US Published National Debt
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The Truth
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Each Taxpayer's Share: $980,000
Financial State of the States 2024
Our fifteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states.
Financial State of the Union 2024
Our new Financial State of the Union report shows that the U.S. government’s financial condition worsened by $7.9 trillion in 2023.
Financial State of the Cities 2024
At the end of the fiscal year 2022, 53 cities did not have enough money to pay all of their bills.
Data-Z (database for state and city data)
Create your own chart with more than 700 data variables at the federal, state, and city levels.
Milwaukee pension system has $2.1B net liability
November 19, 2024
The Center Square
Earlier this year, Truth in Accounting graded Milwaukee with a “D” for its financial position as it owed $15,300 per taxpayer for its obligations. Any city with an average taxpayer burden of between $5,000 and $20,000 was graded with a “D.”
In 2023, the Milwaukee pension system reported $545.9 million in net investment income and $203.7 million in total contributions as it paid pension benefits of $466.6 million with $8 million in administrative expenses.
Why state governments are tightening their budgets
November 6, 2024
CNBC
One analysis suggests that as many as 27 states are unable to finance their existing liabilities -- most notably underfunded pensions owed to former public employees. The most indebted states, according to Truth in Accounting, include Connecticut, New Jersey, Illinois, Massachusetts and California.
Chicago Public Schools’ financial crisis can again be fixed by state oversight
November 5, 2024
Illinois Policy Institute
A reestablished School Finance Authority need not be as disruptive to Chicagoans as the 1980 intervention, either. It need not add yet another property tax hike on Chicagoans who already face the second-highest commercial property taxes and some of the highest residential property taxes in the nation.
Nor does it need to pile more debt onto residents, each of whom are already on the hook for nearly $43,000 in debt from the city according to a report by Truth In Accounting – the second most of the 75 cities reported. That does not include the $37,000 of state debt every Illinoisan is saddled with – the third most of any state in the country.
The SEC's job is about protecting ALL investors!
December 6, 2024
New SEC Chair Paul Atkins should address one of the largest and longest-running frauds in financial securities to occur right under the Commission’s nose, fueled by an organization they fund. He should not shy away from reviewing the politically driven statements and deceptive accounting practices used to prepare state and local government’s comprehensive annual financial reports.
Supporting the Next Generation of Financial Transparency Leaders!
October 4, 2024
The University of Denver Truth in Accounting Project is mentoring two teams participating in the Association of Government Accountant's 2024 CCR competition. These students are using Truth in Accounting’s comprehensive resources—along with Data Z—to help create reports on the State of Maine, ensuring that the state’s financial picture is not only accurate but also accessible to the general public.
Pro forma statements for state and local government?
September 26, 2024
Why aren't state and local governments doing this? A pro forma statement is a financial document that projects future financial performance based on certain assumptions or hypothetical scenarios.
Our Governments Make Their Own Accounting Rules – and Mislead Us
September 26, 2024
The accounting rules our governments make for themselves result in financial reports that mislead the public. Citizens are not receiving the accountability they deserve; they do not have the financial reports needed to responsibly exercise their right to vote.
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