Tomorrow we will release Truth in Accounting’s annual “Financial State of the States” report. This comprehensive analysis of finances of 50 state governments is valuable for a few reasons, including:
The latest available data. We have compiled the latest data released by hundreds of governments and public pension plans, and our report has the most timely comprehensive review of state finances available.
Consistent analytical framework. In recent years, government financial reports have been going through a convulsion, as they implement long-tardy standards forcing them to include pension and other employee retirement benefits among the debts in their balance sheets. Getting a good read on trends isn’t easy. But Truth in Accounting has been including those debts in its annual Financial State of the States report every year since 2009.
Holistic perspective. In contrast to other services that focus on pensions, or on the needs of bondholders, Truth in Accounting’s framework assesses the overall financial condition of governments, and in turn, the implications for the average citizen and taxpayer.
For decades, citizens haven’t been told the truth about the cost of government services they were shouldering. Truth in Accounting’s annual “Financial State of the States” report has helped to fill that void. Tomorrow, we deliver our latest update.