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Truth in Accounting (TIA) released its 15th annual Financial State Of The States Report for 2024. This is the third report TIA has done in conjunction with the University of Denver's School of Accountancy.

TIA, a proponent transparency and honest accounting, has developed a model to analyze each state's assets and liabilities, including unreported liabilities.

The organization generally refrains from making policy recommendations, outside of suggesting improvements to budgeting and accounting practices that would help the public's understanding of government finances.

The report splits states into two groups:

• Sinkhole States that lack the necessary funds to pay their bills; and
• Sunshine States that have enough money to pay their bills.

Connecticut came in last place, the biggest Sinkhole State in the nation.

While TIA applauds the improvement in Connecticut's financial condition in 2023, the state only increased money available to pay bills by $3.7 billion. However $64.9 billion would be required to pay all of the state's bills, which are largely driven by unfunded pensions and other post-retirement benefits, leaving taxpayers with a net burden of $44,300 in Connecticut.

According to TIA, any government with a burden in excess of $20,000 automatically receives an "F".

Way to go, Connecticut.

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