Penny Pritzker’s dig at Mike Johnson

May 22, 2024 | Politco

— GRADING CHICAGO: Truth in Accounting, an Illinois-based group that works to improve accounting standards in government, is out with its annual “Financial State of the Cities” report today. Among the findings: Chicago’s financial condition worsened more than $206 million despite increased tax collections and federal Covid relief funds.

AARP Illinois and financial leaders work to protect Social Security

May 22, 2024 | Rolling Out

AARP Illinois took a proactive step toward safeguarding the future of Social Security by hosting an panel discussion titled “Conversations with Chicago Leaders – A Discussion About Building Wealth and the Future of Social Security.” The event, held on May 9 at the CME Center/ZO Clubhouse, aimed to ignite a comprehensive dialogue among city leaders about the critical need for bipartisan solutions to ensure the long-term solvency of Social Security.

Dallas management gets a failing grade for finances

May 22, 2024 | The Dallas Morning News

During a boom time, Dallas has increased its debt and earned a failing grade. Now, the city must hire someone capable of properly managing so ...

Watchdog group ‘Truth in Accounting’ questions Jacksonville stadium renovation plan

May 17, 2024 | Florida Politics

A national group dedicated to honest accounting and citizen education is not sold on Jacksonville Mayor Donna Deegan’s plan for the Jaguars‘ stadium.

Sheila A. Weinberg, the founder of Truth in Accounting, says the city is neglecting fiscal realities in favor of speculative and elective spending.

Pension retirement savings account

Lawmakers still turn blind eye toward our pension debt

May 14, 2024 | Orange County Register

When arguing about whether the Treasury needed to take urgent action to deal with soaring federal debt in the 1980s, the late former chairman of the Council of Economic Advisers Herb Stein coined Stein’s Law. It was simple and obvious: “If something cannot go on forever, it will stop.”

Government Influence in Accounting Rulemaking Has Led to Understated Costs and Worse Financial Outcomes

May 14, 2024 | ProMarket

Municipal and state governments provide input to the organization that creates their accounting standards. Such input by stakeholders can be helpful, but their influence has produced some accounting rules that diverge from both economic reality and private sector rules. These deviations allow governments to understate budget liabilities, including pensions plans, and put at risk the financial health of states and cities across the United States.

Walters: California’s descent into government secrecy

May 2, 2024 | The Press Democrat

California’s shortcomings in transparency have not gone unnoticed outside the state. An organization called Truth in Accounting, which monitors financial information management across the nation, just issued a 50-state score card on transparency and California scored third from the bottom.

Sunburn — The morning read of what’s hot in Florida politics — 5.2.24

May 2, 2024 | Florida Politics

"Action News Jax Investigates is looking into whether the City of Jacksonville can afford a new stadium following a new report by a nonprofit government financial watchdog that says the city is spending tomorrow’s money today in an unsustainable fashion." 

Many large U.S. cities are in deep financial trouble. Here’s why

April 25, 2024 | CNBC

Municipal governments across the United States are looking to rein in spending as pandemic-era stimulus dries up and inflation lingers for longer than expected.

Fueled by federal pandemic money, Washington state's spending has skyrocketed

April 16, 2024

“The state of Washington, like most other states, has seen an increase in spending,” said Christine Kuglin, director of Truth in Accounting.” Much of this is due to the COVID pandemic and population shifts. However, some is also attributable to overpayments in unemployment benefits that occurred during COVID. This and other fraudulent activities cost taxpayers a lot of money.”

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