In an era where fiscal accountability is more critical than ever—amid ballooning government debts, pension shortfalls, and economic uncertainties—timely access to government financial data should be a cornerstone of our republic. Yet, our new report reveals a troubling reality: seven U.S. states are lagging far behind in releasing their annual comprehensive financial reports (ACFRs), casting a shadow over their fiscal health and undermining public trust. Our 16th annual Financial State of the States report, released in September 2025, analyzes the balance sheets of all 50 states for fiscal year 2024 (ending June 30, 2024, for most). While it paints a broader picture of state finances—with 25 states unable to cover their bills and a collective $832 billion in unfunded pension and retiree health care liabilities—the spotlight on reporting delays underscores a systemic flaw in government transparency.
According to the Government Finance Officers Association (GFOA), the standard for states to publish their annual reports is 180 days (6 months) after the end of their fiscal year. As of the report's research cutoff date of August 25, 2025—nearly 14 months after the end of FY 2024 —six states had yet to publish their FY 2024 ACFRs: Arizona, California, Idaho, Illinois, Mississippi, and Oklahoma. This forced analysts to rely on outdated FY 2023 data for these jurisdictions, skewing assessments of their current fiscal positions. Nevada's situation is even more egregious: as of the same date, the Silver State had not issued its FY 2023 report, compelling the use of FY 2022 figures instead. These delays aren't minor administrative hiccups; for states like Mississippi and Oklahoma, they represent over 400 days past their fiscal year-end without audited financials. Nevada's lag stretches to nearly 800 days for its missing FY 2023 report.
In stark contrast, most corporations issue their financial reports within 45 days of the end of their fiscal year. If they do not file their reports in a timely fashion, the SEC may initiate investigations or enforcement actions for non-compliance with reporting requirements under the Securities Exchange Act of 1934. This could lead to fines, penalties, or other sanctions. No such penalty exists for states, despite their management of billions of taxpayer dollars.
Truth in Accounting urges states to adopt a more ambitious standard: publishing financial reports within 100 days of the fiscal year’s close. This information is vital and should be available when shaping the next budget. While states face internal challenges in meeting this goal, the stakes are too high to accept delays. Timely financial data empowers citizens and legislators to make informed decisions, whether casting a vote or shaping a budget, that reflect the true state of public finances. Transparency isn’t just a goal; it’s a necessity for accountable governance.