larger-than-anticipated shortfalls in the coming fiscal year unless Congress passes a six-month extension of increased federal spending on Medicaid.
NY governor plays budget chicken

If state lawmakers think today's vote on slashing hundreds of millions of dollars in health-care spending from the state budget is a tough one, wait until next Monday. It'll only get worse.
Indiana lawmaker wants budget cuts made public

State's budget director defends administration's efforts to control spending
Pennsylvania: Same as it ever was

It's the first day of June, and you know what that means in Harrisburg - only 30 days until the legislature misses the deadline for approving the state budget.
Truth in Accounting's Maryland State of the State Report

A new report by the Institute for Truth in Accounting shows the smoke and mirrors the state employs to hide its true financial standing.
Cities, States Still Grappling With Budget Woes

State and local governments are continuing to cut jobs and spending as they struggle to close budget gaps, according to a report by the National League of Cities.
Okla. House, Senate OK $6.68B state budget

The Oklahoma House and Senate on Friday gave final approval to a $6.68 billion budget bill for the upcoming fiscal year that cuts most state agency budgets by about 7 percent.
North Carolina Senate passes budget, House looks at deeper cuts

Minnesota Budget Deal

The deal, which eliminates a $3 billion deficit, gives Gov. Pawlenty or his eventual successor the power to decide whether to shift thousands of low-income Minnesotans from a state health-care plan to Medicaid ahead of a federal timetable.
Wis. Republican proposes way to save state money

A Republican state representative wants to create a special budget fund that can be tapped only when Wisconsin is in a recession or facing some other extraordinary event.
2009 Deficit 4 Times More Than They Told You

Truth in Accounting issues the Financial State of the Union.
N.J. 'millionaire's tax' restored by committees in Trenton

Senate, Assembly votes set for May 20; Christie opposes tax
California Governor Preps ‘Terrible Cuts’ to Close Deficit

California Governor Arnold Schwarzenegger will seek “terrible cuts” to eliminate an $18.6 billion budget deficit facing the most-populous U.S. state through June 2011, his spokesman said.
Sales tax increase in limbo in Kansas House

A state sales tax increase to bolster the state budget remains in limbo in the Kansas House.
Tennessee's budget battle

As the effects of continued spending cuts start to appear, Republicans in Nashville say no to a few small increases in taxes and fees to help close a $150 million deficit.
Illinois Budget Woes Come to a Boil

Illinois lawmakers were in disarray Thursday as they groped for stopgap measures to address a $13 billion deficit equaling nearly half of the state's general-fund revenue.
Could a Minnesota budget crisis force compromise at the Capitol?

Gov. Tim Pawlenty is scheduled to meet with members of his cabinet Friday to discuss the state's budget problems in light of the recent Supreme Court ruling that undermines his ability to balance the budget on his own.
Illinois playing hot potato with pension burden

Financial neglect dates back 40 years.
Goodbye, stimulus. Hello, state budget cuts

Think states have made deep spending cuts? You ain't seen nothing yet.
Plunge in California state revenue dashes hopes of an easy budget fix

Legislators were hoping revenue would continue to exceed projections, forestalling deeper cuts and further tax hikes. But April's total was 30% below what was expected, leaving them with few options.
Pennsylvania state budget deficit tops $1 billion

It looks like Harrisburg is in for another long, drawn-out budget process as the state's 2009-10 budget deficit has swollen to more than $1 billion.
Arizona’s Budget Crisis: How Did We Get Here and Where Are We Going?

Everyone knows that Arizona has been mired in a budget crisis — worse, even, than in many other states — for three years now. But last summer, the Governor’s office and the Legislature announced that the budget (for fiscal year 2010) was finally balanced.
Missouri finishes budget a week early

Missouri's budget is done.
No vote on New York governor’s budget

New York state legislators are rejecting Gov. David Paterson’s demands and refusing to vote on his budget proposal.
The numbers are in: Vermont Senate takes up budget today

The budget gap at the beginning of the year was $154 million; the additional new costs now bring the total to $167 million, state officials say.
How Did Your Government Go Into Debt?

When the Budget Has Been Balanced.
Florida House, Senate budget chiefs agree to open private prison

House and Senate budget chiefs have agreed to open a private prison in Santa Rosa County but have yet to address a series of complex health care spending issues for the coming fiscal year.
Amended 2010 Georgia state budget headed to governor

The Georgia General Assembly has sent Gov. Sonny Perdue a $17.1 billion amended 2010 budget with even more spending reductions than separate versions of the budget the House and Senate passed two months ago.
Charter school legislation may overcome Kentucky state budget stalemate

Kentucky Governor Steve Beshear said yesterday that he is exploring the possibility of allowing charter school legislation to be added to the agenda of the forthcoming special session.
NC governor rolls out budget changes for 2010-11

Gov. Beverly Perdue's proposal to adjust North Carolina's state budget is expected to include lots of spending cuts but no broad tax increases.
U.S. States Face ‘Staggered’ Recovery, Pew Center’s Urahn Says

U.S. states face a “staggered” recovery even as the national economy shows signs of stabilizing, Susan Urahn, a managing director at the Pew Center on the States, told investors on a conference call.
McDonnell proposes adding to Va. budget to attract commerce

Gov. Robert F. McDonnell on Wednesday recommended adding tens of millions of dollars to the state budget to lure companies to Virginia while restricting funding for certain types of abortions and slashing state aid to public broadcasting.
House approves revised R.I. budget

The House has approved a plan to close Rhode Island’s $220 million budget shortfall for the fiscal year that ends June 30 by reducing state aid to cities and towns, cutting public-employee pensions and borrowing from the rainy day fund.
To the state of New Hampshire: Fix is Revenue

Solve your own problems and leave us alone. That was the reaction of several town, city and school district administrators when asked about New Hampshire Gov. John Lynch's proposed cuts to local aid.
Louisiana: Economic development in bad budget times

Gov. Bobby Jindal's state incentive-fueled plan to create jobs in Louisiana could be on a collision course with a state budget totally awash in red ink.
Missouri’s Retirement Systems Critically Under-Funded

Missouri’s retirement systems only have 60 cents to cover every dollar of promised benefits.
Shorter school year an option as Utah school districts grapple with funds

Utah school districts again may slash up to five school days next year to cope with financial strain, the state Board of Education decided Friday.
New Jersey budget talks deadlocked on tax issue

Republican Governor Chris Christie and Democratic leaders in the New Jersey legislature have some big differences on dealing with the state budget woes.
Underfunded state pensions in California

An alarming new study by Stanford University's public policy program reveals that the state's three public employee retirement systems could face combined pension obligations that exceed funding by $500 billion over the next 16 years.
Grab Bag of Gimmickry Hides New York State Deficit

Pop quiz: How big, really, is the state’s budget deficit?
Update on the Kansas budget

Much of the regular Legislative session has been devoted to figuring out how and where to make cuts or other adjustments to close a $500 million deficit for 2011.
Washington State Senate wants higher beer tax to fix budget

Some Democratic state lawmakers want to raise taxes on beer to help solve the state's budget woes.
City, State Budgets Crippled Nationwide

Cities and States Face Tough Cuts, Including Laying Off Cops, Firefighters and Teachers, as Recession Rolls On
Raise for Michigan state workers stands

A Senate vote failed to stop the scheduled increase, despite its $45 million price tag.
Some Illinois Pension Reform

Future government employees throughout Illinois would have to work longer to get full retirement benefits, and the size of those pensions would be limited under a measure that zoomed through the General Assembly on Wednesday.
$29B budget bill passes Pennsylvania House, heads to Senate

The Pennsylvania House on Tuesday approved a $29 billion state budget bill and sent it to the Senate where it is certain to face revisions by Republicans eager to rein in spending.
Republicans target cuts for Michigan state budget

Republicans in the Michigan Legislature moved ahead Tuesday with proposals to balance the state budget without tax increases, opting instead to cut funding for universities and community colleges.
States line up to challenge health care overhaul

Nebraska Attorney General Jon Bruning said the measure

Truth In Accounting Issues New Jersey’s “Financial State of the State”
Arizona Drops Children’s Health Program

Arizona on Thursday became the first state to eliminate its Children’s Health Insurance Program when Gov. Jan Brewer signed an austere budget that will leave nearly 47,000 low-income children without coverage.
Gov. Christie’s New Jersey Budget Not Truly Balanced

Budget Shenanigans Violate the Intent of Balanced Budget Requirement
New York State Tax Refunds Put On Hold

Gov. Paterson Freezes $500 Million, Says Financial Situation The Case, Won't Start Sending Again Until April 1
Missouri senators to hold meeting on cutting state's budget

Missouri senators have scheduled a day to examine ideas on how to change state government.
Virginia legislature completes passage of austere $70 billion, 2-year state budget

The Virginia General Assembly on Sunday overwhelmingly passed a new two-year budget that makes unprecedented cuts to state services and programs but includes no tax increase.
Truth in Accounting Issues Oklahoma’s “Financial State of The State”

Institute calls for the Governor and Legislature to be Truthful about Balancing the Budget
Oklahoma's Financial State of the State

We Have $19 Billion of Bills, But Only $3 Billions To Pay For Them. . . . Where Will We Get This $16 Billion Shortfall?
Gambling our future

Imagine you are an institutional investor and it is written into the Constitution that, if necessary, taxpayers will bail you out. That will probably increase your appetite for risk.
Links to Each States CAFR

Ahead of new budget, New Jersey governor showcases Haddon Heights

Gov. Christie said he was back in Haddon Heights because the mayor, fellow Republican Scott Alexander, has helped to keep property taxes down while improving services.
Links to Each State's Comprehensive Annual Financial Report

Governor - You Can't Balance Illinois' Budget By Borrowing Money

Institute for Truth in Accounting Issues Guide to Honest Budgeting
$11 billion budget shortfall projected for Texas

The Texas Legislature will face a budget shortfall of at least $11 billion when it meets to write the next state budget in 2011, a key state official said Monday.
Kansas governor cuts roads funding to fix budget

The state's roads will be rougher and three HMOs will pay a fee as part of the solution Gov. Mark Parkinson proposed to close an $85 million shortfall in the current budget.
It’s early — but Florida state budget looks bleak

With a need to cut up to $3.2 billion from government spending, Florida House budget writers want to reap the biggest savings by scuttling road projects, cutting benefits for state workers and scaling back regulation.
Disabled and Special Needs in South Carolina Could Lose Services with State Budget Cuts

Proposed budget cuts in the State House would cause 26,000 people with disabilities and special needs to lose services in South Carolina.
Gov. Nixon's budget may have overestimated Missouri revenues by up to $1 billion

The state budget presented six weeks ago by Missouri Gov. Jay Nixon may have overestimated revenues by as much as $1 billion, lawmakers warned Tuesday.
Minnesota budget deficit forecast drops to $994 million

The release of the forecast deficit number -- an improvement of $200 million -- means the real budget work can start at the Capitol.
National analyst points to Pew data on Oklahoma pensions

A recent national report from the Pew Center on the States, critiques Oklahoma government for increasing pension and retirement benefits in the 1980s and 1990s while not boosting deposits into the state-administered pension programs.
OPERS Funding Ratio

Arts commission future still in doubt with passage of Virginia House, Senate plans

The House and Senate on Thursday gave final approval to their own versions of an austere Virginia state budget.
Winter Newsletter

-Illinois Budget Transparency Group Makes Recommendations to Legislators. -Truth in Accounting Act of 2010 Introduced in Springfield. -David M. Walker speaks at Union League Club / Truth in Accounting Sponsored Event.
Winter 2010 Newsletter

-Illinois Budget Transparency Group Makes Recommendations to Legislators. -Truth in Accounting Act of 2010 Introduced in Springfield. -David M. Walker speaks at Union League Club / Truth in Accounting Sponsored Event.
New Mexico: Special session delayed until Monday

Gov. Bill Richardson is delaying the start of a special legislative session so lawmakers can work out differences before returning to the New Mexico Capitol on Monday.
Illinois Launches First-Ever Interactive Budget Web Site

Gov. Quinn’s Administration today announced that, for the first time in Illinois’ history, the public can actively participate in the state’s budgeting process.
State of Washington to release budget, tax increase plans today

Senate Democrats this morning are scheduled to release their budget proposal showing which government programs they want to slim down and taxes they want to bulk up in order to punch out the $2.8 billion deficit in the state budget.
Bad economies in states to worsen: governors

The already gloomy conditions of states' economies are set to worsen, according to preliminary survey findings from the National Governors Association released on Saturday.
States' Budget Woes Ignites Debate Over Raising Tobacco Taxes

A new report by a coalition of public health organizations says states could raise more than $9 billion in new annual revenue by increasing cigarette taxes by $1 per pack.
Fixing Illinois Budget Process

Truth in Accounting Act Introduced in Illinois
Eight States Have Shortchanged Pensions, Pew Study Finds

The worst case was Illinois, with a $54 billion gap between the cost of the benefits it had promised to pay retirees over the next 30 years and the amount it had set aside.
Now Each Illinois Family Owes $25,000 To the State

Institute Issues Revised Illinois' Financial State of the State.
Kline not sure federal dollars will come through for Minnesota budget

Republican U.S. Rep. John Kline expressed doubt Tuesday about the governor’s plan to rely on hoped-for federal stimulus money to balance the state’s budget.
The ax is about to swing on Georgia state budget

With the Georgia House of Representatives passing a revised 2009-2010 budget and the Senate now working up its own amended version of the current budget, local lawmakers say the financial health of the state is a major concern.
Nevada residents give budget input to state legislators

For months Nevada politicians have said
Michigan hospitals, docs criticized proposed state budget

Michigan hospitals and physicians are criticizing the fiscal 2011 budget request unveiled by Gov. Jennifer Granholm.
Rollback for New Jersey pensions proposed

Senators from both parties introduced a package of bills to cut government pensions and health benefits yesterday, aiming to reduce costs and setting the stage for a battle with public-worker unions.
Public universities in Illinois appeal for money they were promised

Saying they already have frozen hiring, hiked tuition, deferred purchases and lost top faculty, Illinois' public university presidents and chancellors Tuesday urged the state to provide promised funding or risk an even more dire situation.
States Try to Tax More Services as Coffers Deflate

Sales taxes today mainly, though not exclusively, hit sales of tangible goods like cars and couches. Faced with the worst budget crisis in a generation, many states are looking to expand sales taxes to services, such as lawn care or accountants' advice.
Mississippi governor cuts another $21M from state budget

Mississippi Gov. Haley Barbour on Friday cut another $21 million from what started as a nearly $6 billion state budget.
Pennsylvania State Capital Mulls Bankruptcy as a Budget Option

Harrisburg, the capital of Pennsylvania, will consider Chapter 9 bankruptcy protection along with tax increases and asset sales as options to address $68 million in debt service payments due this year.
Connecticut tate budget spells trouble for New Haven

Connecticut Governor M. Jodi Rell’s proposals to amend the state’s budget could make life harder for city officials to balance their budgets, city officials said Wednesday.
Nevada governor: hundreds of layoffs possible as state deals with huge budget shortfall

Nevada Gov. Jim Gibbons says hundreds of layoffs are likely, possibly more, as the state grapples with a nearly $1 billion budget shortfall.
Majority of states are now insolvent

Using data provided by ProPublica, Zero Hedge has been able to confirm that indeed standalone states are for the most part now bankrupt and have no reserves left in their coffers when it comes to funding ever increasing insurance benefits.
Hawaiian court budget cuts cost the taxpayers

State courts across the country have been coping over the past year with budget cuts that have caused American justice to take longer than that for which it is famous.
Gov. Bredesen offers $28.4 billion Tennessee state budget

Gov. Phil Bredesen's farewell state budget plan, presented to the General Assembly Monday night in a "state of the state" address, incorporates some striking contrasts to an overall cutback in next year's spending by 5.1% to $28.4 billion.
Governor proposes $2.7 billion increase in Florida state budget

Gov. Charlie Crist wants the Legislature to adopt a state budget for next year of $69.2 billion that relies heavily on a fresh injection of federal stimulus money, an expected economic rebound in Florida and an ill-fated Seminole gambling deal.
Iowa turns corner on skyrocketing Branstad-era state budgets

“Today is a very important day,” Iowa Democratic Party Chairman Michael Kiernan said Wednesday. “Iowans can finally be certain we have left behind the skyrocketing spending increases of the Terry Branstad years.”
Massachusetts Gov. Patrick’s $28B budget slashes services, taxes sweets

Facing a bruising re-election year, Gov. Deval Patrick filed a politically tough $28.2 billion budget that slashes human services, boosts taxes on candy, soda and smokeless tobacco products but holds local aid harmless.
Get Out the Printing Presses

Where Will We Get the Money To Pay for the Bail Outs and To Reform Health Care? The Government is printing money, why don't you?
Are We Unbalanced?

A Guide to Reviewing Governments’ Budgets
Anti-tax stance boosts Louisiana governor despite budget woes

Louisiana Gov. Bobby Jindal's refusal to raise taxes is boosting his stature with a re-energized national GOP, even while his state faces severe budget cuts to education, health care and social service programs.
Oregon voters on higher taxes for the rich, businesses

After a bruising campaign and weeks of voting by mail, today's big tax election may be decided by an onslaught of last-minute voters.
Study: Montana already into deficit spending

Montana is engaged in deficit spending if pension costs and other post-employment benefits for state workers are factored in. That’s according to a study published in 2009 by the Institute for Truth in Accounting.
Executive order keeps New Jersey casinos open if budget delay shuts state

In one of his first acts in office, Gov. Chris Christie signed an executive order Wednesday that will keep Atlantic City’s casinos open even if another state budget crisis forces a government shutdown.
Op-Ed: State of Michigan budget process broken

Really bold moves are sometimes made by leaders on one side of the spectrum who have the strength and the political will to take a daring leap past their comfort zone.
Analyst warns California state lawmakers on budget

The nonpartisan legislative analyst warned Tuesday that lawmakers will have to work quickly to solve the state's budget deficit.
Gambling with Alabama's budget

For someone who hates gambling, Gov. Bob Riley is playing a huge game of chance on Alabama's budgets.
Virginia State Lawmakers Bracing for Budget-Balancing

This week, state lawmakers will meet to discuss the state budget and leaders say it won't be pretty.
Illinois Pays Pension Bond Premium as Budget Fix Eludes State

Illinois, the second-lowest rated U.S. state, paid more than some comparably ranked U.S. companies when it sold $3.47 billion of taxable bonds to finance its annual contribution to a public employee pension fund.
‘Winter of reckoning’: Local leaders react to New York State of the State address

Local state legislators gave Gov. David Paterson’s State of the State address mixed reviews on Wednesday.
California Governor Calling for Federal Aid To Help Close State Budget Gap

Gov. Arnold Schwarzenegger and other California officials are expected to lobby for more federal funding to help California dig itself out of a growing budget hole.
State Budget Pictures Bleak as Lawmakers Head Back

Across the nation, state budget picture looks bleaker than ever as lawmakers return to work
Snow-Removal Bills Leave States Scrambling

The blizzards that hit the Midwest and the Eastern Seaboard this month rang up huge snow-removal bills for cash-strapped state and local governments -- and left officials scrambling to figure out how they will pay to clear roads later in the winter.
Cash-strapped municipalities look to Springfield, Illinois in search of pension solution

However fire, police union officials say funding problems are the fault of local governments
Ohio budget woes bigger than holiday break

Gov. Ted Strickland is urging lawmakers to stay in Columbus until the budget impasse is resolved, even if it means spending Christmas at the Statehouse.
N.Y. Governor Delays $750 Million of Aid to Save Cash

New York Governor David Paterson said he is ordering $750 million withheld from aid payments this month to schools, local governments and health insurers to avert a cash squeeze.
Something's Gotta Give On Connecticut State Budget

Unwanted spending cuts, tax hikes, furloughs needed to offset revenue losses
Where Can I Find My State's Financial Report (CAFR)

Links to each state's financial report and comptroller's (or treasurer's)website
Arizona State Budget Meltdown: Antenori Vs. Lopez

Rep. Frank Antenori and Sen. Linda Lopez hash out their differences and fill viewers in on the state budget crisis on tonight's episode of Arizona Illustrated.
Washington governor to propose tax hike for budget fix

Washington Gov. Chris Gregoire will definitely propose a tax package to avoid the deepest cuts in state spending needed to fill a $2.6 billion state budget deficit. The only remaining questions: Whom to tax, and how much to raise.
Minnesota state budget deficit projected at $1.2 billion

Minnesota faces a projected $1.2 billion budget deficit for 2010-11. Gov. Tim Pawlenty said all programs, except military and public safety, could face spending cuts.
Wyoming Gov. Freudenthal proposes leaner state budget

Wyoming Gov. Dave Freudenthal on Tuesday proposed major cuts to transportation and local government funding as part of a leaner state budget for the next two years.
Ever Lose Your Credit Card

The Illinois Legislature Found It and Charged $82.2 Billion to Your Accounting
New Jersey State budget deficit at $1B

New Jersey could cut funding for schools, municipalities, higher education, hospitals and pension plans to help make up for a $1 billion shortfall in this year's budget, according to a report sent this week to Wall Street bond investors.
States Hit by Drop in Tax Collections

Tax collections tumbled 11% across 44 states in the third quarter, according to a report that suggests government revenue will remain depressed long after the economy has recovered from recession.
Massachusetts finance chief criticizes 'risky' budget move

The top budget official in Massachusetts says the Legislature has taken a
North Carolina state budget has $600M-plus for any shortfall

North Carolina state government has at least $620 million at its disposal so far to close any budget hole this fiscal year.
Gov. Barbour's Budget to Merge State Agencies in Mississippi

Most of the attention in Gov. Haley Barbour's budget proposal has been focused on his plans to merge universities, consolidate school districts and close mental health centers.
Christie: New Jersey budget picture worsening

Gov.-elect Christopher J. Christie got his first up-close look yesterday at the biggest challenge of his new job, and the picture was even uglier than widely expected.
Tennessee:: State budget ax could kill BEP improvements

Grappling with a budget gap that could reach $1 billion, Gov. Phil Bredesen said today he may cut $82 million in planned improvements to the state’s Basic Education Program funding formula for local schools.
State Finance Directors Warn of More Trouble Ahead

Michigan and California are likely to face a fresh round of budget woes when federal stimulus funds used as a fiscal crutch dry up, finance directors for the states said Friday.
These 10 states may be closest to financial collapse

Illinois – Budget shortfall: 47.3%
New York Governor Paterson to Speak on Budget Crisis

Gov. David A. Paterson will take the rare step Monday afternoon of addressing a joint session of the Legislature during its traditional off-season, and will use the speech to underscore the increasing grimness of New York’s financial outlook.
Louisiana revenue to dip sharply, budget chief forecasts

It isn't easy being a state government budget chief these days.
Bah humbug in California

California taxpayers will see their paychecks shrink this holiday season as state government tries to stay afloat
Illinois' borrowing bonanza

State leaders' increasing use of loans merely delaying inevitable, critics say
Tax refugees staging escape from New York

New Yorkers are fleeing the state and city in alarming numbers -- and costing a fortune in lost tax dollars, a new study shows.
Finally, the Michigan state budget is resolved -- or is it?

Gov. Jennifer Granholm has said she'll sign six remaining budget bills, with some line-item vetoes, before an interim state budget expires Saturday. But the debate isn't over.
GOP leader says Culver needs to rejigger Iowa budget

A state Republican leader contended Friday that the governor has authority to move money around in the state budget and should do so to save prison and other public-safety jobs.
Hawaii schools to move to four-day week in state cost-cutting measure

Thousands of working parents in Hawaii are scrambling to make childcare arrangements ahead of the closure on Friday of all public schools, in a bid by the state's education authorities to cut costs.
About 100 Missouri state parks workers are laid off

Missouri state parks employees took the hit Monday for the state's lagging state revenue, as about 100 of them were laid off in a cost-cutting move. The cuts, which are expected to save $6.3 million a year, were made because of plummeting sales tax re
California budget springs a leak

Three months ago, as Gov. Arnold Schwarzenegger and the California Legislature enacted a much-revised state budget, this column pointed out that the state was seemingly operating on a five-month budget cycle.
Iowa state budget cut to hit schools hard

Public schools will see a large hit from the 10 percent across-the-board budget cut that Iowa Governor Chet Culver announced on Thursday.
2009 Fall Newsletter

2009 Fall Newsletter

Contract Approval Averts Shutdown in Rhode Island

The largest state employees' union approved a contract Tuesday that cuts the pay of its workers but saves their jobs, a decision that prevents Rhode Island Gov. Don Carcieri from shutting down state government or making mass layoffs to balance the budget.
New York Income Tax Revenue Falls 36% in Year, Paterson Says

New York State’s income tax revenue has dropped 36 percent from the same period in 2008, Governor David Paterson said, “frustrating” his attempt to close a projected $2.1 billion budget deficit.
Pennsylvania pols mixed on proposed state budget deal

Local state legislators had mixed reactions to Gov. Ed Rendell’s breakthrough agreement reached 10 days ago as he called a press conference Monday hoping to sign a budget Sunday after further details are resolved.
Alabama Education Budget Will Begin New Fiscal Year in Proration

The Education Trust Fund will enter the new fiscal year on Thursday with a shortfall that requires proration of 7.5 percent, Governor Bob Riley said today.
Iowa governor foresees a rough political stretch

If Iowa Gov. Chet Culver's three years in office have been challenging, his fourth won't get any easier. He faces three big hurdles next year, not the least of which is trying to keep his job.
Illinois Tollway: State finds more than $150 million in accounting errors

The Illinois Tollway understated more than $150 million in revenues, expenses and assets in 2008 because it failed to comply with proper accounting procedures, the state's fiscal watchdog reported Wednesday.
Medicaid Expansion: Budget-Busting Reform in California

California's elected decision makers have expanded both program eligibility and benefits without demanding accountability, efficiency, quality or access to care.
Ohio Court Ruling Punches $1 Billion Hole in Budget

Ohio’s budget was thrown out of balance by almost $1 billion today after the state Supreme Court ruled that voters must give their approval before Governor Ted Strickland allows slot machines at horse tracks.
Colorado faces bigger budget hole as tax revenue falls

Colorado must cut or add nearly $241 million to balance its current budget to make up for falling sales- and income-tax revenues, the chief economist for the non-partisan Legislative Council said Monday.
Next New Jersey governor faces massive financial woes

The winner of this year's New Jersey governor's race will begin his term with a multibillion-dollar deficit, mountainous debt, and a pension system that at last check was $34 billion in the hole.
Mississippi governor defends budget cuts to statewide audience

"The likelihood is the budget situation is going to get worse before it gets better,” Governor Barbour said during a half-hour call-in show on Mississippi Public Broadcasting TV and radio.
Wisconsin Lawmakers: Heed warning about state budget

Arizona refinancing state property to balance budget

Faced with a state budget crisis that won't quit, Arizona lawmakers are offering to sell legislative buildings, prisons and other facilities that the state would then lease back, effectively taking out a mortgage on paid-for state property.
Florida's budget woes hit home for Bright Futures

The free financial ride at Florida's public universities is largely over for the state's top-performing students.
Pennsylvania Governor Rendell: Legislative Budget Proposal Is Out of Balance, Fiscally...

Pennsylvania Gov. Edward G. Rendell said today that he could not sign a proposed budget unveiled Friday by leaders of three legislative caucuses because it contains major revenue estimation errors that would render it unbalanced and unconstitutional.
Democrats take political shots at Connecticut governor over budget

The election for governor is more than a year away, but Republican Gov. M. Jodi Rell's decision to allow the state budget to become law without her signature has led to nasty political exchanges.
Business groups in New York: Fix budget gap without taxes

Business groups urged Gov. David Paterson and lawmakers yesterday not to close the $2.1 billion mid-year deficit by raising taxes and fees, measures leaders used earlier this year to deal with New York's fiscal woes.
Massachusetts budget chief warns more spending cuts may be necessary

State government leaders face the “perfect storm’’ of cost pressures tied to an increasing strain on social safety net programs, predictions of weak revenue growth, and dwindling reserves and federal funds to balance future budgets.
New Mexico courts expect furloughs

New Mexico's court system warns that unpaid worker furloughs will become necessary if lawmakers sharply cut spending to balance the budget
Cash-strapped states revise laws to get inmates out

Mandatory sentencing laws are relaxed, parole is accelerated, and time off for good behavior is increased as states scramble to save money.
Ohio Governor Strickland and Senator Voinovich at Odds Over Handling State Budget

Voinovich opposes the slot-machines plan to balance the state's budget
Governor warns of fundamental shift in Hawaii

Governor Linda Lingle warned Hawaii residents of a
Amid budget pain, Georgia furloughs teachers

Teachers, once among the groups exempted from furlough days, are being forced to take unpaid days off amid massive state budget cuts.
Revenue Shortfall Boosts Rhode Island Deficit

For the second year in a row, Rhode Island has ended a state budget year in a sea of red ink.
Just who is the

From the start the struggle over Connecticut's state budget has been a struggle fo political cover amid the state's economic collapse and the collapse in state tax revenue.
Recession leads to states cutting cultural budgets

Ceramic artist Ben Ahlvers was chosen to receive a fellowship from the Kansas Arts Commission to attend an artist residency in Montana. But after Kansas officials cut the commission's budget midyear by $300,000, he didn't receive the $1,000 check.
Political Issues Slow Michigan Budget Talks

The Granholm administration has proposed charging a sales tax on entertainment tickets and increasing tobacco taxes to raise money, but these ideas have been seen largely as trial baloons.
California Budget Crisis Diaries

Governor Schwarzenegger is asking for changes in three sectors of California's education system: take the cap off charter schools and allow for more to be be built; allow students to attend schools outside of their districts; and increase accountability.
New Hampshire is poised to offer kindergarten to all

This fall, New Hampshire will lose its distinction as the last holdout in the nation not to offer public kindergarten.
Virginia State Budget Picture Sours

Virginia needs to plug another $1.5 billion hole in its fiscal 2010 budget, Gov. Timothy M. Kaine (D) told the Virginia General Assembly finance committees last week.
Wisconsin Commerce Agency to Lay off Employees

The Wisconsin Department of Commerce said it plans to lay off 15 employees from its safety and buildings division, citing a downturn in the construction industry.
Solutions to State's Financial Fix Will Impact Northwest Colorado

Colorado state spending already has been slashed by about $1 Billion in the past year, but government officials say even tougher times are ahead.
Little Talk, Less Action on Pennsylvania Budget

The Pennsylvania Senate Republican plan would reduce, by half, funding for prekindergarten and Head Start, and cut funding for programs that provide subsidized child care for low-income workers.
Gamblers Needed to Bankroll Illinois' Construction Plan

Rejection of video gambling might seriously impact Illinois' massive construction spending plans.
How to fix the Maryland budget

Maryland residents give advice - both serious and frivolous - about how to cut state expenses and how to increase revenue.
New York Lieutenant Governor Scours State Funds

Few people with Richard Ravitch's resume would call themselves a student, but with the state facing a $2.1 Billion current-year budget deficit, New York's lieutenant governor has hit the state books.
North Carolina Lawmakers Increase the State Budget Approved Last Week

Days after North Carolina's state budget became law, legislators increased the $19 billion spending plan for this year by nearly $7 million.
Louisiana Cuts Rates For Medicare Providers

Louisiana will start paying less money to many private health care providers for taking care of Medicaid patients, a move the state health department estimates will save $86 million this year.
Florida State Parks Deal With 82.5 Percent Cut in Maintenance Budget

Money slated to fund park repairs was cut 82.5 percent, effective July 1, putting a serious kink in Florida park maintenance efforts.
Passing Budgets Does Not Cure States' Fiscal Pain

Great sighs of relief are coming from many state capitol buildings or, at least the ones that aren't for sale. But declining revenues are turning those sighs into gasps.
Pinched States Wrestle With More Costs

Just a few weeks after many states struggled to balance their budgets for the new fiscal year, plunging tax revenues are forcing more cuts.
Massachusetts Adjusts a Cut, Providing Some Health Care for 30,000 Immigrants

Massachusetts trimmed its ambitious plan to provide health care for virtually all its residents when the legislature failed to restore enough money to the budget to provide full benefits for 30,000 legal immigrants.
Arizona's Budget War

Janet Napolitano joined the Obama administration leaving a budget battle in Phoenix.
California State Budget Deal Depends on Borrowing, Accounting Tricks and Gimmickry

The California budget deal nobody likes may just end up being the budget deal everyone regrets.
State Budget Meltdowns Not Just a Minnesota Story

Minnesota's financially-battered state officials can take comfort, however cold, that they have a lot of company.
Tax Bill Appeals Take Rising Toll on Governments

Homeowners across the country are challenging their property tax bills
Judge stops Hawaii governor from forcing workers' unpaid days off without union bargaining

Governor cites $729 million budget shortfall over the next two years
California Lays Plans to Issue IOUs to Creditors

$3.4 billion of IOUs to be issued in July
Hynes says budget illegally balanced

Ten States Race to Finish Budgets

Sharply Lower Tax Revenues Lead to Eleventh-Hour Wrangling, Threats of Shutdowns
Critics attack budget over funny accounting

Delaying certain payments so the spending isn't counted until future budgets would allow officials to declare the budget balanced, but create problems later.
Colorado Budget Shortfall Estimated at $384M

Colorado legislators look to budget gimmicks to
Using accounting tricks to balance the budget

Wisconsin legislators are using one-time money to fix the problem, and taxpayers should be worried about the long term impacts of such plans.
State lawmakers differ on state pension plan

Alaska faces over $11b unfunded liability
EU won't plug pension gap with public money

The European Parliament has voted against using taxpayers' money to plug a euro 31 million ($40 million) hole in members' pension fund.
The Truth About Balanced Budgets: A Fifty State Study

1 in 5 Firms Face Unfunded Pension Threat

law firms may be susceptible to contractual obligations to pay current and future retirees out of yearly revenues
GM retirees facing cuts in pensions

David Walker and Cong. Mark Kirk meet with Sheila Weinberg's Institute for Truth in Accounting

Public Forum discusses movie "IOUSA" - PICTURES HERE!
Institute at the Union League Club of Chicago

The Union League Club in Chicago was the scene of The Institute for Truth In Accounting's presentation on the nation's fiscal condition. Congressman Mark Kirk and PGPF president David Walker joined us.
GASB Issues an Invitation to Comment on Pension Accounting and Financial Reporting

The Governmental Accounting Standards Board (GASB) has issued an Invitation to Comment (ITC) on Pension Accounting and Financial Reporting.
Pension funds called next big crisis

Connecticut public sector pension funds underfunded; 401(k)-type system next?
National Health Preview: The Massachusetts debacle, coming soon to your neighborhood.

Wall Street Journal editorial
Budget Gaps Pit States Versus Unions

Wall Street Journal story explores delicate relationships that exist as public sector pensions go under the budgetary knife
Statement by Illinois Education Association President Ken Swanson on Gov. Quinn's Proposed Budget

Share the Weath and Spread the Pain

tough words in Illinois from Gov. Quinn as he faces an $11.6 billion deficit
Higher taxes, fees in Quinn's budget proposal

while higher taxes hit corporations and individuals, spending up 4.1%
Providing Citizens With Fed. Financial Info

The Institute issues its annual four page Citizen's Report on the U.S. Government
Financial crisis hits Irish teachers, nurses

Atlanta, Georgia, bond rating downgraded two notches

under-funded pensions, structurally unbalanced general fund cause for concern
R.I. pension costs could reach $836 million by 2017

Hidden Pension Fiasco May Foment Another $1 Trillion Bailout
3/4/2009 article
Where Do We Stand? It is Not a Pretty Picture

The Institute issues its annual "Financial State of the Union."
Illinois' financial outlook worsening

Civic Committee of The Commercial Club issues 'call to action'
Researchers: 32 Illinois banks at risk for failure in 2009

Only 2 states have more institutions deemed to be in danger of collapse, report says
Up, Up and Away!

Or is that Down We Go?
'Double dippers' defend state jobs

New Mexico state House measure places limits on retirees returning to previously held positions
Retiree health care issue 'goes nowhere' in Nebraska

Idaho state retirees may move to private insurance

Pa. pension funds warn lawmakers of major losses

employer contributions could approach 29 percent of payroll by 2012
State of Illinois' 2 biggest public pension funds in 'precarious position'

all eyes and ears on Gov. Quinn's March 18th budget address
New York's public pensions are socking taxpayers: Costs jumped 100 percent

Politicians tackle reforms for state pensions

107 retirees in Mass. net 6-figure pay
Montgomery leaders decry teacher pension proposal

Maryland state bills would shift more burden to counties
graph shows public employee pension fund comparisons

Michigan Gov proposes lump-sum payment, not pension boost to encourage teacher retirements

Interviews on Fox Chicago: Comptroller Hynes; Cook County Board President Stroger; Cong. Roskam

see the videos here-Hynes talks of the state budget deficit
State can run out of money, but can't file for bankruptcy

is Illinois ready for "Furlough Fridays"?
BREAKING NEWS: Blago's parting gift: Illinois deficit on pace to reach $9 billion

ex-Gov neglected pensions, Medicaid expenditures, leaving "very big mess"
BREAKING NEWS: Blago's parting gift: Illinois deficit on pace to reach $9 billion

neglecting pensions and Medicaid expenditures leaves a "very big mess"
Institute CEO Sheila Weinberg featured on ABC news-see the video

"la la" days of "smoke and mirrors" are over
Economic turmoil awaits state in post-Blagojevich era Tax hikes, deep cuts likely

estimates of over $5 billion in the hole as Quinn takes over
Sheila Weinberg to appear on ABC Ch. 7 News 430p today!

IFTA Founder/CEO to talk about the challenges facing Gov. Quinn with the budget
Beyond Blagojevich: Illinois is in a state of debt

California to issue "IOUs" instead of paychecks - see the video

Bill giving towns help on pensions advances

NJ measure would allow deferral of payments in favor of keeping property and other taxes in check
States of Distress - Our local politicians want $200 billion without any shaping up

Wall Street Journal article
Battle brewing over Illinois pensions

Stock market crash leaves state's plans critical just as baby boomers set to retire
Montana state pension funds plummet $1.7 billion

One-two punch to pension funds

Declining Treasury rates and falling capital markets took their toll in 2008
Police pension fund falls short

Commissioner blames unforseen issues for six-figure shortfall
The land of liabilities

Illinois typifies a looming problem
The land of liabilities

Illinois typifies a looming problem
State workers' pension loses quarter of value

Virginia pension loses nearly 1/4th of its value during last six months
State workers' pension loses quarter of value

$13 billion lost for teachers and state and local government employees
Bush will get pension of almost $200,000

President G.W. Bush set to earn over $5.5m in course of his lifetime
Quebec promises to guarantee pension plans

Opposition parties, business, back proposal to protect workers from insolvency
N.D. lawmakers consider pay raises

Changes sought in funding system for Wisconsin state employee pensions

Tens of thousands of retirees will be stung by cuts ranging from 2.5 percent to 20 percent or more in their pension checks this spring.
City of Evanston, Illinois budget to increase taxes

5% property tax increase plus other revenue sources to make up $140m pension fund deficit
State Bankruptcy Fears May Be Overstated

$1B How would you cut the state budget?

Nevada Gov. Gibbons to address issue in annual address on Thursday
Kentucky pension plans' funding gaps grow

funding gap now nearly $30b
New Jersey's pension funding is problem too large to ignore

$130 billion liability more than 4x FY08 budget - are NJ taxpayers on the hook for this mismanagement?
Underfunded Public Pensions?

The swooning stock market has left many public employees' pension funds with unfunded liability issues. The government employers may opt to increase the vesting period, or resort to hiring freezes, layoffs or attrition to cut overall costs.
CalPERS' housing portfolio loses 35% in a year

The country's largest public pension fund suffers a paper loss of $3.3 billion for the year ended June 30. An analysis says the loss was amplified by loans taken to ramp up the investments.
CalPERS is Resilient in Market Downturns

official press release assures stability in face of staggering figures
HawaiianTelCom pension short of cash

$280M surplus taken by previous owner when it sold company; state public sector pension unfunded by over $5 billion
Creative borrowing catches up with California cities

Financing schemes that sidestepped voter approval have put local governments deeper in hock
Texas State legislature's amazing pension formula for its Members

who said public service didn't pay off?
Public Retirement Benefit Payments Reach Record $168 Billion

US Census Bureau's report shows a $12b increase from last year; PA and IL have the most retirement systems of all the states
Official says Calif. could be broke in 2 months

New York plans sweeping pension reforms

$13.7 billion projected deficit for upcoming fiscal year
Stroger's budget called 'bad deal'

Cook County Board President calls for more debt, following sales tax increase back in February, yet most pressing needs still not being addressed
Retirement system lost over $4 billion on its investments

Nevada officials say participants' benefits can't be cut
NH pension fund plunged 27 percent this fall

Guv's arrest costs state $20M in bond sale

Gov's alleged malfeasance has cost Illinois taxpayers more than $20 million
How to fix 401(k)s

The financial meltdown has fueled a call to change -- or replace -- these retirement accounts. Here's what your savings plan might look like in the future.
As City Goes Broke, One Expense Is Safe

promises by NY state legislators - called "sweeteners" - to unions breaking state budget, as earnings plummet
Senate panel narrowly OKs pension deferrals

partisan vote in New Jersey legislature early indicator of tough pension decisions ahead
IIlinois to borrow $1.4 billion to pay waiting agencies, schools

Obligation must be paid by end of fiscal year - June 30, 2009 - and barely addresses critical situation faced by private, non-profit agencies trying to deliver services to those most in need
State public worker pension fund takes big hit

California portfolio down over 31% - $81.4 billion loss
50 states, 50 holes

Missouri's budget shortfall just a splash in the bucket when compared to California, Illinois
Anxiety rises as IPERS falls 19%

State legislature calls for annual review of retirement system
Kansas state pension fund tanking

Losses at KPERS for year expected to be 27 percent
Retiree Health Care in the American States

Governors May Seek $100 Billion in U.S. Social Aid

CA won't take federal money until own "house is in order" while IL banking on federal bailout to pay current bills
Ill. state Treasurer Alexi Giannoulias: Pension proposal worth fight

Illinois Treasurer says state's corruption costing pension system millions of dollars

Budget troubles raise plenty of questions

Unbalanced state budget now producing terrifying mid-year deficit numbers
Louisiana's pension plans not yet threatened by downturn

Executives with the state's top retirement systems said Monday that the downturn in the national market does not yet threaten the long-term stability of Louisiana's public pension plans, which are anchored in more stable investments such as Treasury notes
Critics slam Stroger budget for relying on borrowing

Interest payments on pension bonds set to skyrocket under Stroger's 'new plan'
Pension note triggers calls from retirees

COOK COUNTY BOARD, Illinois | Letter just 'bullying and fear tactic,' Commissioner Claypool says
Health-care, pension costs weigh heavily on city

Pension and health care bills nearly 25% Philly's expenses
Pension fund down $1B

City of Cincinnati facing critical decisions with tripled deficit figures since beginning of 2008
Legislature shows no urgency on budget mess

State jobs will soon be cut, while parks and historic sites will close.
Pension fund plummets

St. Petersburg Times
Texas' teacher pension fund plummets in financial crisis

OECD: $4 trillion lost by pension funds

world-wide estimate by Organization for Economic Co-operation and Development

Illinois Comptroller Dan Hynes urges immediate action... again
Daley budget hits, clears 1st hurdle

CHICAGO CITY COUNCIL | Aldermen upset by plan to stick them with alley, street light costs
Illinois: State’s revenue plunge continues

The latest revenue projections for the current fiscal year compared to what was budgeted: Individual income tax: Down 4% Corporate income tax: Down 14% Sales tax: Down 3% Possible loss if gambling and other revenues decline: $1 billion
Illinois TRS funded status drops

Professor warns PBGC must change tactics

from Pension & Investing Online
Retirees should expect decrease in state pension fund checks

Reduced checks, higher taxes expected
Springfield, other municipalities face rising employee pension costs in 2010

Retirement system’s loss of $3.6B before economic downturn is cause
Oregon's public pension fund loses nearly $13 billion in value in the past year

Investments in private equity and real estate still not determined - bigger drops likely
Economic crisis hits IMRF, tax increases might be needed

One question: what happens when these 177,000+ employees find out their pensions are so under-funded?
NY state pension fund down 20% since April

Blue Ribbon Committee Confirms $145 Million Unfunded Liability in Pension Funds

nearly $4500 per household in Chicago suburb - time for Defined Contribution?
Pension's loss may add to San Diego's money woes

Ratings companies figure to play key role in reporting true financial conditions of government funds across the nation
Blagojevich says restoring cuts could be gamble

revenue outlook "quite grim" - tough choices ahead
Another tough budget year for Bloomington

States That Can't Pay for Themselves

great overview - of budget gaps as a percentage of overall budget amounts
Blagojevich hands off tricky spending question

Pharmacists pay for state bungling

know a pharmacist? AP story in the Daily Herald alerting these friends are out some serious money due to the Governor - read on...
IOUSA videos - find them here!

Must-See Video

CTA boss' controversial plan for his own pension

More creative ways to get more pension; does anyone remember Mayor Daley's 2003 call for the "light of day" in city pension programs?
State becoming more tardy in paying bills

Comptroller again sounding alarm
Illinoisans gambling less, state budget takes hit

troubling sign for Illinois legislators: where is the revenue?
State budget fight affects disabled; group homes face uncertain future

Back in Springfield to hash budget, ethics plans out

Are you getting $40,000 per day out of this state government?
Illinois' elected dictatorship of three men

a brief history of Illinois politics
Schwarzenegger signs Calif. budget 85 days late

Accounting tricks 'balance' the budget again; record deficits achieved by "Governator"; voters to approve $10b loan from lottery
Financial sector woes hurting Illinois government coffers

The shaky financial situation on Wall Street could put Illinois in an even deeper budget hole.
State government’s retirement plans take dip as well

New stock market lows threaten already vulnerable pension funds
Ill. House OKs privatizing lottery

Plan $7 billion capital construction plan; also vote to restore over $370 million in spending without any way to pay for it
Illinois Citizen's Report - Easy To Read

The Institute publishes this report to provide general and financial information about the State of Illinois government to citizens in a comprehensive and easy to understand format.
House returns with much on its plate

Lottery Lease, Fund Sweeps and Amendatory Vetoes-will the Convention 'hug' between the Speaker and Governor last?
Accounting Group Slams Response to Illinois Budget Crisis

Article in Lincoln Daily News
Illinois House members called back to Springfield

Is leasing the state's lottery system the answer for revenue woes?
Truth in 2008 Pledge

The United States is deeply in debt, plagued with dubious accounting standards, and saddled with massive unfunded liabilities and promises. Click here to download the Truth in 2008 Pledge.
Ever Lose Your Credit Card

The Illinois Legislature Found It and Charged $69.7 Billion to Your Accounting
This Mess Has Been Building For Years: IFTA takes action

July 2008 e-Newsletter

Chicago Tonight appearance, preview of the 50 States' Budget Processes report, and a key fact for Illinoisans from the Financial State of the State.
Carol Marin interviews Institute's leader on Chicago Tonight

Sheila Weinberg, Institute for Truth in Accounting, founder & CEO, appeared on WTTW's Chicago Tonight on Wednesday, July 9.
Governor Using Creative Accounting to Come Up with 'Revenue'

Truth in Accounting issues Illinois' Financial State Of the State
A Study of the 50 States’ Budget Processes

A preview of the Institute's 50 States' Budget Study appeared on the July 8 Association of Government Accountant's Blog.
Illinois $70 Billion in the Hole

Comptroller Hynes finally Issues Illinois' financial report; Institute for Truth in Accounting review indicates each Illinois household's share of state debt is now more than $14,000.
'Taxpayers' bill leaps by trillions' -- by Dennis Cauchon, USA TODAY

The federal government's long-term financial obligations grew by $2.5 trillion last year, a reflection of the mushrooming cost of Medicare and Social Security benefits as more baby boomers reach retirement.
Running Deficits When Your Budgets Are Balanced

IFTA Founder Shiela Weinberg blogs for the Association of Government Accountants (AGA) WebBlog.
Reform Illinois: Daily Journal Praise for IFTA

The Institute for Truth in Accounting was praised in The Daily Journal in 'Reform Illinois,' which cited our work for better budgeting standards in Springfield and beyond:
What Do We Owe and Where Do We Stand?????

Our country's financial condition is FAR worse than advertised. To fund all of our promises please send a check to the U.S. Treasury in the amount of $175,000 today.
All You Need To Know About Your Federal Government

• Where Do We Stand? • Are We Better Off? • What’s Next?
Accounting Today Article: Tell It Like It Is

'Truth' and 'accounting' should not be concepts that are terribly hard to reconcile - unless you're also trying to bring 'government' into the formula.
Institute seeks greater state budget transparency

Article, The Rock River Times
Saying No to Fuzzy Math

Sheila Weinberg fights for truthful government accounting. Article, The Sam Adams Alliance & Foundation
IFTA Names Nelson and Feiger to More Prominent Roles

Guest Column: Statement regarding Gov. Rod Blagojevich’s 2008 budget

In his budget address, Illinois Gov. Rod Blagojevich (D) cited many facts and figures. The problem is the budget's lack of transparency makes it impossible to verify his facts or figures.
Citizen’s Report

Can the 168 page Federal Financial Report be summarized in a four-page Citizen’s Report? The report was already a hit at the Advancing Government Accountability’s National Leadership Conference held on February 13, 2007.
'In the Loop'

Article on John Marshall Law School's event
Fuzzy Math: Fuzzy Decisions

Truth and Transparency in Federal Decision Making
Where Has All the Money Gone?

A Guide to Truth in Federal Government Accounting
The Financial State of the Union - 2006

Where do we stand?
Illinois' Grande Illusion: A Guide to Bringing Truth to the Illinois Budget

Where Do We Stand?

The Financial State of the Union - 2005
Federal Government Accounting: How Does It Work?

A handbook explaining how the Federal Government keeps its books and the consequences of using cash based accounting
A Guide to Truth in Social Security Reform

A Guide to Truthful Numbers in the Social Security Debate
A Guide to the State of Illinois' True Financial Position

Missouri’s Retirement Systems Links

Links to Actuarial Reports or Annual Reports