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.”

The 15th annual Financial State of the States report compiled by Truth in Accounting and the report shows 27 states did not have enough money to pay their bills.

However, North Dakota finished No. 1 of all 50 states with an “A” grade and Minnesota was ranked 11th with a “B” grade.

The 144-page final report provides a comprehensive analysis of the fiscal health of all 50 states.

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.

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

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.