The state of California was recently crowned with the Tortoise Award for the slow publication of its Comprehensive Annual Financial Report (CAFR). 

Truth in Accounting has released the 11th edition of its Financial State of the States and it ranks Iowa’s financial condition the nation’s 10th best.

This week on The Solari Report, economist Bill Bergman, Research Director of Truth in Accounting, joins me for discussion of Truth in Accounting’s new report The Financial State of the States 2020.

A balanced budget, defined as equality between cash in and cash out from the general fund, is the absolute minimum for fiscal stability. It is legally required, but it is not sufficient for fiscal soundness and resiliency. 

The script for the Chicago budget season is well known. The budget office announces the umpteenth annual new and unexpected budget crises.

In other words, it is completely unclear what is the state of California's finances. 

Some Illinois taxpayers could be paying nearly 60 percent combined federal and state marginal tax rates if Joe Biden is elected president and Illinois voters approve the graduated income tax. That’s according to the nonpartisan Tax Foundation.

Naturally the response to what some are already excusing as the city’s "coronavirus-fueled budget deficit" is for Mayor Lori Lightfoot to immediately talk massive tax hikes to plug the hole.

Chicago Mayor Lori Lightfoot is considering tax hikes to help plug the city’s $1.2 billion budget deficit, according to a report.

A new report ranked Pennsylvania 38th in the nation in managing its total debt load, giving the state a “D” grade for its overall fiscal health. 

Sheila Weinberg is the Founder and CEO of Truth In Accounting which is a nonpartisan think tank dedicated to providing people with accurate government financial data to help them make informed decisions.

The state Senate Finance Committee unanimously approved legislation that clarifies the treatment of Paycheck Protection Program (PPP) loan forgiveness under the Pennsylvania personal income tax (PIT) law. The measure is supported by the PICPA.

Thanks to Bill Bergman of Truth in Accounting for pointing me in this direction… because it started in a particular place I am all too familiar with and ended up somewhere I wasn’t expecting.