Financial State of the Cities 2024

Our seventh annual report found that at the end of the fiscal year 2022, 53 cities did not have enough money to pay all of their bills. 

Financial State of the States NOW AVAILABLE

Our fourteenth annual report found that debt among the states was $938.6 billion, down from last year's $1.2 trillion deficit.

US Published National Debt

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The Truth

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Each Taxpayer's Share: $981,000

Explore our database at https://www.data-z.org
 
  • 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.

     
  • Financial State of the States 2023

    Our fourteenth Financial State of the States report found debt among the states was $938.6 billion, which is down from $1.2 trillion at the end of fiscal year 2021. Overall, it appeared state debt decreased primarily due to the following two factors: tax revenue increases due to the lockdowns ending, and millions, if not billions, of dollars in federal COVID funds received by the states.

     
  • 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.

     
  • Financial State of the Union 2023 with Congress building in DC

    Financial State of the Union 2023

    Our Financial State of the Union report found that the financial condition of the U.S. government worsened by more than $12.7 trillion in 2022. The majority of the federal debt can be attributed to $64.31 trillion in Medicare promises and $47.74 trillion in Social Security. These are promises that have been made to our citizens, but the government has not set any money aside to fund them.

     
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  • Californians are on the hook for Sacramento’s profligacy

    December 24, 2023
    Redlands Daily Facts

    "Another scorecard ranked California one of the worst states financially. Truth in Accounting’s 14th annual Financial State of the States report scored California 42nd among the 50 states. A least it wasn’t No. 50 New Jersey, No. 49 Connecticut, No. 48 Illinois or No. 47 Massachusetts. Note all these states soak families and businesses with high taxes and spend too much.

    Truth in Accounting is a nonprofit that analyzes the financial data from the states, 75 largest cities and the federal government.

    It’s state report is “a comprehensive analysis of the fiscal health of all 50 states based on fiscal year 2022 annual comprehensive financial reports.”

  • 28 States Didn’t Have Enough Money to Cover Their Bills in Fiscal 2022: Report

    December 24, 2023
    Pennsylvania Daily Star

    "In fiscal 2022, 28 states didn’t have enough revenue to pay all of their bills, according to the 14th annual Financial State of the States report, published by the Chicago-based nonprofit Truth in Accounting.

    The report provides a comprehensive analysis of the fiscal health of all 50 states based on the latest available data from states’ fiscal year 2022 annual comprehensive financial reports.

    New Jersey ranked last for having the worst fiscal health and the greatest taxpayer burden. Not far behind was Connecticut, followed by Illinois, Massachusetts, Hawaii, Kentucky, Delaware, Louisiana, California and Vermont in the bottom ten.

    By contrast, 22 states reported surpluses, the majority of which are led by Republican governors."

     

  • Illinois has more "rainy-day" funds on hand

    December 24, 2023
    Advantage News

    "Illinois is touting its rainy day fund, which has recently passed the $2 billion mark. However, some financial analysts say the state is lying to itself about its finances.

    After an $11.5 million deposit, Illinois' Rainy Day Fund is now $2.005 billion, up from $48,000 in 2017, which would have only allowed the state to run properly for 30 seconds."

read more in the news
  • Nostalgic for a By-Gone Era

    December 13, 2023

    This time of year makes me nostalgic for a bygone era. 

    Am I the only one? 

  • Note from Sheila

    June 20, 2023

    Today's inside look focuses on the wins coming from the Truth in Accounting partnership with the University of Denver, which has opened up new opportunities and introduced our name and work to a wider audience. But these wins aren't for us. They are for you! And we can only rack up more wins with financial support. DU doesn't fund us. We fund the project. 
     

  • Inconsistent bank regulation spells trouble for investors

    June 13, 2023
    XBRL US

    "The failure of Silicon Valley Bank (SVB) was not a surprise to regulators or investors who took the time to check the bank’s financial statements and footnotes. By March of 2021, unrealized debt securities losses for the bank had already begun to climb, reaching ($1,343) million by year-end December 2021, and leaping to ($15,160) million a year later, all the while the bank’s stockholders’ equity remained flat."

  • Exclusive: Pentagon accounting error overvalued Ukraine weapons aid by $3 billion

    May 27, 2023
    Reuters

    "WASHINGTON, May 18 (Reuters) - The Pentagon overestimated the value of the ammunition, missiles and other equipment it sent to Ukraine by around $3 billion, a Senate aide and a defense official said on Thursday, an error that may lead the way for more weapons being sent to Kyiv for its defense against Russian forces."

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