By J.D. Tuccille, includes “…Undoubtedly, many families will return to public schools after the virus is gone, but others will stick with alternatives they learned to trust when government offerings failed.”
By Scott Rasmussen, includes “… On a percentage basis, the biggest increases were found in Idaho, Arizona, Nevada, and Utah.”
The 2020 Financial State of the States report surveys the fiscal health of the 50 states prior to the coronavirus pandemic. This data is released today by Truth in Accounting (TIA), a think tank that analyzes government financial reporting.
Right now, there is a push from the mayor’s Economic Stabilization Task Force to increase the City and Borough of Juneau bond debt to help the economy during this time of economic crisis. Increasing our debt is exactly the opposite of what should be done.
Each year, Truth in Accounting releases the Financial Transparency Score Report, which focuses on transparency in the budgets of state governments.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
New state taxes are on table for discussion next spring as the Legislature and Gov. Mike Dunleavy figure out how to deal with a projected $1.5 billion deficit for state Fiscal Year 2021, the budget year that begins next July 1. The Legislature and the governor must approve the budget, including how to cover the funding gap, before June 30.
Gov. Michael Dunleavy eliminated 40 percent of the University of Alaska system's state funding. Lawmakers failed to override his budget vetoes.
“Conservatives who want to shrink government are despairing over the debt-fueled Washington spend-fest. They tend to blame out-of-touch leadership for the failure to cut spending, but public opinion is likely the real culprit. Turn north and look at the ongoing budget fight in Alaska to see why. … So Dunleavy’s budget is forcing Alaskans to decide how much government they want and how much they are willing to pay for it. That’s precisely the debate small- government conservatives have wanted to force for decades.”
See the financial condition of Alaska, Connecticut, Delaware, Iowa, Illinois, North Dakota, Utah, Washington and West Virginia.
The Legislature has passed a measure, Senate Bill 97, to lower the amount of bonds the state could sell to reduce this unfunded pension liability.
Some state senators are expressing concern about the projected shortfall in funding Alaska's public employee pensions.
Forty-one U.S. states do not have enough money to pay their bills, collectively they have racked up $1.5 trillion in unfunded liabilities.
Using our State Data Lab, we take a look at how the No. 1 ranked state in our annual Financial State of the States report compares to the worst-ranked state.
States collectively owe more than $1 trillion in pension benefits to current public workers and retirees, but that oft-cited figure does not include the cost of other retirement benefits for government workers and public school employees.
Got $50,000 laying around you can hand over to the state? Illinois taxpayers owe that much in debt racked up by state government.
Analysis reveals a strong financial position, with some room for improvement.
Alaska is fast approaching the point where it needs to resolve its massive budget deficit, though analysts still believe it the state has a long ways to go before becoming the Illinois of the north.
At the state level, public pension funds bear significant stress.
Roundup of recent news by Liz Farmer, includes "... When it comes to where taxpayers get the best bang for their buck, New Hampshire rises to the top.