|
5/3/2013
Hawaii’s government is growing, taxpayers
are going to foot the bill |
5/3/2013
NM took 356 days to release their 10-K's,
corporations take less than 90 days to do
so |
4/24/2013
18% of MA residents received Medicaid in
2011; MA offers third largest welfare benefits
package in the U.S. |
4/12/2013
Scheme further strains the high-spending
"welfare state" |
3/27/2013
Sheba Sands joins Truth in Accounting as our
new Director of Communications. Dawn Miller
and Tom Wright join our board. |
3/27/2013
State pensions, still feeling the pain of the
Great Recession, are now underfunded to the
tune of more than $4 trillion |
3/22/2013
|
3/21/2013
Cuomo’s initiative will limit the growth in
pension costs which have skyrocketed in
recent years |
3/20/2013
How new rules from Moody’s and GASB
affect the financial reporting of pensions in
seven California counties |
3/19/2013
GARS Online provides efficient, effective,
and easy access to all U.S. Generally
Accepted Accounting Principles |
3/19/2013
Defined benefit plans now rare in private
sector |
3/18/2013
MaryJo Webster shares tips on how to
navigate through your state's financial
plans |
3/15/2013
Pension Solution Requires Truth In
Accounting |
3/14/2013
SEC exposes Illinois' misleading reports
on pensions while Greece cleans up its
financial data |
3/14/2013
The measure addresses one of the largest
financial problems confronting state
government |
3/13/2013
A new, easy-to-understand guide to how
state and local governments finance and
account for their business activities |
3/12/2013
The list of Connecticut critics grow |
3/12/2013
Federal regulators order Illinois to stop
misleading investors about the public
pension condition. |
3/12/2013
For years, Illinois officials misled investors and
shortchanged the state pension system, leaving
future generations of taxpayers to foot the bill,
U.S. securities regulators allege. |
3/11/2013
CalPERS’s corruption, insider dealing, and
politicized investments have overwhelmed
taxpayers with debt. |
3/8/2013
Report highlights the uphill struggle faced by
state pension plans nationwide |
3/6/2013
“As Governor Quinn outlines his budget plan for
the State of Illinois, we remind lawmakers and
the public that the current way in which state
finances are accounted omits both substantial
assets and substantial liabilities. |
3/4/2013
|
1/16/2013
Citizens and businesses are fleeing states with fiscal problems – that is one apparent message from the latest annual report from United Van Lines. |
1/6/2013
Illinois has no borrowing limits for many mostly bigger cities and villages, and that has fostered risky gambles that have sent taxes skyrocketing. |
12/17/2012
Gov. Bob McDonnell's cautious revisions to Virginia's two-year budget target modest spending increases for indigent health care, conditional raises for teachers and a $128 million deposit into the state's rainy day reserves. |
12/10/2012
On Dec. 5, Rhode Island Treasurer Gina Raimondo discussed pension reform at a breakfast meeting with Chicago-area business, government, and academic leaders. The meeting was hosted by the Union League Club of Chicago and the Inst. for Truth in Accounting. |
12/7/2012
Even as Michigan's Treasury prepares to begin another financial review of Detroit's books, a plan is being solidified in the governor's office that would guide Michigan's largest city through what is being called a managed bankruptcy.
|
12/4/2012
Gov. Lincoln Chafee is calling for both sides in the state pension reform lawsuit to come to the table and negotiate even as the case moves through the courts. |
12/4/2012
On December 4, 2012, IFTA CEO Sheila Weinberg testified on the true scope of municipal debt in Cook Co., Illinois before the county board's
Pension Committee. The testimony coincided with the release of the Municipal Government Debt Crisis Report. |
11/29/2012
The past two years of budget squabbling in Des Moines have made the taxpayers of Iowa very aware of the Iowa Code Section 8.54. This limits expenditures to 99 percent of revenue. |
11/29/2012
An article in the Wall Street Journal again reminds us of the real U.S. debt — and the real financial burden NC imposes on taxpayers. |
11/16/2012
In an attempt to counter an onslaught of advertising by the Janet Cowell Campaign touting a job well done, a few grassroots activists created a facebook community page titled “Fire Janet Cowell – NC Treasurer.” |
10/30/2012
Click for William Bergman's reporting of the Public Bankruptcy Panel and CAN-TV broadcast dates and times.
|
10/22/2012
On Monday, October 22nd, 2012, the DePaul
University Center for Financial Services hosted
The Public Sector 'Bankruptcy' Crisis panel. |
9/19/2012
New York Times reports The Chicago Teachers’ Pension Fund has about $10 billion in assets, but is paying out more than $1 billion in benefits a year — much more than it has been taking in. |
9/17/2012
New York, Illinois and California have seen the markets and ratings agencies react in very different manners based on their actions (or inactions, as the case may be). |
9/10/2012
Unlike many states, Illinois lets even the smallest cities and villages take massive gambles with millions in loans -- leaving taxpayers on the hook. |
9/6/2012
On the eve of Comeback America's '$10 Million A Minute' national bus tour's New Hampshire stop, the Institute for Truth in Accounting announces the state has a true financial burden of $8,600 per taxpayer. Read press release. |
9/4/2012
Long-term outlook of slow growth causes concerns, state economist says. |
8/29/2012
Gov. Jerry Brown announced a new plan Tuesday to rein in public pension costs that would raise the retirement age, cap benefits for the highest-paid employees and eliminate "spiking" — but lacks key parts of the bolder system overhaul he proposed earlier. |
8/26/2012
Barrons ranks the 50 states in terms of debt and pension liability as a percentage of GDP, while the Institute's recent study ranks the states in terms of each state's overall taxpayer burden including all liabilities. Read more. |
8/18/2012
Kansas Democrats are fighting back against what they say are "unheard of" budget cut proposals and a predicted revenue shortfall from which the state cannot recover. |
8/10/2012
Moody's downgraded nearly 300 U.S. municipal issuers in the second quarter, the most in a decade. |
8/6/2012
Warren Buffett's Berkshire Hathaway Inc. recently terminated about half of a big wager on the health of municipal debt, amid a worsening outlook for states, cities and municipalities across the country. |
8/5/2012
Chicago Tribune and Northwestern Univ. Medill Watchdog report on the financial condition of this powerhouse suburb |
7/27/2012
California's ongoing state budget crisis has claimed another victim: student state workers. In a few weeks the state will ax hundreds of their jobs – just as the school year gets under way.
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7/25/2012
The Hon. David M. Walker, former U.S. Comptroller General, today announced a first-of-its-kind national bus tour to engage Americans about our nation’s deteriorating financial condition — and show them what they can do to help restore fiscal sanity. |
7/16/2012
North Carolina is $37.6 billion short of the money it needs to pay its long-term bills, according to a June 25 report by the Institute for Truth in Accounting.
|
7/11/2012
San Bernardino, facing the possibility of missing payroll, becomes California's third city in weeks to authorize a bankruptcy filing. |
7/11/2012
President Obama's landmark healthcare overhaul is projected to cost $1.76 trillion over a decade, reports the Congressional Budget Office, a hefty sum more than the $940 billion estimated when the healthcare legislation was signed into law. |
7/9/2012
Governor Deval Patrick signed a $32.5 billion budget into law Sunday afternoon, vetoing $32.1 million in spending and rejecting the Legislature’s efforts to keep open Taunton State Hospital. |
7/5/2012
Connecticut’s unfunded burden per taxpayer as of June 30, 2011 was $50,900, up from $49,000. Bridgeport, Connecticut’s unfunded burden per taxpayer as of June 30, 2011 was $28,400, an increase from $27,100 in 2010. |
6/23/2012
New accounting rules are likely to show that public pension plans could face hundreds of billions of dollars in additional liabilities, putting new pressure on state and local governments to act. |
6/23/2012
The state has $13.1 billion in assets, but most are not available to meet Montana’s bills, according to a recent report that based its findings on information in state financial and pension data.
|
6/22/2012
Hawaii has made national news in recent days because of two national reports shining the light on Hawaii’s growing state liabilities. |
6/19/2012
Missouri has promised nearly $6.7 billion to its retirees in pension and health-care benefits not disclosed on state financial statements, and the average taxpayer’s share of the state’s overall debt burden is some $3,800. |
6/19/2012
Truth in Accounting calculated in a report issued Wednesday that Kansas’ estimated pension obligations in 2010 already were larger than any one of the state’s other debts. |
6/17/2012
A new and intensely detailed review of the financial “state of the states” places Oklahoma in the lower-middle tier of U.S. states as of fiscal 2010. |
6/14/2012
Sheila Weinberg tells Heartland Institute some state governments have been ignoring money they owe to pretend their budgets are balanced. They do this using cash-based accounting, which the IRS allows for businesses with revenue under $5 million. |
6/13/2012
The Institute released its second annual "Financial State of the States" report, identifying five "sunshine" states and five "sinkhole" states. |
6/12/2012
New York Times reports that in an election today residents of North Dakota will consider a measure that abolishes the property tax entirely. |
6/7/2012
New York state has a glut of vacant correctional facilities because of lower crime rates, new programs that allow early release for nonviolent offenders and the dismantling of its strict drug laws. |
6/5/2012
School districts across Illinois could be facing an expensive double-whammy when it comes to state funding. |
5/29/2012
Medicaid would cover certain treatments for autism under a budget proposal that soon will be voted on in the Michigan Legislature. |
5/21/2012
NABL has published guidelines for state and local government disclosure obligations when offering bonds to the market. |
5/16/2012
The projected surplus for the current 2011-12 state budget year is $102.7 million, according to Budget Officer Thomas Mullaney. |
5/12/2012
The bigger deficit is a significant setback for California, which has struggled to turn the page on a devastating budget crisis. Brown, who announced the deficit on YouTube, is expected to outline his full budget proposal on Monday in Sacramento.
|
5/3/2012
Legal Aid Society of Palm Beach County Director Bob Bertisch had high hopes that Gov. Rick Scott would spend one of his workdays learning how Bertisch's lawyers help low-income domestic violence victims and poor homeowners fighting foreclosures. |
4/27/2012
Gov. Rick Perry set the parameters for crafting the next state budget by presenting what he called the five simple tenets to his Texas Budget Compact. |
4/26/2012
Higher education is getting more scrutiny than usual this year, due to Governor Christie's plan to reconfigure the state's higher education institutions. |
4/25/2012
Cash-strapped Chicago-area communities increasingly turn to volunteers to do jobs that government employees or contractors once performed.
|
4/23/2012
New York Times reports the non-partisan G.A.O. says Medicare is wasting more than $8 billion on an experimental program that rewards providers of mediocre health care and is unlikely to produce useful results. |
4/21/2012
In what's believed to be a first by a public pension plan, the Northern Mariana Islands (U.S. Commonwealth) Retirement Fund filed for Chapter 11 bankruptcy protection on Tuesday. |
4/16/2012
The $70 billion spending plan approved last month by lawmakers includes a $1 billion boost for Florida's classroom, coming after a year in which schools absorbed a $1.3 billion reduction and per-pupil spending fell to its lowest level in six years. |
4/10/2012
The CBO estimated the new healthcare law will reduce the deficit by coupling an expansion of federal health spending with cuts to Medicare and higher taxes. Now, a new study by a Medicare trustee suggests that the law will actually increase the deficit. |
3/30/2012
The usually contentious budget battle in Albany was largely collegial this year. Gov. Andrew Cuomo and lawmakers dealt with the most divisive issues in the weeks and months before the April 1 budget deadline. |
3/28/2012
Rhode Island’s capital and biggest city, probably will seek bankruptcy court protection to deal with a budget deficit, Robert Flanders, the state- appointed receiver for nearby Central Falls, said yesterday. |
3/20/2012
Even as there are glimmers of a national economic recovery, cities and counties increasingly find themselves in the middle of a financial crisis. And many have exhausted creative accounting maneuvers and one-time spending cuts or revenue-raisers. |
3/14/2012
President Obama's national health care law will cost $1.76 trillion over a decade, according to a new projection released today by the Congressional Budget Office, rather than the $940 billion forecast when it was signed into law. |
3/6/2012
A report by U.S. Government Accountability Office released late last week says Illinois could face unforeseen payment hikes because of how the state has handled its public pensions. |
2/27/2012
States are lagging in the creation of health insurance exchanges, the supermarkets where millions of consumers are supposed to buy subsidized private coverage under President Obama’s health care overhaul. |
2/20/2012
A decade ago, the San Diego City Council gained notoriety for cutting deals with city unions to boost pensions in exchange for reducing the amount the city allocated to the pension fund. |
2/15/2012
For cities, schools and colleges, most of the new funding Gov. Rick Snyder proposed for next year’s budget will be tied to meeting certain requirements.
|
2/14/2012
The government’s deal with banks over their foreclosure practices after 16 months of investigations is cheap for the loan servicers while costly for bond investors including pension funds, according to Pacific Investment Management Co.’s Scott Simon. |
2/2/2012
California will run out of cash by early March if the state does not take swift action to find $3.3 billion through payment delays and borrowing, according to a letter state Controller John Chiang sent to state lawmakers today. |
1/30/2012
Illinois' 12 percent increase in higher education spending this year isn't going to benefit students. The additional funding for fiscal year 2012 is going into the State Universities Retirement System to address its under-funded pension program. |
1/30/2012
Illinois’ multibillion-dollar pile of unpaid bills will quadruple within five years unless steps are taken to curtail state pension and Medicaid spending, a government watchdog concluded Monday in a new analysis of the state’s budget. |
1/29/2012
Oregon has a constitutional requirement to have a balanced budget, which means we can only spend as much as we take in.
But the truth is Oregon does not have a balanced budget, at least not according to the Institute for Truth in Accounting
|
1/26/2012
That is what Sheila Weinberg, from the fiscal watchdog group Truth in Accounting, said when she reviewed the state’s Employee Union Trust Fund figures in the state’s recently release Comprehensive Annual Financial Report (CAFR). |
1/26/2012
Large public pension plans are pouring more money into private-equity funds, deepening ties between government workers and an industry currently under the harsh glare of U.S. presidential politics. |
1/10/2012
Gina Raimondo, the state treasurer who led the state's pension reform effort, visited the Manhattan Institute yesterday to explain the miracle, and it turns out she didn't need heavenly powers, only political nerve and good judgment. |
1/7/2012
Funding will be used to develop State Data Lab site |
1/4/2012
What, exactly, is a budget cut? It depends on whom you ask. |
12/30/2011
While Gov. Bobby Jindal has sought to make government transparency a hallmark of his administration, a new report finds that Louisiana asks for little in return when it comes to corporations receiving multi-million dollar subsidies. |
12/30/2011
Kentucky's chief budget officer told the House on Tuesday that the next two-year state budget will be the toughest yet for lawmakers to craft and more cuts to state agencies are likely.
|
12/30/2011
The Illinois Teachers' Retirement System — the worst-funded major pension plan in the U.S. — is pumping more of its assets into higher-risk investments while using accounting methods that some pension experts say understate its funding shortfall.
|
11/27/2011
Connecticut Light & Power has to answer for the utility's much-criticized performance during and after Tropical Storm Irene and October's freak snowstorm. |
11/18/2011
Illinois' public employee pension costs will increase by more than twice as much as expected next year, a blow to state finances that continue to be shaky despite a major income tax increase. |
11/18/2011
Connecticut muddy budget accounting qualifies it as a "sinkhole state,'' ranking it with New Jersey, Illinois, Hawaii and Kentucky as the first worst in the nation, an advocacy group says. |
11/1/2011
The Hawaii state legislative auditor has released the 2010 Comprehensive Annual Financial Report (CAFR), which is a series of audited government statements that detail the financial condition of the state government. |
10/29/2011
Hawaii's 2010 CAFR was issued on October 12th, which is 469 days after the end of the June 30, 2010 reporting period. |
10/14/2011
Hawaii state government’s financial situation is dire, mainly because of unfunded obligations that total in the billions of dollars.
|
10/5/2011
Wisconsin school districts are saving millions of dollars this year by changing health insurance companies.
|
10/3/2011
Sheila Weinberg will be speaking in Hawaii on “Government Accounting: The Seen and the Unseen -- What Needs to be Done?”
|
9/28/2011
Local school officials say they will sue California over $2.1 billion in education funding they believe state leaders should have provided in the June budget.
|
9/25/2011
We’ve been called a lot of things but to my memory, this is the first time we’ve been The Sinkhole State. |
9/19/2011
The latest victim of the Legislature’s budget cuts to hospitals is the St. Joseph Adult Day Health Center. The real victims of this budget cut, however, are elderly individuals and their families. |
9/7/2011
Stretched beyond their limits and searching for new corners of their budgets to find spending cuts, states are now trimming benefits for residents who are in grim financial shape themselves.
|
8/21/2011
Some government agencies plan to pursue legal action against companies that set up satellite offices in other parts of the state to avoid higher sales-tax rates in Chicago and the surrounding area.
|
8/18/2011
Governor Neil Abercrombie mentions Hawaii's per capita debt ranking in public comments on August 17, 2011.
|
8/15/2011
The states have used accounting trickery to to conceal a total of $1 trillion in outstanding bills. |
8/8/2011
The Institute's review of Glencoe, Illinois' 2011 financial statements uncovered the Village does not have the funds to pay for almost $17.3 million of obligations as they come due. Each household's share is $5,800. |
8/7/2011
Central Falls, R.I., a city of 19,000 residents that filed for bankruptcy Monday, is a bondholder's dream.
|
8/5/2011
The Comeback America Initiative (CAI), a non-partisan organization dedicated to fostering a national discussion around fiscal challenges and solutions, issued the “Restoring Fiscal Sanity Report.” |
8/4/2011
If we are going to amend the Constitution, let’s prohibit today’s adults from leaving tomorrow’s generations with higher lifetime net tax rates. |
7/29/2011
Illinois owed $37.9 billion more than all of its assets combined, including cash, investments and property, as of July 1, 2010, according to a statewide financial audit by the Illinois Auditor General Holland and Illinois Comptroller Topinka. |
7/28/2011
In a move to avoid the largest municipal bankruptcy in U.S. history, holders of more than $3 billion in debt issued by Jefferson County, Ala., are working on a rescue that would leave them with steep losses.
|
7/25/2011
Standing before hundreds of state employees at a union meeting in late May, Gina Raimondo warned that Rhode Island's pension system could run out of money unless big cutbacks are made.
|
7/19/2011
Proposed changes to add unfunded pension liabilities to government balance sheets may end up increasing Oregon governments’ liabilities by more than $13.5 billion.
|
7/15/2011
Joe Lieberman and Lowell Weicker Jr., together again for a summit on fiscal responsibility Friday in Hartford, bemoaned the political and economic direction of the state and nation. |
7/12/2011
Although 49 out of the 50 states are technically required to balance their budgets, nearly every U.S. state still owes billions of dollars in off-the-books debt and pension obligations, according to a new report from a government accounting watchdog. |
7/9/2011
A new report by Truth in Accounting reveals vast new piles of debt for American taxpayers – in addition to the estimated $14.5 trillion in the national debt. |
7/9/2011
The Governmental Accounting Standards Board, a nonprofit based in Norwalk, Conn., will release a draft of changes to pension accounting rules Friday. These changes will first affect government balance sheets in fiscal year 2013.
|
6/30/2011
The non-partisan Institute for Truth in Accounting today released its two-year study on the transparency in the state of Illinois' annual budgeting process. |
6/29/2011
New Jersey Gov. Chris Christie on Tuesday signed landmark legislation that increases pension and health contributions paid by a half-million teachers, police and other public workers and removes the issue from collective bargaining for four years. |
6/28/2011
What do Lowell P. Weicker Jr., Linda McMahon, Ben Barnes, Joe Lieberman, Barbara Kennelly and Nancy Johnson have in common?
|
6/27/2011
Today, the Institute for Truth in Accounting (IFTA) announces completion of a significant, comprehensive study of all 50 states' assets and liabilities, including pension and retirement healthcare obligations. |
6/24/2011
Illinois lawmakers announced today they will hold hearings to review the state’s business tax structure, giving companies threatening to leave the state a forum to vent about this year’s tax hike. |
6/21/2011
The average Chicago household now owes a staggering $63,525 to cover local government debt, according to Cook County Treasurer Maria Pappas. |
6/13/2011
The USA Today June 7 story quotes Sheila Weinberg of the Institute for Truth in Accounting, who also did a study of Montana’s financial obligations. |
6/8/2011
News reports indicate that U.S. government debt is larger -- and a more serious challenge to lawmakers -- than many had assumed.
|
6/5/2011
Some media outlets in the state of Connecticut, as well as residents, are questioning the judgment of Governor Dannel Malloy, who is leading the state legislature on a whirlwind drive of dubious legislation. |
6/2/2011
Some observations from Terry Savage at the Chicago Sun-Times |
5/27/2011
Aon Hewitt's survey found that 36 percent of respondents plan to make changes to their pre-65 retiree benefits strategy to directly leverage the health insurance exchanges that states, or the federal government, are required to create in 2014. |
5/26/2011
Review of Bridgeport's audited financial and actuarial reports uncovered the city is $1.4 billion short of the funds needed to pay the city's commitments. Each household's share is $27,100. |
5/26/2011
You used to be able to lead a long life without ever knowing the name of an Illinois state treasurer. |
5/8/2011
Most governments in the United States have grown too big, promised too much and waited too long to restructure. |
5/6/2011
Truth in Accounting and Comeback America Initiative report the state of Connecticut does not have the funds available to pay over $63.5 Billion in commitments as they come due. Each taxpayer's share is $49,000. |
4/27/2011
One bright light: Pew's study showed New York state pension plans were 101% funded during the period reviewed. Illinois state pension plans were the least funded, at 51%. |
4/14/2011
Massachusetts House leaders unveiled a $30.4 billion proposed state budget for the 2012 fiscal year on Wednesday that they say spends $94 million less than Gov. Deval Patrick's plan, in part through additional cuts in state programs. |
4/11/2011
Join Sheila Weinberg from the Institute for Truth in Accounting tomorrow (April 12) 9:00-10:00 a.m. on WXCO 1230, Oliver K. Burrows Talk Radio, Wausau, Wisconson
|
4/3/2011
The California Public Employees' Retirement System chose Wednesday to leave its assumed rate of investment return unchanged at 7.75%. That was against its own actuary's recommendation to lower it to 7.5%.
|
3/20/2011
State Representative Mike Tryon (IL-64th District) has introduced the Long-Term Accounting Act into the Illinois legislature. The Act calls for increased timeliness, transparency and accountability during the state budgeting process.
|
3/17/2011
On every third Wednesday in March, Illinois House and Senate are required to adopt a joint resolution that is equivalent to a family deciding how much it will have available to spend in next year's budget. The day was yesterday, March 16. |
3/7/2011
Lawmakers need to clean up their own future retirement system before they touch other state employees’ plans – at least that’s what one lawmaker says he intends to do.
|
2/28/2011
Louisiana one of 10 states with leaders seeking Jeffersonian, anti-debt amendment
|
2/17/2011
A few hardy suburban souls who volunteered with The Concord Coalition — a grass-roots organization dedicated to educating the public about federal budget issues — suggested in the late 1990's to use a budget "surplus" to pay down the national debt. |
2/14/2011
Moody's Investor Service is adding pension liabilities to the factors it reports publicly in rating total state debt, a new approach one expert called "very significant."
|
1/31/2011
After a year in office, New Jersey Gov. Chris Christie has persuaded lawmakers to pass several bold reforms to slow government spending and ease the state’s tax burden. |
1/27/2011
Securities and Exchange Commission inquiry won't affect bond sale plans, Quinn says
|
1/26/2011
Listen to Sheila Weinberg's podcast on Peter Kay radio show in Hawaii (Hawaii time 9PM -- Sheila time 1AM) |
1/23/2011
Are State pension obligations like a home mortgage or more like credit card debt?
|
1/20/2011
The Institute's 50 State Study uncovered it took Hawaii 477 days (almost 16 months) to issue its 2009 CAFR. The June 30, 2009 CAFR was issued on October 20, 2010.
|
1/20/2011
"The organization is confusing how we budget in Nevada," Wallin said. "We budget based on a cash basis. We absolutely can pay all our bills."
|
1/18/2011
Despite lower tax revenue since the recession began, the level of service expected from state and local governments remains, often creating a disconnect between public perception and the reality of the fiscal crisis confronting elected officials.
|
1/13/2011
In a panel discussion about the Illinois tax hikes, Sheila Weinberg, CEO of Truth in Accounting asks |
1/12/2011
$19,800 per taxpayer to cover $24.7 billion shortfall
|
1/11/2011
Watchdog group says pension, health, retirement commitments exceed $66 billion.
|
1/8/2011
Former Gov. Jennifer Granholm told the MIRS news agency she was handing over a balanced state budget that even had a surplus.
But one watchdog accounting agency is saying Granholm is ignoring $50.1 billion the state owes to its workers. |
1/2/2011
The normal checks and balances, from a robust local press to engaged civic groups, had largely vanished before or during Robert Rizzo's long reign as city administrator. |
12/29/2010
Investors pulling money from funds
|
12/21/2010
State of Maryland uses tricks and dodges not available to most citizens
|
12/20/2010
On reports as these, the question isn’t whether the auditors will find that the state is in shambles, but to what extent. |
12/10/2010
Sheila Weinberg, founder of The Institute for Truth in Accounting, which is studying debt and unfunded obligations of states, said unfunded pension and health care obligations for state workers is probably between $750 billion and $3 trillion today. |
12/8/2010
Illinois had the largest midyear shortfall relative to the size of its budget among the 15 states with deficits: $13 billion, or 47% of its general-fund budget. |
12/4/2010
The state is denying claims made by a government accounting watchdog that it has nearly $1 billion in “off-sheet” liability while the group making the accusations is standing by its research.
|
12/2/2010
Sheila Weinberg discusses Wisconsin budget. |
11/29/2010
Legislators and advocates on the right and left are often at odds on policy, but a conference next week will bring divergent groups together on something they can all agree on: the need for greater openness and transparency in government.
|
11/22/2010
Voters could be persuaded to consider tax hikes as part of California's budget fixes, but it will take a sustained bully pulpit effort by Gov.-elect Jerry Brown, analysts say. |
11/20/2010
According to Sheila Weinberg, founder of The Institute for Truth in Accounting, the bookkeeping is so bad “most governors and legislators actually believe they’ve been passing balanced budgets for years.” |
11/17/2010
Inadequate contributions, underperforming investments have also jeopardized the retirement of tens of thousands of city workers and put taxpayers on the hook for billions of dollars, |
10/31/2010
Move will cause unfunded liabilities to rise.
|
10/25/2010
The statistics tell the tale of Gov. Rick Perry's decade as governor.
|
10/20/2010
A wave of mass student protests, a new lobbying strategy by university leaders, and the governor's desire to leave a positive legacy in education during his final year in office led to a remarkable turnaround for California's public colleges. |
10/12/2010
Review of Connecticut's financial statements showed the state does not have the funds available to pay more than $59 billion in commitments as they come due. Each taxpayer's share is $46,100. |
10/8/2010
Connecticut does not have funds available to pay more than $59 billion of the state's commitments as they come due. This is the highest burden per taxpayer of any state calculated by the Institute. |
10/8/2010
Read Truth in Accounting's Connecticut Financial State of the State Report |
10/6/2010
Michigan faces more than $41 billion in unfunded health care liabilities larger than most state pension systems. A battle is brewing to see who picks up the tab.
|
10/5/2010
A lawsuit filed Monday challenges the way state lawmakers balanced last year's budget with $200 million from Louisiana's "rainy day" fund and seeks a repayment that could damage this year's budget. |
10/4/2010
After an intensive review of the state’s 2009 audited financial report, the Institute determined that Kansas does not have the funds available to pay more than $8.5 billion of the state’s commitments as they come due. |
9/29/2010
A group of New Hampshire lawyers led by Chuck Douglas, a former Congressman and New Hampshire Supreme Court justice, is suing the state in a bid to get about $4 million from the state's biennial budget restored to the courts. |
9/19/2010
Michigan lawmakers approved some pieces of the next state budget Thursday, but so far haven't completed tax amnesty and state employee retirement incentive plans that are supposed to be approved before Oct. 1. |
9/15/2010
Florida's budget picture is improving but remains shaky, with unemployment expected to climb through the autumn and foreclosures still outpacing home sales, a legislative budget panel was told Tuesday. |
9/14/2010
Idaho has made much of a startling statistic – that teen meth use in the state dropped 52 percent from 2007 to 2009. It’s the largest percentage drop of any state and coincided with the Idaho Meth Project ramping up its graphic anti-meth TV ads. |
9/12/2010
The state of Pennsylvania has stepped in to help its capital city Harrisburg avoid a default by advancing next year’s state aid so that the money can be used to make a $3.3m bond interest payment due this week. |
9/8/2010
Texas Democratic gubernatorial candidate Bill White on Wednesday accused Republican Gov. Rick Perry of hiding from an anticipated $18 billion state budget deficit and promised to provide monthly updates of the state's financial condition if he's elected. |
9/2/2010
Despite recent economic woes, the Rhode Island state budget reported a surplus of $17.7 million in its general fund, according to the preliminary fiscal year figures posted by Controller Marc Leonetti. |
8/30/2010
As California's budget impasse moves into record-breaking territory, and as the consequences of inaction multiply, people around the state and at the Capitol say it's anyone's guess as to when a spending plan will be passed. |
8/25/2010
Illinois employee pension funds are sending up flares warning they may have to sell off as much as 10 percent of their investment portfolios unless lawmakers find a way for the financially hobbled state to make its pension contributions this fiscal year. |
8/24/2010
Here's something you don't see often these days: a government running a budget surplus. |
8/19/2010
The problem is not that state leaders haven't made tough choices. It's that they haven't yet made the toughest choices needed to manage our increasingly bleak fiscal outlook. |
8/18/2010
The grant sponsored study The Truth About Balanced Budgets – Part II has uncovered the state of Hawaii has still not issued its certified annual financial report for fiscal year ended June 30, 2009. |
8/16/2010
Amid outrage of hefty salaries of some government officials, comptroller candidates call for more transparency |
8/11/2010
Bill Brady prefers to see challenges as opportunities. |
8/9/2010
An injection of $26 billion in federal aid won't be enough to save the jobs of more than a half million people who work for state and local governments or for companies that do business with them. |
8/6/2010
There’s a class war coming to the world of government pensions.
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8/3/2010
When the current fiscal year, state budget was approved by lawmakers and signed by Democrat Governor Ed Rendell, our elected leaders ignored the fact that the budget was only balanced if the Federal government kicked in an additional $850 million. |
8/2/2010
Despite state budget troubles, more states than ever are embracing sales tax holidays, which aim to please back-to-school shoppers even as they draw criticism from economists. |
7/31/2010
A second day of a special legislative session in Albany produced nothing, and lawmakers are heading home, at least for a long weekend, as differences over a bill to give SUNY and CUNY more financial autonomy continues to hold up the budget. |
7/27/2010
The major funding gaps Nevada and other states have been forced to address in their current budgets will continue in the next cycle even as tax revenues finally begin to show signs of life, a national report released today says. |
7/25/2010
Missouri employees and retirees soon may have to pay more out of their pockets for health care — a result of state budget troubles that also have led to frozen wages and pension changes. |
7/23/2010
Gov. Granholm says Congress has not acted to extend payments.
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7/21/2010
Illinois just released its June 30, 2009 CAFR (annual financial report) one full year after the period ended |
7/16/2010
Some municipalities are sweetening deals for their top police and fire administrators even as they call for pension reform in Springfield.
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7/15/2010
The state budget agency says Indiana schools won't get any extra cash to supplement their budgets this year because tax revenues fell $957 million short of previous expectations. |
7/14/2010
Each taxpayer across Missouri would need to shell out $5,000, compiling a total of $9.1 billion, to help the state pay all of its obligations, according to research by the Institute for Truth in Accounting. |
7/13/2010
Minnesota Governor Tim Pawlenty’s office said on Monday that the state may need to set up a bank line of credit in order to stave off a cash crunch. |
7/11/2010
Tepid economic growth and demands for aid from ailing U.S. cities and towns will combine to make next year “just as tough” for state budget makers, according to Yolanda Kodrzycki, an economist at the Federal Reserve Bank of Boston.
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7/8/2010
It took Gov. David Paterson seven hours last week to place his signature or initials on 6,681 individual pages of vetoes. |
7/6/2010
Gov. Christopher J. Christie on Tuesday signed into law New Jersey’s smallest budget in five years, with major cuts to schools, municipalities, mass transit and other areas — a milestone in his drive to tame what he calls an out-of-control government. |
7/5/2010
States have launched into their 2011 fiscal year saddled with many of the same state budget problems that they had the year before. Forty-six states have a fiscal year that starts July 1. |
7/3/2010
For the last few years, California stood more or less unchallenged as a symbol of the fiscal collapse of states during the recession. Now Illinois has shouldered to the fore, as its dysfunctional political class refuses to pay the state’s bills. |
7/1/2010
Washington Governor Christine Gregoire is in our nation's capitol Wednesday, in a last-ditch effort to prevent more state cuts.
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6/30/2010
Gov. Deval Patrick has vetoed $457 million in spending included in the budget for the state's new fiscal year.
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6/29/2010
After hammering out an agreement over the weekend, the House and Senate were prepared to approve the 2010-11 state budget before the new fiscal year begins Thursday. |
6/28/2010
Budget time in Harrisburg is never easy, but Republican lawmakers in Washington just made it more difficult. |
6/25/2010
Californians don’t see much evidence that the worst economic contraction since the Great Depression is coming to an end. |
6/24/2010
Gov. Ted Kulongoski’s final approval over agency budget cuts has reverted Oregon’s General Fund spending to approximately 2007 levels. Oregon’s General Fund budget accounts for about 22 percent of the entire Oregon state budget. |
6/23/2010
A new study claims the costs of Medicaid’s long-term care services could cripple states’ already-fragile budgets. |
6/22/2010
Crisis looms in 2011-12 |
6/21/2010
For the 24th straight year, California legislators have failed to deliver a state budget to the governor by the constitutionally-required deadline of June 15. This year, the date came and went without so much as whimper. |
6/20/2010
Many states are acknowledging this year that they have promised pensions they cannot afford and are cutting once-sacrosanct benefits, to appease taxpayers and attack budget deficits. |
6/18/2010
A congressional impasse over a new economic stimulus package threatens to punch a $130 million hole in Kansas' budget, only weeks after state legislators raised taxes to keep it balanced |
6/17/2010
The S.C. House of Representatives voted to sustain 51 of Gov. Mark Sanford’s 107 budget vetoes on Wednesday – resulting in $261 million in “savings.” Both the number of sustained vetoes and the dollar amount “saved” are records for the administration. |
6/8/2010
Having counted on Washington for money that may not be delivered, at least 30 states will have to close larger-than-anticipated shortfalls in the coming fiscal year unless Congress passes a six-month extension of increased federal spending on Medicaid. |
6/7/2010
If state lawmakers think today's vote on slashing hundreds of millions of dollars in health-care spending from the state budget is a tough one, wait until next Monday. It'll only get worse. |
6/2/2010
State's budget director defends administration's efforts to control spending |
6/1/2010
It's the first day of June, and you know what that means in Harrisburg - only 30 days until the legislature misses the deadline for approving the state budget.
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5/27/2010
A new report by the Institute for Truth in Accounting shows the smoke and mirrors the state employs to hide its true financial standing. |
5/25/2010
State and local governments are continuing to cut jobs and spending as they struggle to close budget gaps, according to a report by the National League of Cities. |
5/24/2010
The Oklahoma House and Senate on Friday gave final approval to a $6.68 billion budget bill for the upcoming fiscal year that cuts most state agency budgets by about 7 percent. |
5/21/2010
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5/19/2010
The deal, which eliminates a $3 billion deficit, gives Gov. Pawlenty or his eventual successor the power to decide whether to shift thousands of low-income Minnesotans from a state health-care plan to Medicaid ahead of a federal timetable. |
5/18/2010
A Republican state representative wants to create a special budget fund that can be tapped only when Wisconsin is in a recession or facing some other extraordinary event. |
5/13/2010
Senate, Assembly votes set for May 20; Christie opposes tax |
5/12/2010
California Governor Arnold Schwarzenegger will seek “terrible cuts” to eliminate an $18.6 billion budget deficit facing the most-populous U.S. state through June 2011, his spokesman said. |
5/11/2010
A state sales tax increase to bolster the state budget remains in limbo in the Kansas House. |
5/9/2010
As the effects of continued spending cuts start to appear, Republicans in Nashville say no to a few small increases in taxes and fees to help close a $150 million deficit. |
5/8/2010
Illinois lawmakers were in disarray Thursday as they groped for stopgap measures to address a $13 billion deficit equaling nearly half of the state's general-fund revenue. |
5/7/2010
Gov. Tim Pawlenty is scheduled to meet with members of his cabinet Friday to discuss the state's budget problems in light of the recent Supreme Court ruling that undermines his ability to balance the budget on his own. |
5/6/2010
Financial neglect dates back 40 years. |
5/5/2010
Think states have made deep spending cuts? You ain't seen nothing yet. |
5/4/2010
Legislators were hoping revenue would continue to exceed projections, forestalling deeper cuts and further tax hikes. But April's total was 30% below what was expected, leaving them with few options. |
5/3/2010
It looks like Harrisburg is in for another long, drawn-out budget process as the state's 2009-10 budget deficit has swollen to more than $1 billion.
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4/30/2010
Everyone knows that Arizona has been mired in a budget crisis — worse, even, than in many other states — for three years now. But last summer, the Governor’s office and the Legislature announced that the budget (for fiscal year 2010) was finally balanced. |
4/28/2010
New York state legislators are rejecting Gov. David Paterson’s demands and refusing to vote on his budget proposal.
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4/26/2010
The budget gap at the beginning of the year was $154 million; the additional new costs now bring the total to $167 million, state officials say. |
4/25/2010
House and Senate budget chiefs have agreed to open a private prison in Santa Rosa County but have yet to address a series of complex health care spending issues for the coming fiscal year. |
4/22/2010
The Georgia General Assembly has sent Gov. Sonny Perdue a $17.1 billion amended 2010 budget with even more spending reductions than separate versions of the budget the House and Senate passed two months ago. |
4/20/2010
Gov. Beverly Perdue's proposal to adjust North Carolina's state budget is expected to include lots of spending cuts but no broad tax increases. |
4/17/2010
U.S. states face a “staggered” recovery even as the national economy shows signs of stabilizing, Susan Urahn, a managing director at the Pew Center on the States, told investors on a conference call. |
4/15/2010
Gov. Robert F. McDonnell on Wednesday recommended adding tens of millions of dollars to the state budget to lure companies to Virginia while restricting funding for certain types of abortions and slashing state aid to public broadcasting. |
4/14/2010
The House has approved a plan to close Rhode Island’s $220 million budget shortfall for the fiscal year that ends June 30 by reducing state aid to cities and towns, cutting public-employee pensions and borrowing from the rainy day fund. |
4/13/2010
Solve your own problems and leave us alone. That was the reaction of several town, city and school district administrators when asked about New Hampshire Gov. John Lynch's proposed cuts to local aid. |
4/12/2010
Gov. Bobby Jindal's state incentive-fueled plan to create jobs in Louisiana could be on a collision course with a state budget totally awash in red ink. |
4/10/2010
Utah school districts again may slash up to five school days next year to cope with financial strain, the state Board of Education decided Friday.
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4/9/2010
Republican Governor Chris Christie and Democratic leaders in the New Jersey legislature have some big differences on dealing with the state budget woes. |
4/8/2010
An alarming new study by Stanford University's public policy program reveals that the state's three public employee retirement systems could face combined pension obligations that exceed funding by $500 billion over the next 16 years. |
4/7/2010
Pop quiz: How big, really, is the state’s budget deficit? |
4/6/2010
Much of the regular Legislative session has been devoted to figuring out how and where to make cuts or other adjustments to close a $500 million deficit for 2011. |
4/5/2010
Some Democratic state lawmakers want to raise taxes on beer to help solve the state's budget woes. |
3/27/2010
Cities and States Face Tough Cuts, Including Laying Off Cops, Firefighters and Teachers, as Recession Rolls On |
3/26/2010
A Senate vote failed to stop the scheduled increase, despite its $45 million price tag. |
3/25/2010
Future government employees throughout Illinois would have to work longer to get full retirement benefits, and the size of those pensions would be limited under a measure that zoomed through the General Assembly on Wednesday. |
3/24/2010
The Pennsylvania House on Tuesday approved a $29 billion state budget bill and sent it to the Senate where it is certain to face revisions by Republicans eager to rein in spending. |
3/23/2010
Republicans in the Michigan Legislature moved ahead Tuesday with proposals to balance the state budget without tax increases, opting instead to cut funding for universities and community colleges.
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3/22/2010
Nebraska Attorney General Jon Bruning said the measure |
3/19/2010
Arizona on Thursday became the first state to eliminate its Children’s Health Insurance Program when Gov. Jan Brewer signed an austere budget that will leave nearly 47,000 low-income children without coverage.
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3/17/2010
Gov. Paterson Freezes $500 Million, Says Financial Situation The Case, Won't Start Sending Again Until April 1 |
3/16/2010
Missouri senators have scheduled a day to examine ideas on how to change state government. |
3/15/2010
The Virginia General Assembly on Sunday overwhelmingly passed a new two-year budget that makes unprecedented cuts to state services and programs but includes no tax increase.
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3/11/2010
Imagine you are an institutional investor and it is written into the Constitution that, if necessary, taxpayers will bail you out. That will probably increase your appetite for risk. |
3/10/2010
Gov. Christie said he was back in Haddon Heights because the mayor, fellow Republican Scott Alexander, has helped to keep property taxes down while improving services. |
3/10/2010
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3/8/2010
The Texas Legislature will face a budget shortfall of at least $11 billion when it meets to write the next state budget in 2011, a key state official said Monday. |
3/6/2010
The state's roads will be rougher and three HMOs will pay a fee as part of the solution Gov. Mark Parkinson proposed to close an $85 million shortfall in the current budget. |
3/5/2010
With a need to cut up to $3.2 billion from government spending, Florida House budget writers want to reap the biggest savings by scuttling road projects, cutting benefits for state workers and scaling back regulation. |
3/4/2010
Proposed budget cuts in the State House would cause 26,000 people with disabilities and special needs to lose services in South Carolina. |
3/3/2010
The state budget presented six weeks ago by Missouri Gov. Jay Nixon may have overestimated revenues by as much as $1 billion, lawmakers warned Tuesday. |
3/2/2010
The release of the forecast deficit number -- an improvement of $200 million -- means the real budget work can start at the Capitol. |
3/1/2010
A recent national report from the Pew Center on the States, critiques Oklahoma government for increasing pension and retirement benefits in the 1980s and 1990s while not boosting deposits into the state-administered pension programs.
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2/26/2010
The House and Senate on Thursday gave final approval to their own versions of an austere Virginia state budget. |
2/24/2010
Gov. Bill Richardson is delaying the start of a special legislative session so lawmakers can work out differences before returning to the New Mexico Capitol on Monday. |
2/24/2010
Gov. Quinn’s Administration today announced that, for the first time in Illinois’ history, the public can actively participate in the state’s budgeting process. |
2/23/2010
Senate Democrats this morning are scheduled to release their budget proposal showing which government programs they want to slim down and taxes they want to bulk up in order to punch out the $2.8 billion deficit in the state budget. |
2/21/2010
The already gloomy conditions of states' economies are set to worsen, according to preliminary survey findings from the National Governors Association released on Saturday. |
2/20/2010
A new report by a coalition of public health organizations says states could raise more than $9 billion in new annual revenue by increasing cigarette taxes by $1 per pack. |
2/18/2010
The worst case was Illinois, with a $54 billion gap between the cost of the benefits it had promised to pay retirees over the next 30 years and the amount it had set aside.
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2/17/2010
Republican U.S. Rep. John Kline expressed doubt Tuesday about the governor’s plan to rely on hoped-for federal stimulus money to balance the state’s budget. |
2/16/2010
With the Georgia House of Representatives passing a revised 2009-2010 budget and the Senate now working up its own amended version of the current budget, local lawmakers say the financial health of the state is a major concern. |
2/15/2010
For months Nevada politicians have said |
2/12/2010
Michigan hospitals and physicians are criticizing the fiscal 2011 budget request unveiled by Gov. Jennifer Granholm. |
2/11/2010
Senators from both parties introduced a package of bills to cut government pensions and health benefits yesterday, aiming to reduce costs and setting the stage for a battle with public-worker unions. |
2/10/2010
Saying they already have frozen hiring, hiked tuition, deferred purchases and lost top faculty, Illinois' public university presidents and chancellors Tuesday urged the state to provide promised funding or risk an even more dire situation. |
2/9/2010
Sales taxes today mainly, though not exclusively, hit sales of tangible goods like cars and couches. Faced with the worst budget crisis in a generation, many states are looking to expand sales taxes to services, such as lawn care or accountants' advice. |
2/8/2010
Mississippi Gov. Haley Barbour on Friday cut another $21 million from what started as a nearly $6 billion state budget. |
2/5/2010
Harrisburg, the capital of Pennsylvania, will consider Chapter 9 bankruptcy protection along with tax increases and asset sales as options to address $68 million in debt service payments due this year. |
2/4/2010
Connecticut Governor M. Jodi Rell’s proposals to amend the state’s budget could make life harder for city officials to balance their budgets, city officials said Wednesday. |
2/3/2010
Nevada Gov. Jim Gibbons says hundreds of layoffs are likely, possibly more, as the state grapples with a nearly $1 billion budget shortfall. |
2/2/2010
Using data provided by ProPublica, Zero Hedge has been able to confirm that indeed standalone states are for the most part now bankrupt and have no reserves left in their coffers when it comes to funding ever increasing insurance benefits. |
2/1/2010
State courts across the country have been coping over the past year with budget cuts that have caused American justice to take longer than that for which it is famous. |
2/1/2010
Gov. Phil Bredesen's farewell state budget plan, presented to the General Assembly Monday night in a "state of the state" address, incorporates some striking contrasts to an overall cutback in next year's spending by 5.1% to $28.4 billion. |
1/29/2010
Gov. Charlie Crist wants the Legislature to adopt a state budget for next year of $69.2 billion that relies heavily on a fresh injection of federal stimulus money, an expected economic rebound in Florida and an ill-fated Seminole gambling deal. |
1/28/2010
“Today is a very important day,” Iowa Democratic Party Chairman Michael Kiernan said Wednesday. “Iowans can finally be certain we have left behind the skyrocketing spending increases of the Terry Branstad years.”
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1/27/2010
Facing a bruising re-election year, Gov. Deval Patrick filed a politically tough $28.2 billion budget that slashes human services, boosts taxes on candy, soda and smokeless tobacco products but holds local aid harmless. |
1/25/2010
Louisiana Gov. Bobby Jindal's refusal to raise taxes is boosting his stature with a re-energized national GOP, even while his state faces severe budget cuts to education, health care and social service programs. |
1/25/2010
After a bruising campaign and weeks of voting by mail, today's big tax election may be decided by an onslaught of last-minute voters. |
1/25/2010
Montana is engaged in deficit spending if pension costs and other post-employment benefits for state workers are factored in.
That’s according to a study published in 2009 by the Institute for Truth in Accounting. |
1/21/2010
In one of his first acts in office, Gov. Chris Christie signed an executive order Wednesday that will keep Atlantic City’s casinos open even if another state budget crisis forces a government shutdown. |
1/16/2010
Really bold moves are sometimes made by leaders on one side of the spectrum who have the strength and the political will to take a daring leap past their comfort zone. |
1/13/2010
The nonpartisan legislative analyst warned Tuesday that lawmakers will have to work quickly to solve the state's budget deficit. |
1/13/2010
For someone who hates gambling, Gov. Bob Riley is playing a huge game of chance on Alabama's budgets. |
1/10/2010
This week, state lawmakers will meet to discuss the state budget and leaders say it won't be pretty. |
1/8/2010
Illinois, the second-lowest rated U.S. state, paid more than some comparably ranked U.S. companies when it sold $3.47 billion of taxable bonds to finance its annual contribution to a public employee pension fund. |
1/7/2010
Local state legislators gave Gov. David Paterson’s State of the State address mixed reviews on Wednesday.
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1/4/2010
Gov. Arnold Schwarzenegger and other California officials are expected to lobby for more federal funding to help California dig itself out of a growing budget hole. |
1/3/2010
Across the nation, state budget picture looks bleaker than ever as lawmakers return to work |
12/29/2009
The blizzards that hit the Midwest and the Eastern Seaboard this month rang up huge snow-removal bills for cash-strapped state and local governments -- and left officials scrambling to figure out how they will pay to clear roads later in the winter. |
12/20/2009
However fire, police union officials say funding problems are the fault of local governments |
12/15/2009
Gov. Ted Strickland is urging lawmakers to stay in Columbus until the budget impasse is resolved, even if it means spending Christmas at the Statehouse. |
12/14/2009
New York Governor David Paterson said he is ordering $750 million withheld from aid payments this month to schools, local governments and health insurers to avert a cash squeeze. |
12/11/2009
Unwanted spending cuts, tax hikes, furloughs needed to offset revenue losses |
12/8/2009
Rep. Frank Antenori and Sen. Linda Lopez hash out their differences and fill viewers in on the state budget crisis on tonight's episode of Arizona Illustrated. |
12/4/2009
Washington Gov. Chris Gregoire will definitely propose a tax package to avoid the deepest cuts in state spending needed to fill a $2.6 billion state budget deficit. The only remaining questions: Whom to tax, and how much to raise. |
12/2/2009
Minnesota faces a projected $1.2 billion budget deficit for 2010-11. Gov. Tim Pawlenty said all programs, except military and public safety, could face spending cuts. |
12/1/2009
Wyoming Gov. Dave Freudenthal on Tuesday proposed major cuts to transportation and local government funding as part of a leaner state budget for the next two years. |
11/27/2009
New Jersey could cut funding for schools, municipalities, higher education, hospitals and pension plans to help make up for a $1 billion shortfall in this year's budget, according to a report sent this week to Wall Street bond investors. |
11/23/2009
Tax collections tumbled 11% across 44 states in the third quarter, according to a report that suggests government revenue will remain depressed long after the economy has recovered from recession. |
11/20/2009
The top budget official in Massachusetts says the Legislature has taken a |
11/19/2009
North Carolina state government has at least $620 million at its disposal so far to close any budget hole this fiscal year. |
11/18/2009
Most of the attention in Gov. Haley Barbour's budget proposal has been focused on his plans to merge universities, consolidate school districts and close mental health centers. |
11/17/2009
Gov.-elect Christopher J. Christie got his first up-close look yesterday at the biggest challenge of his new job, and the picture was even uglier than widely expected. |
11/16/2009
Grappling with a budget gap that could reach $1 billion, Gov. Phil Bredesen said today he may cut $82 million in planned improvements to the state’s Basic Education Program funding formula for local schools. |
11/13/2009
Michigan and California are likely to face a fresh round of budget woes when federal stimulus funds used as a fiscal crutch dry up, finance directors for the states said Friday. |
11/11/2009
Illinois – Budget shortfall: 47.3%
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11/9/2009
Gov. David A. Paterson will take the rare step Monday afternoon of addressing a joint session of the Legislature during its traditional off-season, and will use the speech to underscore the increasing grimness of New York’s financial outlook. |
11/9/2009
It isn't easy being a state government budget chief these days.
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11/4/2009
California taxpayers will see their paychecks shrink this holiday season as state government tries to stay afloat |
11/2/2009
State leaders' increasing use of loans merely delaying inevitable, critics say |
10/27/2009
New Yorkers are fleeing the state and city in alarming numbers -- and costing a fortune in lost tax dollars, a new study shows. |
10/25/2009
Gov. Jennifer Granholm has said she'll sign six remaining budget bills, with some line-item vetoes, before an interim state budget expires Saturday. But the debate isn't over. |
10/24/2009
A state Republican leader contended Friday that the governor has authority to move money around in the state budget and should do so to save prison and other public-safety jobs.
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10/21/2009
Thousands of working parents in Hawaii are scrambling to make childcare arrangements ahead of the closure on Friday of all public schools, in a bid by the state's education authorities to cut costs. |
10/20/2009
Missouri state parks employees took the hit Monday for the state's lagging state revenue, as about 100 of them were laid off in a cost-cutting move.
The cuts, which are expected to save $6.3 million a year, were made because of plummeting sales tax re |
10/15/2009
Three months ago, as Gov. Arnold Schwarzenegger and the California Legislature enacted a much-revised state budget, this column pointed out that the state was seemingly operating on a five-month budget cycle. |
10/9/2009
Public schools will see a large hit from the 10 percent across-the-board budget cut that Iowa Governor Chet Culver announced on Thursday.
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10/6/2009
The largest state employees' union approved a contract Tuesday that cuts the pay of its workers but saves their jobs, a decision that prevents Rhode Island Gov. Don Carcieri from shutting down state government or making mass layoffs to balance the budget. |
10/5/2009
New York State’s income tax revenue has dropped 36 percent from the same period in 2008, Governor David Paterson said, “frustrating” his attempt to close a projected $2.1 billion budget deficit. |
9/29/2009
Local state legislators had mixed reactions to Gov. Ed Rendell’s breakthrough agreement reached 10 days ago as he called a press conference Monday hoping to sign a budget Sunday after further details are resolved.
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9/29/2009
The Education Trust Fund will enter the new fiscal year on Thursday with a shortfall that requires proration of 7.5 percent, Governor Bob Riley said today. |
9/28/2009
If Iowa Gov. Chet Culver's three years in office have been challenging, his fourth won't get any easier. He faces three big hurdles next year, not the least of which is trying to keep his job.
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9/24/2009
The Illinois Tollway understated more than $150 million in revenues, expenses and assets in 2008 because it failed to comply with proper accounting procedures, the state's fiscal watchdog reported Wednesday. |
9/23/2009
California's elected decision makers have expanded both program eligibility and benefits without demanding accountability, efficiency, quality or access to care. |
9/21/2009
Ohio’s budget was thrown out of balance by almost $1 billion today after the state Supreme Court ruled that voters must give their approval before Governor Ted Strickland allows slot machines at horse tracks. |
9/21/2009
Colorado must cut or add nearly $241 million to balance its current budget to make up for falling sales- and income-tax revenues, the chief economist for the non-partisan Legislative Council said Monday. |
9/20/2009
The winner of this year's New Jersey governor's race will begin his term with a multibillion-dollar deficit, mountainous debt, and a pension system that at last check was $34 billion in the hole. |
9/16/2009
"The likelihood is the budget situation is going to get worse before it gets better,” Governor Barbour said during a half-hour call-in show on Mississippi Public Broadcasting TV and radio. |
9/15/2009
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9/14/2009
Faced with a state budget crisis that won't quit, Arizona lawmakers are offering to sell legislative buildings, prisons and other facilities that the state would then lease back, effectively taking out a mortgage on paid-for state property. |
9/14/2009
The free financial ride at Florida's public universities is largely over for the state's top-performing students. |
9/12/2009
Pennsylvania Gov. Edward G. Rendell
said today that he could not sign a proposed budget unveiled Friday by leaders
of three legislative caucuses because it contains major revenue estimation
errors that would render it unbalanced and unconstitutional. |
9/11/2009
The election for governor is more than a year away, but Republican Gov. M. Jodi Rell's decision to allow the state budget to become law without her signature has led to nasty political exchanges. |
9/10/2009
Business groups urged Gov. David Paterson and lawmakers yesterday not to close the $2.1 billion mid-year deficit by raising taxes and fees, measures leaders used earlier this year to deal with New York's fiscal woes. |
9/9/2009
State government leaders face the “perfect storm’’ of cost pressures tied to an increasing strain on social safety net programs, predictions of weak revenue growth, and dwindling reserves and federal funds to balance future budgets. |
9/8/2009
New Mexico's court system warns that unpaid worker furloughs will become necessary if lawmakers sharply cut spending to balance the budget |
9/5/2009
Mandatory sentencing laws are relaxed, parole is accelerated, and time off for good behavior is increased as states scramble to save money. |
9/5/2009
Voinovich opposes the slot-machines plan to balance the state's budget |
9/4/2009
Governor Linda Lingle warned Hawaii residents of a |
9/2/2009
Teachers, once among the groups exempted from furlough days, are being forced to take unpaid days off amid massive state budget cuts. |
9/1/2009
For the second year in a row, Rhode Island has ended a state budget year in a sea of red ink. |
8/31/2009
From the start the struggle over Connecticut's state budget has been a struggle fo political cover amid the state's economic collapse and the collapse in state tax revenue. |
8/29/2009
Ceramic artist Ben Ahlvers was chosen to receive a fellowship from the Kansas Arts Commission to attend an artist residency in Montana. But after Kansas officials cut the commission's budget midyear by $300,000, he didn't receive the $1,000 check. |
8/27/2009
The Granholm administration has proposed charging a sales tax on entertainment tickets and increasing tobacco taxes to raise money, but these ideas have been seen largely as trial baloons. |
8/27/2009
Governor Schwarzenegger is asking for changes in three sectors of California's education system: take the cap off charter schools and allow for more to be be built; allow students to attend schools outside of their districts; and increase accountability. |
8/26/2009
This fall, New Hampshire will lose its distinction as the last holdout in the nation not to offer public kindergarten. |
8/25/2009
Virginia needs to plug another $1.5 billion hole in its fiscal 2010 budget, Gov. Timothy M. Kaine (D) told the Virginia General Assembly finance committees last week. |
8/24/2009
The Wisconsin Department of Commerce said it plans to lay off 15 employees from its safety and buildings division, citing a downturn in the construction industry. |
8/20/2009
Colorado state spending already has been slashed by about $1 Billion in the past year, but government officials say even tougher times are ahead. |
8/18/2009
The Pennsylvania Senate Republican plan would reduce, by half, funding for prekindergarten and Head Start, and cut funding for programs that provide subsidized child care for low-income workers. |
8/17/2009
Rejection of video gambling might seriously impact Illinois' massive construction spending plans. |
8/15/2009
Maryland residents give advice - both serious and frivolous - about how to cut state expenses and how to increase revenue. |
8/14/2009
Few people with Richard Ravitch's resume would call themselves a student, but with the state facing a $2.1 Billion current-year budget deficit, New York's lieutenant governor has hit the state books. |
8/11/2009
Days after North Carolina's state budget became law, legislators increased the $19 billion spending plan for this year by nearly $7 million. |
8/5/2009
Louisiana will start paying less money to many private health care providers for taking care of Medicaid patients, a move the state health department estimates will save $86 million this year. |
8/3/2009
Money slated to fund park repairs was cut 82.5 percent, effective July 1, putting a serious kink in Florida park maintenance efforts. |
7/31/2009
Great sighs of relief are coming from many state capitol buildings or, at least the ones that aren't for sale. But declining revenues are turning those sighs into gasps. |
7/30/2009
Massachusetts trimmed its ambitious plan to provide health care for virtually all its residents when the legislature failed to restore enough money to the budget to provide full benefits for 30,000 legal immigrants. |
7/24/2009
Janet Napolitano joined the Obama administration leaving a budget battle in Phoenix. |
7/22/2009
The California budget deal nobody likes may just end up being the budget deal everyone regrets. |
7/22/2009
Minnesota's financially-battered state officials can take comfort, however cold, that they have a lot of company. |
7/5/2009
Homeowners across the country are challenging their property tax bills |
7/3/2009
Governor cites $729 million budget shortfall over the next two years |
7/2/2009
$3.4 billion of IOUs to be issued in July |
7/1/2009
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6/30/2009
Sharply Lower Tax Revenues Lead to Eleventh-Hour Wrangling, Threats of Shutdowns |
6/27/2009
Delaying certain payments so the spending isn't counted until future budgets would allow officials to declare the budget balanced, but create problems later. |
6/22/2009
Colorado legislators look to budget gimmicks to |
6/9/2009
Wisconsin legislators are using one-time money to fix the problem, and taxpayers should be worried about the long term impacts of such plans. |
4/23/2009
Alaska faces over $11b unfunded liability |
4/23/2009
The European Parliament has voted against using taxpayers' money to plug a euro 31 million ($40 million) hole in members' pension fund. |
4/17/2009
law firms may be susceptible to contractual obligations to pay current and future retirees out of yearly revenues |
4/13/2009
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4/7/2009
The Union League Club in Chicago was the scene of The Institute for Truth In Accounting's presentation on the nation's fiscal condition. Congressman Mark Kirk and PGPF president David Walker joined us. |
4/6/2009
The Governmental Accounting Standards Board (GASB) has issued an Invitation to Comment (ITC) on Pension Accounting and Financial Reporting. |
3/29/2009
Connecticut public sector pension funds underfunded; 401(k)-type system next? |
3/27/2009
Wall Street Journal editorial |
3/27/2009
Wall Street Journal story explores delicate relationships that exist as public sector pensions go under the budgetary knife |
3/19/2009
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3/18/2009
tough words in Illinois from Gov. Quinn as he faces an $11.6 billion deficit |
3/18/2009
while higher taxes hit corporations and individuals, spending up 4.1% |
3/10/2009
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3/9/2009
under-funded pensions, structurally unbalanced general fund cause for concern |
3/8/2009
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3/4/2009
www.Bloomberg.com article |
3/1/2009
Civic Committee of The Commercial Club issues 'call to action' |
2/25/2009
Only 2 states have more institutions deemed to be in danger of collapse, report says |
2/23/2009
New Mexico state House measure places limits on retirees returning to previously held positions |
2/19/2009
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2/18/2009
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2/17/2009
employer contributions could approach 29 percent of payroll by 2012 |
2/16/2009
all eyes and ears on Gov. Quinn's March 18th budget address |
2/13/2009
107 retirees in Mass. net 6-figure pay |
2/12/2009
Maryland state bills would shift more burden to counties |
2/9/2009
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2/8/2009
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2/8/2009
see the videos here-Hynes talks of the state budget deficit |
2/6/2009
is Illinois ready for "Furlough Fridays"? |
2/4/2009
neglecting pensions and Medicaid expenditures leaves a "very big mess" |
2/3/2009
"la la" days of "smoke and mirrors" are over |
2/2/2009
estimates of over $5 billion in the hole as Quinn takes over |
1/30/2009
IFTA Founder/CEO to talk about the challenges facing Gov. Quinn with the budget |
1/27/2009
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1/27/2009
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1/27/2009
NJ measure would allow deferral of payments in favor of keeping property and other taxes in check |
1/26/2009
Wall Street Journal article |
1/24/2009
Stock market crash leaves state's plans critical just as baby boomers set to retire |
1/22/2009
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1/22/2009
Declining Treasury rates and falling capital markets took their toll in 2008 |
1/22/2009
Commissioner blames unforseen issues for six-figure shortfall |
1/22/2009
Illinois typifies a looming problem |
1/20/2009
Virginia pension loses nearly 1/4th of its value during last six months |
1/20/2009
$13 billion lost for teachers and state and local government employees |
1/18/2009
Opposition parties, business, back proposal to protect workers from insolvency
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1/17/2009
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1/16/2009
Tens of thousands of retirees will be stung by cuts ranging from 2.5 percent to 20 percent or more in their pension checks this spring. |
1/12/2009
5% property tax increase plus other revenue sources to make up $140m pension fund deficit |
1/12/2009
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1/12/2009
Nevada Gov. Gibbons to address issue in annual address on Thursday |
1/12/2009
funding gap now nearly $30b |
1/6/2009
$130 billion liability more than 4x FY08 budget - are NJ taxpayers on the hook for this mismanagement? |
1/5/2009
The swooning stock market has left many public employees' pension funds with unfunded liability issues. The government employers may opt to increase the vesting period, or resort to hiring freezes, layoffs or attrition to cut overall costs. |
1/5/2009
The country's largest public pension fund suffers a paper loss of $3.3 billion for the year ended June 30. An analysis says the loss was amplified by loans taken to ramp up the investments. |
1/5/2009
official press release assures stability in face of staggering figures |
1/5/2009
$280M surplus taken by previous owner when it sold company; state public sector pension unfunded by over $5 billion
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1/5/2009
Financing schemes that sidestepped voter approval have put local governments deeper in hock
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12/29/2008
who said public service didn't pay off? |
12/23/2008
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12/22/2008
$13.7 billion projected deficit for upcoming fiscal year |
12/19/2008
Cook County Board President calls for more debt, following sales tax increase back in February, yet most pressing needs still not being addressed |
12/16/2008
Nevada officials say participants' benefits can't be cut |
12/16/2008
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12/16/2008
Gov's alleged malfeasance has cost Illinois taxpayers more than $20 million |
12/13/2008
The financial meltdown has fueled a call to change -- or replace -- these retirement accounts. Here's what your savings plan might look like in the future. |
12/12/2008
promises by NY state legislators - called "sweeteners" - to unions breaking state budget, as earnings plummet |
12/12/2008
partisan vote in New Jersey legislature early indicator of tough pension decisions ahead |
12/8/2008
Obligation must be paid by end of fiscal year - June 30, 2009 - and barely addresses critical situation faced by private, non-profit agencies trying to deliver services to those most in need |
12/7/2008
California portfolio down over 31% - $81.4 billion loss |
12/7/2008
Missouri's budget shortfall just a splash in the bucket when compared to California, Illinois |
12/5/2008
State legislature calls for annual review of retirement system |
12/4/2008
Losses at KPERS for year expected to be 27 percent |
12/4/2008
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12/4/2008
CA won't take federal money until own "house is in order" while IL banking on federal bailout to pay current bills |
12/3/2008
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12/2/2008
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12/1/2008
Unbalanced state budget now producing terrifying mid-year deficit numbers |
12/1/2008
Executives with the state's top retirement systems said Monday that the downturn in the national market does not yet threaten the long-term stability of Louisiana's public pension plans, which are anchored in more stable investments such as Treasury notes |
11/26/2008
Interest payments on pension bonds set to skyrocket under Stroger's 'new plan' |
11/24/2008
COOK COUNTY BOARD, Illinois | Letter just 'bullying and fear tactic,' Commissioner Claypool says |
11/24/2008
Pension and health care bills nearly 25% Philly's expenses |
11/24/2008
City of Cincinnati facing critical decisions with tripled deficit figures since beginning of 2008 |
11/18/2008
State jobs will soon be cut, while parks and historic sites will close.
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11/17/2008
St. Petersburg Times www.tampabay.com |
11/17/2008
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11/15/2008
world-wide estimate by Organization for Economic Co-operation and Development |
11/13/2008
Illinois Comptroller Dan Hynes urges immediate action... again |
11/11/2008
The latest revenue projections for the current fiscal year compared to what was budgeted:
Individual income tax: Down 4%
Corporate income tax: Down 14%
Sales tax: Down 3%
Possible loss if gambling and other revenues decline: $1 billion |
11/10/2008
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11/10/2008
from Pension & Investing Online |
11/2/2008
Reduced checks, higher taxes expected |
10/31/2008
Retirement system’s loss of $3.6B before economic downturn is cause |
10/30/2008
Investments in private equity and real estate still not determined - bigger drops likely |
10/29/2008
One question: what happens when these 177,000+ employees find out their pensions are so under-funded? |
10/29/2008
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10/29/2008
nearly $4500 per household in Chicago suburb - time for Defined Contribution? |
10/21/2008
revenue outlook "quite grim" - tough choices ahead |
10/14/2008
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10/10/2008
great overview - of budget gaps as a percentage of overall budget amounts |
10/10/2008
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10/7/2008
know a pharmacist? AP story in the Daily Herald alerting these friends are out some serious money due to the Governor - read on... |
10/6/2008
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10/6/2008
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10/3/2008
More creative ways to get more pension; does anyone remember Mayor Daley's 2003 call for the "light of day" in city pension programs? |
10/3/2008
Comptroller again sounding alarm |
9/30/2008
troubling sign for Illinois legislators: where is the revenue? |
9/26/2008
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9/23/2008
Are you getting $40,000 per day out of this state government? |
9/23/2008
a brief history of Illinois politics |
9/23/2008
Accounting tricks 'balance' the budget again; record deficits achieved by "Governator"; voters to approve $10b loan from lottery |
9/19/2008
The shaky financial situation on Wall Street could put Illinois in an even deeper budget hole. |
9/16/2008
New stock market lows threaten already vulnerable pension funds |
9/12/2008
Plan $7 billion capital construction plan; also vote to restore over $370 million in spending without any way to pay for it |
9/10/2008
Lottery Lease, Fund Sweeps and Amendatory Vetoes-will the Convention 'hug' between the Speaker and Governor last? |
9/6/2008
Article in Lincoln Daily News |
9/4/2008
Is leasing the state's lottery system the answer for revenue woes? |
7/9/2008
Sheila Weinberg, Institute for Truth in Accounting, founder & CEO, appeared on WTTW's Chicago Tonight on Wednesday, July 9. |
7/8/2008
A preview of the Institute's 50 States' Budget Study appeared on the July 8 Association of Government Accountant's Blog. |
5/19/2008
IFTA Founder Shiela Weinberg blogs for the Association of Government Accountants (AGA) WebBlog. |
3/6/2008
The Institute for Truth in Accounting was praised in The Daily Journal in 'Reform Illinois,' which cited our work for better budgeting standards in Springfield and beyond: |
10/7/2007
'Truth' and 'accounting' should not be concepts that are terribly hard to reconcile - unless you're also trying to bring 'government' into the formula. |
7/18/2007
Article, The Rock River Times |
4/18/2007
Sheila Weinberg fights for truthful government accounting. Article, The Sam Adams Alliance & Foundation |
4/11/2007
In his budget address, Illinois Gov. Rod Blagojevich (D) cited many facts and figures. The problem is the budget's lack of transparency makes it impossible to verify his facts or figures. |
10/18/2006
Article on John Marshall Law School's event |
