Truth in Accounting: ‘California is unusually delayed in issuing its annual financial report’

Juliette Fairley | Southern California Record | October 27, 2020

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

ITR president: Iowa was ready for COVID-19 fiscal crisis

T.H. Lawrence | Hawkeye Reporter | October 27, 2020

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.

Coming up: The outlook for US state and local government with Bill Bergman

Solari Report | October 26, 2020

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.

And then what? Reforms beyond the current budget

Andrew Abramczyk | Commonwealth Foundation (Pennsylvania) | October 23, 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. 

How about, for once, a Chicago budget free of gimmicks?

Ed Bachrach and Sheila Weinberg | Chicago Sun-Times | October 22, 2020

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

California Governor Gavin Newsom receives TIA award

Economic Policy Journal | October 22, 2020

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

Top Illinois taxpayers could pay close to 60% marginal tax rates

Greg Bishop | Freeport News Network | October 21, 2020

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.

Democrat-run Chicago broke as Mayor mulls tax hikes and layoffs to plug $1.2 billion budget gap

Tyler Durden | Zero Hedge | October 20, 2020

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 considering tax hikes to plug $1.2 billion budget hole

Jonathan Garber | Fox News | October 19, 2020

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

'Hard choices:’ Pa. got a ‘D’ grade for its fiscal health, leading budget hawks to call for reforms

Justin Sweitzer | The PLS Reporte | October 16, 2020

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 from Truth in Accounting talks government insolvency

Tucson Blockchain YouTube Channel | October 16, 2020

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.

New report gives Pa. failing grades on financial condition

Pennsylvania Institute of Certified Public Accountants | October 15, 2020

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.

A fisking of yet another public pension ‘explainer’ and a closer look at Texas ERS

Mary Pat Campbell | STUMP | October 14, 2020

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.

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