Institute+For+Truth+In+Accounting

Budget - Business - Democrats/Leftists - Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Hon. David M. Walker Joins the Institute for Truth in Accounting Advisory Board

September 7, 2011 by

From the Institute for Truth in Accounting…

Chicago, (September 6, 2011) — Today the Institute for Truth in Accounting and the Comeback America Initiative (CAI) announce that Hon. David M. Walker, CAI Founder and CEO, and former Comptroller General of the United States, has joined the Institute’s Advisory Board.

‘We are honored to have David Walker as our first Advisory Board member,’ said Sheila Weinberg, Founder and CEO of the Institute. ‘I have worked with David for years on bringing truth and transparency to the federal government.’

‘David’s wealth of knowledge and expertise in government finance and accounting will help the Institute take a leadership role in the national dialogue on government fiscal matters,’ stated Roger Nelson, chairman of the Institute and former vice chair of Ernst & Young. ‘We look forward to continuing to work with CAI to bring honest financial reporting and accountability to all levels of government.’
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Hon. David M. Walker Joins the Institute for Truth in Accounting Advisory Board”

Budget - Chicago - Democrats/Leftists - Economy/Finances - Government - Illinois - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Summer Quarterly Round-up e-Newsletter‏

August 22, 2011 by

From the Institute for Truth in Accounting…

Truth in Accounting Identifies Five Sinkhole States

The lack of truth and transparency in state budgets have concealed $1 trillion of outstanding bills.

The Institute’s ‘Financial State of the States’ study reviewed each state’s Comprehensive Annual Financial Report to determine the state’s true financial condition. This study included a detailed analysis of pension and retirees’ health care plans. The Institute took painstaking steps to determine the states’ share of each plans’ unfunded liability. By analyzing the assets each state has available and all of its bills, the Institute was able to determine a ‘Taxpayer’s Burden’ for all fifty states. Click here to download the full report.

The Institute’s extensive research found most states are sinking in debt, despite the existence of a balanced budget requirement in all but one state. The Institute identified the top five ‘Sinkhole’ states each with a per taxpayer burden of more than $23,000. These are Connecticut, New Jersey, Illinois, Hawaii and Kentucky. Wyoming, North Dakota, Nebraska, Utah and South Dakota are considered ‘Sunshine’ states, because a per taxpayer’s surplus or minimal per taxpayer’s burden exists in these states.
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Truth in Accounting Summer Quarterly Round-up e-Newsletter‏”

Budget - Business - Capitalism - Democrats/Leftists - Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Truth In Accounting Exposes ‘Unbalanced’ Budgets

August 11, 2011 by 1 Comment

From the Institute for Truth in Accounting…

Report Identifies Five Sinkhole States and Five Sunshine States

Chicago, (August 3, 2011) – While Congress debated legislation that includes a federal balanced budget amendment, many pointed out that 49 out of the 50 states have that same legal requirement. However, a new comprehensive study by non-partisan Institute for Truth in Accounting reports most state balanced budget laws have not worked, because past governors and legislators have not used truthful accounting to calculate their budgets. This lack of transparency has concealed a total of $1 trillion of outstanding bills.

‘State officials say their budgets are balanced but do not include employee pension and healthcare obligations in their calculations,’ stated Sheila Weinberg, Founder and CEO of the Institute. ‘Unlike the federal government, states can’t ‘print money’ to cover costs and shore up their financial conditions.’
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Truth In Accounting Exposes ‘Unbalanced’ Budgets”

Budget - Congress - Democrats/Leftists - Government - House of Representatives - Illinois - Liberals - Republicans - Senate - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Exposes ‘Unbalanced’ Budgets

August 5, 2011 by

From the Institute for Truth in Accounting…

Report Identifies Five Sinkhole States and Five Sunshine States

Chicago, (August 3, 2011) – While Congress debated legislation that includes a federal balanced budget amendment, many pointed out that 49 out of the 50 states have that same legal requirement. However, a new comprehensive study by non-partisan Institute for Truth in Accounting reports most state balanced budget laws have not worked, because past governors and legislators have not used truthful accounting to calculate their budgets. This lack of transparency has concealed a total of $1 trillion of outstanding bills.
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Truth in Accounting Exposes ‘Unbalanced’ Budgets”

Budget - Democrats/Leftists - Economy/Finances - Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting’s Fifty State Study Uncovers the True Financial Condition of the States

June 29, 2011 by

From the Institute for Truth in Accounting…

Only four U.S. states have sufficient assets to pay their debt and obligations related to pension and retirees’ healthcare

Today, the Institute for Truth in Accounting (IFTA) announces completion of a significant, comprehensive study of all 50 states’ assets and liabilities, including pension and retirement healthcare obligations. The study determined that six states had a per taxpayer burden over $20,000: Connecticut ($41,200), Illinois ($26,800), Hawaii ($25,000), Kentucky ($23,800), Massachusetts ($20,100) and New Jersey ($34,600). The Taxpayer Burden represents the funds that will be needed to pay the commitments the state has already accumulated divided by the state’s taxpayers.

“If governors and legislatures had truly balanced each state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, Founder and CEO of the Institute. She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting’s Fifty State Study Uncovers the True Financial Condition of the States”

Budget - Cities - Connecticut - Democrats/Leftists - Economy/Finances - Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

True Bridgeport, Conn. Financial Burden is $1.4 Billion

May 28, 2011 by

Today the Institute for Truth in Accounting and the Comeback America Initiative released Bridgeport, Connecticut’s “Financial State of the City.” After an intensive review of the city’s 2010 audited financial report and actuarial reports, the Institute determined that, like many cities, Bridgeport is in a precarious financial position, because it is $1.4 billion short of the funds necessary to pay the city’s commitments as they come due. Each household’s* share of this financial burden equals $27,100.

The Charter of the City of Bridgeport mandates a balanced budget. “If Bridgeport’s past Mayor and City Council had truly balanced the city’s budget, no financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A city budget is not balanced if current costs, including those for employees’ retirement benefits, are pushed into the future.”
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True Bridgeport, Conn. Financial Burden is $1.4 Billion”

Budget - Connecticut - Democrats/Leftists - Economy/Finances - Liberals - Taxes - Warner Todd Huston

Truth in Accounting Issues: Connecticut’s ‘Financial State of the State’ – True Tax Burden $63.5 Billion

May 10, 2011 by

Today, the Institute for Truth in Accounting and the Comeback America Initiative released Connecticut’s “Financial State of the State.” After an intensive review of the State’s 2010 audited financial report the Institute determined the state is in a precarious financial position, because it does not have the funds available to pay over $63.5 billion of the state’s commitments as they come due. Each taxpayer’s* share of this financial burden equals $49,000.

Connecticut state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, Founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Connecticut’s ‘Financial State of the State’ – True Tax Burden $63.5 Billion”

Budget - Democrats/Leftists - Economy/Finances - Government - Indiana - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Issues: Indiana’s ‘Financial State of the State’ – True Tax Burden $11.4 Billion

April 10, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Indiana’s “Financial State of the State.” After an intensive review of the State’s 2010 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay $11.4 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $5,700.

Indiana state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Indiana’s ‘Financial State of the State’ – True Tax Burden $11.4 Billion”

Chicago - Constitution - Democrats/Leftists - GOP - Government - House of Representatives - Illinois - Illinois State Government - Liberals - Republicans - Transparency - Truth in Accounting - Warner Todd Huston

Legislation Calls for More Transparency and Accountability During the Illinois Budget Process

March 20, 2011 by

From the Institute for Truth in Accounting…

(Chicago, March 18, 2011) — State Representative Mike Tryon (IL-64th District) has introduced the Long-Term Accounting Act into the Illinois legislature. The Act calls for increased timeliness, transparency and accountability during the state budgeting process.

“Not knowing the long term consequences of the Illinois budget has put our state $100 billion in the hole,” said Sheila Weinberg, Founder and CEO of the Institute for Truth in Accounting, which assisted in the drafting of the bill. “We can’t determine the best plan to get us out until we are honest about how big the hole is.”
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Legislation Calls for More Transparency and Accountability During the Illinois Budget Process”

Budget - Constitution - Democrats/Leftists - Economy/Finances - Elections - Government - Illinois - Illinois State Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Illinois Legislative Leaders Fail To Obey Budget Law

March 18, 2011 by

From The Institute for Truth in Accounting…

(Chicago, March 17, 2011) – On every third Wednesday in March Illinois’ House and Senate are required to adopt a joint resolution that is equivalent to a family deciding how much it will have available to spend in next year’s budget. The day was yesterday, March 16, and just like the past three years the legislators blatantly ignored the law.

“This law is in place because only after understanding your funds available can you decide how much to spend,” asserted Sheila Weinberg, founder & CEO of the Institute for Truth in Accounting. “This is the first step in budgeting. Our legislators need to follow this law and take Budgeting 101.”

The Illinois Constitution provides that the general assembly can only spend the “funds estimated to be available” for the budget year. State statute 25ILCS 155/4 requires the Commission on Government Finance and Accountability (CGFA) to submit to the legislature an estimate of that amount. The House and Senate may debate the accuracy of the CGFA figure, but the legislators must adopt some estimate of the funds available to be spend in the fiscal year 2012.
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Illinois Legislative Leaders Fail To Obey Budget Law”

Budget - Democrats/Leftists - Economy/Finances - Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston - Washington

Truth in Accounting Issues: Washington’s ‘Financial State of the State’ – True Tax Burden $31.7 Billion

March 1, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Washington’s “Financial State of the State.” After an intensive review of the State’s 2010 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay $31.7 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $13,800.

Washington state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Washington’s ‘Financial State of the State’ – True Tax Burden $31.7 Billion”

Budget - Democrats/Leftists - Government - Liberals - Pennsylvania - Regulation - Taxes - Warner Todd Huston

Truth in Accounting Issues: Pennsylvania’s ‘Financial State of the State’ – True Tax Burden $52 Billion

February 23, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Pennsylvania’s “Financial State of the State.” After an intensive review of the State’s 2010 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $52 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $12,200.

Pennsylvania state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Pennsylvania’s ‘Financial State of the State’ – True Tax Burden $52 Billion”

Budget - Democrats/Leftists - GOP - Government - Kentucky - Liberals - Taxes - Warner Todd Huston

Truth in Accounting Issues: Kentucky’s ‘Financial State of the State’ – True Tax Burden $32 Billion

February 22, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Kentucky’s “Financial State of the State.” After an intensive review of the State’s 2010 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $32 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $26,300.

Kentucky state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Kentucky’s ‘Financial State of the State’ – True Tax Burden $32 Billion”

Alaska - Budget - Democrats/Leftists - Economy/Finances - Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Issues: Alaska’s ‘Financial State of the State’ – True Tax Burden $555 Million

February 8, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Alaska’s “Financial State of the State.” After an intensive review of the State’s 2010 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay $555 million of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $1,900.

Alaska state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Alaska’s ‘Financial State of the State’ – True Tax Burden $555 Million”

Arizona - Budget - Democrats/Leftists - Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Issues: Arizona’s ‘Financial State of the State’ – True Tax Burden $10.1 Billion

February 1, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Arizona’s “Financial State of the State.” After an intensive review of the State’s 2009 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay $10.1 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $5,700.

Arizona state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Arizona’s ‘Financial State of the State’ – True Tax Burden $10.1 Billion”

Budget - Democrats/Leftists - Florida - Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Issues: Florida’s ‘Financial State of the State’ – True Tax Burden $23. Billion

January 28, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Florida’s “Financial State of the State.” After an intensive review of the State’s 2009 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $23.4 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $4,100.

Florida state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Florida’s ‘Financial State of the State’ – True Tax Burden $23. Billion”

Budget - Democrats/Leftists - Economy/Finances - Government - Liberals - New Mexico - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Issues: New Mexico’s ‘Financial State of the State’ – True Tax Burden $7.1 Billion

January 26, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released New Mexico’s “Financial State of the State.” After an intensive review of the State’s 2009 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $7.1 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $12,500.

New Mexico state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: New Mexico’s ‘Financial State of the State’ – True Tax Burden $7.1 Billion”

Budget - Democrats/Leftists - Economy/Finances - Government - Hawaii - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Issues: Hawaii’s ‘Financial State of the State’ – True Tax Burden $18.2 Billion

January 25, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Hawaii’s “Financial State of the State.” After an intensive review of the State’s 2009 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay for almost $18.2 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $39,600.

Hawaii state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Hawaii’s ‘Financial State of the State’ – True Tax Burden $18.2 Billion”

Budget - Democrats/Leftists - Liberals - Nevada - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Issues: Nevada’s ‘Financial State of the State’ – True Tax Burden $4.3 Billion

January 21, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Nevada’s “Financial State of the State.” After an intensive review of the State’s 2010 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $4.3 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $5,000.

Nevada state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Nevada’s ‘Financial State of the State’ – True Tax Burden $4.3 Billion”

Alabama - Budget - Democrats/Leftists - Liberals - Taxes - Warner Todd Huston

Truth in Accounting Issues: Alabama’s ‘Financial State of the State’ – True Tax Burden $19.9 Billion

January 20, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Alabama’s “Financial State of the State.” After an intensive review of the State’s 2009 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay almost $19.9 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $15,400.

Alabama state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Alabama’s ‘Financial State of the State’ – True Tax Burden $19.9 Billion”

Budget - Democrats/Leftists - Liberals - Minnesota - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Issues: Minnesota’s ‘Financial State of the State’ – Minnesota’s True Tax Burden $10.3 Billion

January 19, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Minnesota’s “Financial State of the State.” After an intensive review of the State’s 2010 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay almost $10.3 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $5,600.

Minnesota state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Minnesota’s ‘Financial State of the State’ – Minnesota’s True Tax Burden $10.3 Billion”

Budget - Chicago - Democrats/Leftists - Government - Illinois - Illinois State Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Illinois Truth in Accounting Workshop Educates Legislators‏

January 18, 2011 by

From the Institute for Truth in Accounting…

Illinois Reps. Karen May & and Tom Morrison Support The Truth in Accounting Act

Illinois Rep. Karen May (D-58th District) and Rep. Tom Morrison (R-54th District) joined Sheila Weinberg, CEO and founder of Institute for Truth in Accounting at a December Legislative Workshop in Highwood. The group discussed the Illinois budget, governmental accounting rules and the use of ‘political math’ to balance the budget.

Weinberg highlighted how ‘political math’ is used to disguise Illinois’ true ‘Financial State of the State.’ ‘Over the years budget shenanigans have been used to hide more than over $120 billion of state employees’ retirement and other costs,’ Weinberg added.
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Illinois Truth in Accounting Workshop Educates Legislators‏”

Budget - Democrats/Leftists - Government - Liberals - Louisiana - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Issues: Louisiana’s ‘Financial State of the State’ – True Tax Burden $24.7 Billion

January 14, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Louisiana’s “Financial State of the State.” After an intensive review of the State’s 2010 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $24.7 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $19,800.

Louisiana state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”

While Louisiana reported total assets of $45.4 billion, the Institute’s review of the state’s 2010 financial report revealed that there is more than $16.9 billion of off-balance sheet retirement liabilities. More than $30.8 billion of the State’s assets cannot be easily converted to cash to pay State bills of $39.4 billion as they come due. These assets consist of capital assets, including infrastructure, buildings and land, and assets the use of which is restricted by law or contract. The State does not have the funds needed to pay for more than $24.7 billion of state obligations.
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Truth in Accounting Issues: Louisiana’s ‘Financial State of the State’ – True Tax Burden $24.7 Billion”

Budget - Democrats/Leftists - Economy/Finances - Government - Liberals - North Carolina - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Issues: North Carolina’s ‘Financial State of the State’

January 12, 2011 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released North Carolina’s “Financial State of the State.” After an intensive review of the State’s 2010 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay $43.4 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $16,300.

North Carolina state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: North Carolina’s ‘Financial State of the State’”

Budget - Democrats/Leftists - Economy/Finances - Government - Liberals - Michigan - Taxes - Warner Todd Huston

Truth in Accounting Issues: Michigan’s ‘Financial State of the State,’ True Burden $50.1 Billion

January 11, 2011 by

From the Institute for Truth in Accounting…

Chicago (January 6, 2011) — Today, the Institute for Truth in Accounting released Michigan’s “Financial State of the State.” After an intensive review of the State’s 2009 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $50.1 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $16,400.

Michigan state law requires a balanced budget. “If governors and legislatures had truly balanced the state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.” The Institute reviewed 2009 data because the September 30, 2010 financial reports for Michigan have not yet been made available. Weinberg added, “How can legislators and the governor be making decisions without timely financial data?”
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Truth in Accounting Issues: Michigan’s ‘Financial State of the State,’ True Burden $50.1 Billion”

Budget - California - Democrats/Leftists - Economy/Finances - Ethics - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

Truth in Accounting Issues: California’s ‘Financial State of the State’

December 21, 2010 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released California’s “Financial State of the State.” After a review of the State’s 2009 audited financial report, the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $195 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $18,000.

California law requires a balanced State budget. “If governors and legislatures had truly balanced the State’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A State budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: California’s ‘Financial State of the State’”

Budget - Democrats/Leftists - Economy/Finances - Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston - Wisconsin

Truth in Accounting Issues: Wisconsin’s “Financial State of the State”

December 1, 2010 by

From the Institute for Truth in Accounting…

Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Wisconsin’s “Financial State of the State.” After an intensive review of the State’s 2009 audited financial report, the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $14.4 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $7,400.

Wisconsin law requires a balanced State budget. “If governors and legislatures had truly balanced the State’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A State budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Wisconsin’s “Financial State of the State””

Budget - Democrats/Leftists - Economy/Finances - Government - Liberals - Oregon - Taxes - Truth in Accounting - Warner Todd Huston

True Oregon Taxpayer Burden is $6.6 Billion

November 20, 2010 by

From the Institute for Truth in Accounting…

Oregon’s “Financial State of the State”

Chicago (November 17, 2010) — Today, the Institute for Truth in Accounting released Oregon’s “Financial State of the State.” After an intensive review of the State’s 2009 audited financial report the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $6.6 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $5,600.
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True Oregon Taxpayer Burden is $6.6 Billion”

Budget - Democrats/Leftists - Economy/Finances - Government - Taxes - Texas - Warner Todd Huston

True Texas Taxpayer Burden is $60.8 Billion

November 19, 2010 by

From the Institute for Truth in Accounting…

Texas’s “Financial State of the State”

Chicago (November 17, 2010) Today, the Institute for Truth in Accounting released Texas’s “Financial State of the State.” After an intensive review of the State’s 2009 audited financial report, the Institute determined the State is in a precarious financial position because it does not have the funds available to pay almost $60.8 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $8,900.
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True Texas Taxpayer Burden is $60.8 Billion”

Budget - Colorado - Democrats/Leftists - Economy/Finances - Elections - Government - Liberals - Taxes - Truth in Accounting - Warner Todd Huston

True Colorado Taxpayer Burden is $8.1 Billion

November 18, 2010 by

From the Institute for Truth in Accounting…

Colorado’s “Financial State of the State”

Chicago (November 16, 2010) — Today, the Institute for Truth in Accounting released Colorado’s “Financial State of the State.” After an intensive review of the state’s 2009 audited financial report, the Institute determined the state is in a precarious financial position because it does not have the funds available to pay more than $8.1 billion of the state’s commitments as they come due. Each taxpayer’s share of this financial burden equals $4,900.
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True Colorado Taxpayer Burden is $8.1 Billion”