"CHICAGO, IL, USA, October 11, 2023 /EINPresswire.com/ -- Taxpayers and citizens deserve easy-to-understand, truthful, and transparent financial information from their governments. This is the belief of Truth in Accounting, a think tank that analyzes and makes sense of lengthy, cumbersome, and sometimes misleading government financial reports. Today, in partnership with the University of Denver’s School of Accountancy, they released their fourteenth annual Financial State of the States (FSOS) report, which provides a comprehensive analysis of the fiscal health of all 50 states based on fiscal year 2022 annual comprehensive financial reports, the latest available data.
According to the report, at the end of fiscal year 2022, 28 states did not have enough money to pay all of their bills. In total, debt among the states was $938.6 billion, which is down from $1.2 trillion at the end of fiscal year 2021.
Overall, it appeared state debt decreased mostly due to the following two factors: tax revenue increases due to the lockdowns ending, and millions, if not billions, of dollars in federal COVID funds received by the states. Tourism and individual spending increased significantly so that most states collected more money from tax revenues, often improving a state’s ability to pay its bills."
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