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.

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’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”

Trending now nonprofit group "Truth in Accounting" recently ranked the financial health of all 50 states and in that report Maryland received a "D" grade.

KMOV ran a piece the other day reporting that the St. Louis comptroller claims the city has a $42.2 million surplus.

I’m skeptical, and you should be too.

Why didn’t Maine get a better grade in this report?
 
They got a C because it would take $2,300 from every taxpayer for the state to pay off all its bills.
 
If the state used every penny it has available right now to pay its current bills, it would still be short by $1.3 billion.

There they go again.

The carnival barkers are on the attack, sharing more bad financial news about Illinois than some people want the public to know.

In its latest report on the financial health of the 50 states, Truth-in-Accounting, the Chicago-based financial watchdog group, ranks Illinois near the very bottom — No. 48.

Georgia has $8.8 billion to pay its bills, with a surplus of $2,400 per taxpayer, according to Truth in Accounting's Financial State of the States report.

As of August 31 2024, Illinois had not released its fiscal year 2023 annual financial report. Based upon the state’s last audited financial report for the fiscal year 2022, it had a Taxpayer Burden of $37,000, earning it an “F” grade from Truth in Accounting. At that time, Illinois needed $175.4 billion to pay its bills. Unfunded pensions and other employee retirement obligations continued to plague the state in 2022, and we expect the same occurred in 2023.

There are two ways California could use some truth in accounting. First, with the extraordinary level of waste, fraud and abuse in this state, it is indisputable we need more fiscal discipline and oversight.  Second, and in furtherance of the first, Truth in Accounting (TIA) is a highly reputable think tank that analyzes government financial reports. Its conclusions about California are disturbing to say the least.