Paying off the obligations the state of Michigan owes public retirees and others would require each taxpayer to surrender another $4,100 to the public treasury, according to a new report from a nonprofit that analyzes state budgets. The report also warns that Michigan’s budget could face an 8% shortfall if the federal government were to reduce its financial support of Michigan to its pre-pandemic level.

llinois taxpayers in 2024 owed an average of $38,800 each, ranking No. 3 in the U.S. Illinois earned an “F” for fiscal management.

Clip from No Spin News discussing the latest Financial State of the States report.

(The Center Square) – Michigan ranked 32nd nationally, according to Truth in Accounting’s 2025 “Financial State of the States” report.

On Thursday, Sept. 25, Truth in Accounting (TIA) released its annual Financial State of the States report, and once again Connecticut finds itself near the very bottom. The state earned an F, ranked 49th out of 50, and carries a per-taxpayer burden of $44,500. In simple terms, every taxpayer would have to write a check of that amount to pay off the state’s obligations today.  

(The Center Square) – Texas is among 25 states that don’t have enough money to cover their bills, according to a new report published by the nonprofit Chicago-based Truth in Accounting (TIA).

(The Center Square) – Colorado ranked 22nd nationally, according to Truth in Accounting’s 2025 “Financial State of the States” report.

As a candidate for governor in 2018, Kevin Stitt argued the state should build up at least $2 billion in savings to weather future downturns and avoid the financial chaos that prevailed during Gov. Mary Fallin’s second term.

A national report shows that the Oklahoma government has not only achieved Stitt’s initial goal but far surpassed it, becoming one of the more financially stable state governments in the nation.

In 2024, Hawaii experienced an improvement in its financial situation, similar to that of many other states. But it still didn’t have enough money to pay all of its bills and needed $4.4 billion to fill the gap. That means each taxpayer would have to contribute $8,800 to help pay off the state’s debt. As a result, Hawaii earned a “D” grade from Truth in Accounting.

(The Center Square) – Virginia ended fiscal year 2024 with more money than it needed to cover its bills, placing it in the top quarter of states reviewed in a new financial report.

(The Center Square) – The state of Tennessee has more than enough money to pay its bills, according to the 2025 Financial State of the States report released Thursday by Truth in Accounting.

New ‘Financial State of the States’ Study: Illinois 3rd Worst ‘Sinkhole State’ – Truth in Accounting

Illinois taxpayers still don’t have audited financials from fiscal year 2023, but the state’s comptroller says they’re working to speed annual reports up.

Truth In Accounting founder Sheila Weinberg said Illinois continues to be among the states with tardy financial reporting.