While enjoying dinner at The Heartland Institute's 28th Anniversary Benefit Dinner on Thursday, August 9, in the Grand Ball Room at Navy Pier, seated next to me were two women whose impressive work over a period of a few years produced the following publication: "The Financial STATE OF THE STATES."
They were Sheila A. Weinberg, CPA, Founder & CEO, and Donna Rook, Vice President, State Data Lab, who work together at the "Institute for Truth in Accounting" located in Northbrook, Illinois. truthinaccounting.org
During our conversation a copy of "The Financial STATE OF THE STATES (Second Edition) was shared with me.
As the title suggest, every state in the union is evaluated to determine its financial condition. IFTA researchers used a thorough, detailed approach comparing all of a state's bills, including those related to retirement systems, to all of a state's assets available to pay these liabilities.
Spotlighted are the 5 top "Sunshine States" where a Taxpayer's Surplus exists: 1) Alaska, 2) Wyoming, 3) North Dakota, 4) Utah, and 5) Nebraska.
Contrasted are the bottom 5 "Sinkhole States" where a Taxpayer's Burden exists: 46) Kentucky, 47) Illinois, 48) Hawaii, 49) New Jersey, and 50) Connecticut. In Illinois each taxpayer would have to send the state a check for $31,600 to cover the state’s bills.
Conclusions reached in The Financial STATE OF STATES include:
1. Faulty Budgeting and Accounting Principles Are the Primary Cause of States' Financial Woes/Problems.
2. Balanced Budgets Result in Bills in Excess of Assets Totaling Almost $1.2 Trillion.
The following graphs are included:
- Worst 25 States, Each Taxpayer's Burden
- Top 25 States, Each Taxpayer's Burden (Surplus)
- The Financial State of the States
- Accumulated Bills
- Schedule of Retirement Liabilities Not Clearly Disclosed
- Timeliness of Financial Report Release
Truth in Accounting has developed a budgeting system called "Full Accrual Calculations and Techniques" to bring truth and greater transparency to the state budget processes.
As a registered not-for-profit 501 (c) (3) organization, the Institute relies on contributions.
For more information about the Institute and how you can receive your copy of "The Financial STATE OF STATES," go to <http://www.facebook.com/truthinaccunting> http://truthinaccounting.org/
Truth in Accounting also has a Facebook page and can be followed on twitter at Twitter.com/truthin.
"The Financial STATE OF THE STATES" (Second Edition) is a must have publication for anyone interested in the lack of truth and transparency, as it shows how states deals with their budgets and why most states have dug financial holes of debt for current and future taxpayers.