Nevada Still Extremely Late on 2023 Financial Report Amid Statewide Cyber Outage

August 28, 2025

Nevada has become the last state in the nation to release its annual financial report for fiscal year 2023, which ended more than 780 days ago. While Illinois finally published its overdue report earlier this month, Nevada continues to lag, as we are missing two years of data.

To make matters worse, Nevada’s state websites and phone systems have been down for several days due to a widespread cyberattack. This outage has blocked public access to crucial government services. It also makes it impossible for our researchers to verify the state’s financial position in the lead-up to the release of our Financial State of the States report. 

Illinois Sets a New National Record: 774 Days Late with Financial Reporting

August 21, 2025

Illinois has finally released its audited Annual Comprehensive Financial Report (ACFR).

The bad news:  It’s for the fiscal year that ended June 30, 2023.

According to the Government Finance Officers Association (GFOA), states should release these reports within 180 days of the fiscal year’s end. Illinois blew past that deadline—releasing its 2023 report a staggering 774 days late, setting a new national record.
 

Illinois' Chronic Tardiness

August 8, 2025

Illinois’ chronic delay in publishing its annual financial reports is more than just a bureaucratic hiccup. It’s a breakdown in fiscal accountability. The state’s fiscal year 2023 ended over two years ago, and yet that report has never been released. Fiscal year 2024’s report isn’t available either. In the corporate world, “timely” generally means publishing audited financial statements within 90 days. The Government Finance Officers Association (GFOA) standard for governments is more lenient—180 days—but Illinois has blown far past even that generous benchmark. This level of delay would be unacceptable in nearly any other context where stakeholders rely on financial transparency.

Where, Oh Where Are the State Financial Reports?

Sheila Weinberg | July 31, 2025

At Truth in Accounting, we are wrapping up our annual Financial State of the States report—an in-depth look at each state’s financial condition based on their audited financial statements. This year, as in years past, we are relying on each state’s 2024 Annual Comprehensive Financial Report (ACFR).

But here’s the problem: several states have yet to issue their ACFRs, and time is running out.

Financial Transparency Score 2025

July 8, 2025

In the spirit of promoting clear and accurate fiscal information, Truth in Accounting has once again assessed the transparency of state governments’ financial reporting. While state budgets receive most of the public and media’s attention, their outcomes are detailed in each government's Annual Comprehensive Financial Report (ACFR), which is audited annually by certified public accountants. Our transparency score is based on key criteria outlining best practices, offering government officials and citizens a roadmap to enhance fiscal transparency and accountability.

Response to Social Security’s Go-Broke Date

June 20, 2025

The recent analysis by the Committee for a Responsible Federal Budget regarding the 2025 Medicare Trustees’ Report highlights the looming challenges with Medicare and Social Security, but it only scratches the surface of the deeper fiscal issues our country faces. To understand the full financial reality, we must go beyond trust fund “solvency” and examine the actual commitments the federal government has made—and continues to make—without fully accounting for them.

Congress Created the Oversight System. It’s Time to Oversee It.

Sheila Weinberg | June 6, 2025

Recent criticism of the Government Accountability Office (GAO), as reported by Politico and the Washington Post, underscores lawmakers’ frustration with its failure to address federal financial inefficiencies. They’re right to demand accountability, but Congress shares the blame—they fund the GAO and oversee the quasi-governmental board, FASAB that shapes federal accounting standards. 

Credit Downgraded, Debt Upgraded: The Federal Government’s Financial Crisis

May 23, 2025

In light of Moody’s recent downgrade of the U.S. credit rating—joining S&P and Fitch in stripping the federal government of its AAA status —Truth in Accounting reiterates its longstanding concerns about the nation's fiscal health. For the seventh consecutive year, our Financial State of the Union report has assigned the federal government an “F” grade, reflecting a deep-seated financial burden. 

The Peterson Foundation’s Solutions Initiative 2024 Falls Short of Truthful Accounting

Sheila Weinberg | May 9, 2025

The Peter G. Peterson Foundation’s Solutions Initiative 2024 deserves recognition for elevating the national conversation around fiscal sustainability. Bringing together diverse think tanks showcases a spectrum of ideas for tackling deficits and reducing debt. Yet despite its breadth, the Initiative fails to address a foundational issue: the truth about our government’s financial condition.

Potential Concerns Regarding SEC Compliance: Analysis of Governor J.B. Pritzker’s Pension Funding Disclosures

April 25, 2025

In 2013, the Securities and Exchange Commission (SEC) charged the State of Illinois with securities fraud for misleading municipal bond investors about its pension funding obligations. The SEC’s investigation found that Illinois, between 2005 and 2009, misrepresented the risks associated with its pension funding schedule when offering more than $2.2 billion in municipal bonds. The state failed to disclose that its statutory plan significantly underfunded pension obligations, thereby increasing financial risks. In 2013, Illinois agreed to a cease-and-desist order to resolve SEC charges under Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933. (link to the SEC Cease-and-Desist Order)

The CPA Education Gap: Why Future Accountants Aren’t Learning How Government Really Works

Judi Willard | April 24, 2025

This disconnect is precisely why Truth in Accounting's work is so essential—and why education reform is a crucial part of the long game. If we want financial transparency in government, we need to teach future accountants, journalists, and citizens how the system actually works.

Despite the critical role state, local, and federal governments play in managing trillions of taxpayer dollars, most accounting students graduate without ever learning how public finances are actually reported.

 

Why Government Accounting Reform Is Foundational to Economic Policy

April 24, 2025

Behind every economic policy—from infrastructure to healthcare, from tax cuts to social programs—is a budget. And behind every budget is an assumption about what money exists to spend. But what if those numbers aren’t telling the truth?

For decades, state and local governments have masked massive debts through accounting tricks and budget gimmicks, claiming balanced budgets while racking up unfunded pension and healthcare liabilities in the hundreds of billions.

This isn’t just an accounting problem—it’s a policy problem.

Budgeting Gimmicks and Misleading Financial Practices

April 24, 2025

Despite laws requiring balanced budgets, state and local governments have long concealed the true costs of government through misleading budgeting and accounting practices. This lack of transparency has led to a dangerous cycle: when crises like the COVID-19 pandemic or the 2008 housing collapse occur, the federal government is compelled to bail out state and local governments with billions of taxpayer dollars. 

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