Truth in Accounting

10/15/2026

Today, Truth in Accounting released its 2026 Financial State of the States report, ranking all 50 states by financial condition.

While most states saw financial improvements thanks to strong investment market performance, 24 states still don't have enough money to pay all their bills.

Here's what we found:

📉 States collectively carry $2.85 trillion in debt, including $775 billion in unfunded pension liabilities.

🏆 North Dakota ranked No. 1 with a Taxpayer Surplus™ of $72,300.

🚨 New Jersey ranked last with a Taxpayer Burden™ of $45,800.

Strong investment returns helped boost pension assets, but these gains aren't guaranteed. States should use good investment years to fully fund existing pension promises, not increase benefits or reduce contributions.

Where does your state rank?

Explore the full report and see your state's Taxpayer Burden™ or Taxpayer Surplus™.

Our seventeenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states. At the end of fiscal year 2025, 24 states did not have enough money to pay their bills.

08/05/2026

“Some public spending certainly is investment,” says our founder & CEO Sheila Weinberg. “But simply calling an expenditure an investment does not establish that it produced a measurable return.”

As Jacksonville Mayor Donna Deegan begins Wednesday with the first of eight community town halls on her record $2.03 billion budget, one claim is hard to miss.

06/12/2026

Alabama’s latest Single Audit Report reveals troubling issues in the state's management of federal funds. The report highlights weak oversight, sloppy record-keeping, and broken internal safeguards across several agencies, which impact millions of dollars in taxpayer-funded programs.

Alabama’s 2024 Audit Raises Red Flags on Taxpayer Money June 12, 2026 Alabama’s latest Single Audit Report reveals troubling issues in the state's management of federal funds. The report highlights weak oversight, sloppy record-keeping, and broken internal safeguards across several agencies, whi...

05/14/2026

In the spirit of promoting clear and accurate fiscal information, Truth in Accounting has once again assessed the transparency of state governments’ financial reporting. Our transparency score is based on key criteria outlining best practices, offering government officials and citizens a roadmap to enhance fiscal transparency and accountability.

Truth in Accounting's Financial Transparency Score 2026 evaluates state financial reporting, highlighting delayed audits, hidden pension debt, and declining transparency nationwide.

04/24/2026

What does a bad pothole have to do with government accounting?

Everything.

Governments have a built-in incentive to defer or minimize maintenance spending. A pothole on the I-64 bridge isn't just bad roads—it's visible evidence that the "pay-as-you-go" approach often means not paying enough to truly preserve the asset.

A dangerous I-64 bridge pothole reveals a deeper issue: government accounting rules that hide the true cost of maintaining roads and infrastructure.

04/14/2026

Do you have an extra $1.1 million to give the federal government?

04/01/2026

⚠️ This is not an April Fools' joke! The national debt has hit $1.1 MILLION PER FEDERAL TAXPAYER.

Our latest analysis of the Financial Report of the US Government is now available. Download the report to understand the true financial position of our country 🔽

Analysis of the most recent audited Financial Report of the U.S. Government found its overall financial condition worsened by $11.6 trillion in 2025

03/30/2026

Commentary from our founder & CEO Sheila Weinberg:

Now Gov. J.B. Pritzker and legislators in Springfield want to reverse Champaign’s progress by mandating increased pension benefits for the city’s “Tier 2” police and firefighters. Such a change would increase pension debt and required contributions, straining the budget and adding pressure on taxpayers in a community that is finally making responsible progress on pension funding.

I want to commend Mayor Deb Feinen and the Champaign City Council for taking responsible steps to stabilize the city’s finances. In 2023 and 2024, Champaign contributed more to its

02/15/2026

Check out the full interview on X: https://x.com/WallStreetApes/status/2021614081644314837?

02/05/2026

🚨 NEW REPORT: Financial State of the Cities

The report examines the fiscal health of America’s five largest cities–Los Angeles, Houston, Philadelphia, Chicago, and New York City–focusing on whether each city had enough money at the end of fiscal year 2024 to cover its bills, including long-term obligations such as pensions and retiree health care benefits.

Financial State of the Cities 2026 February 5, 2026 The report examines the fiscal health of America’s five largest cities–Los Angeles, Houston, Philadelphia, Chicago, and New York City–focusing on whether each city had enough money at the end of fiscal year 2024 to cover its bills, including ...