"Another scorecard ranked California one of the worst states financially. Truth in Accounting’s 14th annual Financial State of the States report scored California 42nd among the 50 states. A least it wasn’t No. 50 New Jersey, No. 49 Connecticut, No. 48 Illinois or No. 47 Massachusetts. Note all these states soak families and businesses with high taxes and spend too much.
Truth in Accounting is a nonprofit that analyzes the financial data from the states, 75 largest cities and the federal government.
It’s state report is “a comprehensive analysis of the fiscal health of all 50 states based on fiscal year 2022 annual comprehensive financial reports.”
The report excoriated four states, including California, for not yet producing those annual comprehensive financial reports for fiscal year 2022.
“The Government Finance Officers Association standard for timeliness is 180 days after the fiscal year-end,” they note. “Truth in Accounting believes governments should release their financial reports within 100 days of the fiscal year-end. Without the information from the financial report, citizens and elected officials are left in the dark during the budgeting process.”
Due to California’s tardiness in reporting its finances, the report had to rely on the numbers from the year before."
Read the full article on: Redlands Daily Facts