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.
Twenty-three Oklahoma state legislators have joined colleagues from across the country to oppose additional federal bailouts for state governments, signing a letter that declares bailouts will incentivize poor financial management and punish fiscally prudent states.
Debt is a very common aspect of life in the U.S. If you own a house, you might be paying off a loan you used to buy it, and it could be years before you’ve finished doing so. Cities do this too for large public projects, except their debt frequently takes shape as municipal bonds.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
As of fiscal year 2017 the state of Illinois had $134.3 billion in unfunded pension benefits, up from $62.4 billion in 2009.
Audits are conducted pursuant to the Government Auditing Standards, known as the 'Yellow Book,' issued by the Comptroller General and may have financial and/or performance objectives.
With the end of fiscal 2018 arriving Sept. 30 for the federal government, bean counters at the Treasury could conduct a tally on the effect of the year's tax cuts - supported by the Republicans - on the national deficit.
The reason Oklahoma is so susceptible to the oil market is because it's one of only two oil states in the country -- the other is Louisiana -- that doesn’t protect its budget by reinvesting at least a portion of its oil revenue.
It's that time of the year again when we find out how deep in the red our country is thanks to the 2018 edition of the Mercatus Center State Fiscal Rankings.
What does the investment return for Fiscal Year 2018 mean as part of the big picture?
The fired executive director of the Oklahoma Police Pension and Retirement System was charged Tuesday with seven felony counts stemming from allegations he disguised personal vacations as business trips.
On Monday, thousands of teachers and supporters in Kentucky are expected to descend on the state capitol in Frankfort to demand Gov. Matt Bevin veto a bill that overhauls their pension plan, which they say was forged by lawmakers in secret backroom deals.
Voters worried that Congress and the White House can't tame federal borrowing may be overlooking another big debt bomb closer to home.
A new study of public pension returns by Cliffwater LLC has found that the median U.S. state pension plan returned just 5.9% annually over the 10 years ended June 30, 2016.
Includes "The Oklahoma Supreme Court has ruled a law that shifted thousands of newly hired state employees into a new 401(k)-style retirement system was appropriately passed by the Legislature in 2014.
"House Democratic leader Rep. Scott Inman said he believes next year’s state budget will be the most devastating for core state services in more than a generation.”
Enacted state budgets for fiscal 2016 represent a sixth consecutive year of spending and revenue growth, according to this report.
"The reality in recent times is, in good times as well as bad, Oklahoma can’t balance its budget."
"When a politician takes on too much debt...he shares no liability for his bad action and the long-term consequences which will follow, he does take the credit for the short-term benefit of the debt…”