DA Stephen A. Zappala sues county, retirement board over underfunded pension fund

Hallie Lauer | Pittsburgh Post-Gazette | December 11, 2024

Sheila Weinberg the founder and CEO of Truth in Accounting, a nonprofit based in Illinois that examines government finances and pension funds, said “it’s not going to be pretty” for the county to get out of this situation.

“There’s really only two options,” she said. “Raise taxes or cut benefits.”

HALF of all U.S. states going BANKRUPT, financial report finds

Natural News | December 6, 2024

The future of America hangs in the balance as the country's financial state is not exactly strong.

A recent report from Truth in Accounting has revealed that 27 states across America, more than half, ended fiscal year 2023 with a deficit, meaning they did not have enough money on hand to cover their financial obligations.

Reports agree: Louisiana faces unfunded liabilities in pension system

Jacob Mathews | The Center Square | December 6, 2024

Net pension liabilities and direct debt are both causes of the taxpayer burden, along with a lack of net assets to pay off liabilities. According to a presentation from Truth in Accounting, the per-capita taxpayer burden in 2023 was $13,400.

Chicago locals TORCH Democrat officials: 'EMBARRASSING US'

Fox News | December 4, 2024

'Outnumbered' reacts to Chicago residents erupting at a city council meeting over the city's sanctuary policies prioritizing illegal immigrants over citizens.

Milwaukee pension system has $2.1B net liability

Jon Styf | The Center Square | November 19, 2024

Earlier this year, Truth in Accounting graded Milwaukee with a “D” for its financial position as it owed $15,300 per taxpayer for its obligations. Any city with an average taxpayer burden of between $5,000 and $20,000 was graded with a “D.”

In 2023, the Milwaukee pension system reported $545.9 million in net investment income and $203.7 million in total contributions as it paid pension benefits of $466.6 million with $8 million in administrative expenses.

Chicago Public Schools’ financial crisis can again be fixed by state oversight

Joe Tabor | Illinois Policy Institute | November 5, 2024

A reestablished School Finance Authority need not be as disruptive to Chicagoans as the 1980 intervention, either. It need not add yet another property tax hike on Chicagoans who already face the second-highest commercial property taxes and some of the highest residential property taxes in the nation.

Nor does it need to pile more debt onto residents, each of whom are already on the hook for nearly $43,000 in debt from the city according to a report by Truth In Accounting – the second most of the 75 cities reported. That does not include the $37,000 of state debt every Illinoisan is saddled with – the third most of any state in the country.

Cato Institute Ranking of Governors: Gavin Newsom Earns a “D” and Tim Walz an “F”

John Moorlach | California Globe | November 4, 2024

Minnesota placed 8th in the fiscal rankings based on the per capita of its unrestricted net position for governmental activities in 2022. This is much better than California’s placing 43rd (see Long Overdue Financial Report for California Brings Bad News, March 18, 2024).

Truth in Accounting also ranked Minnesota well (see NEW REPORT: California Ranks Among Bottom of 50 States for Financial Transparency, April 23, 2024). But this seems to have encouraged Governor Walz to be greedier and demand more from Minnesotans.  

Our Fragile Infrastructure: Lessons From Hurricane Helene

Ellen Brown | SCHEERPOST | November 4, 2024

Small businesses  are now failing across the country at increasingly high rates. That means layoffs, need for more government assistance, lower productivity, and higher taxes. But that’s not true in North Dakota, which was rated by Forbes Magazine the best state in which to start a business in 2024. On Oct. 2, Truth in Accounting’s annual Financial State of the States report rated North Dakota ND #1 in fiscal health, with a budget surplus per taxpayer of $55,600.

Why 27 U.S. States Are Going Broke

CNBC | November 4, 2024

27 state governments lack the necessary cash on hand to pay their bills, according to researchers. The debts largely relate to the public pension system, which provides lifetime benefits to state and local government employees. 

Illinois is falling short in ways that can be costly

The News-Gazette | October 26, 2024

Illinois certainly has its attractions: a stable workforce, world-class universities, a vast interstate highway system and one of the world’s leading airports in Chicago.

Then again, its reputation for rampant political corruption, high taxes and fiscal irresponsibility that has left the state deeply in debt don’t exactly impress job creators looking for a financially stable, business-accommodating environment in which to operate.

The unemployment rate isn’t the only disquieting news Illinoisans have received of late.

Truth-in-Accounting, the Chicago-based financial watchdog group, recently examined the financial health of the 50 states and ranks Illinois near the very bottom — No. 48.

Baltimore nonprofits dodge needed scrutiny

David Williams | The Baltimore Sun | October 21, 2024

Baltimore’s finances are in a bad way. Despite assurances from the mayor that the city’s $4.1 billion budget for fiscal year 2025 is balanced, this misleading message masks a dismal reality. As fiscal watchdog Truth in Accounting notes in its 2024 “Financial State of the Cities” report, “Baltimore would need $14,100 from each of its taxpayers to pay all of its outstanding bills”

Waste of the Day: States Are $811 Billion In Debt

RealClear Investigations | October 21, 2024

America’s 50 state governments will need an extra $811 billion to pay off their current debt, according to the annual “State of the States” report from Truth in Accounting.

Key facts: State governments had $2.9 billion in debt and only $2.1 trillion in assets at the end of fiscal year 2023, Truth in Accounting, a nonpartisan organization that promotes fiscal transparency and accountability, found. The gap will need to be covered by taxpayers sometime in the future.

Cities Preparing for Life After American Rescue Plan Funding

The Epoch Times | October 18, 2024

This past spring, Truth in Accounting estimated that 50 of the nation's 75 largest cities are facing substantial debts and deficits, which can threaten local employees' health care and pension benefits. "Our biggest challenge is not the replacement of the ARPA funds.

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