Connecticut gets score of 44 on financial transparency


Connecticut earned subpar marks for its system of making annual budgetary data available to residents, according to a study by the Chicago-based policy institute Truth in Accounting (TIA).

The state’s score of 44 is below the U.S. average of 73.3. TIA’s scores ranged from a low of 44 to a high of 85. Connecticut ranked No. 50 in the nation for its efforts at providing timely, comprehensive financial data to citizens in a user-friendly way on the internet. 

In awarding the grades, TIA’s analysis considered whether the state data was posted online within about three months of the end of the state’s fiscal year, whether states hired independent auditors to review their numbers and whether pension debts are included in the annual fiscal report.

The 15 states that hire independent auditors to analyze their financial reports are Delaware, Hawaii, Kansas, Maryland, Massachusetts, Nevada, New Hampshire, New Mexico, New York, Pennsylvania, Rhode Island, South Carolina, Vermont, West Virginia and Wyoming, according to the study.

---

State’s Financial Transparency Scores

Rank

State

Financial Transparency Score

1

Utah

85

2

Washington

84

3

West Virginia

83

4

Virginia

83

5

South Dakota

83

6

Idaho

82

7

North Dakota

82

8

Alaska

81

9

Georgia

81

10

Indiana

81

11

New Hampshire

81

12

Pennsylvania

81

13

Oregon

81

14

Hawaii

80

15

Iowa

80

16

Maine

80

17

Nevada

80

18

New York

80

19

Mississippi

80

20

Tennessee

79

21

Wyoming

79

22

Arizona

78

23

South Carolina

78

24

Delaware

77

25

Kansas

77

26

Florida

76

27

Maryland

76

28

Kentucky

74

29

Michigan

74

30

Minnesota

74

31

Colorado

74

32

Texas

74

33

Alabama

74

34

Wisconsin

74

35

North Carolina

73

36

Ohio

73

37

Oklahoma

73

38

California

72

39

Illinois

72

40

New Jersey

71

41

Missouri

65

42

Louisiana

62

43

Nebraska

61

44

Rhode Island

55

45

Vermont

53

46

Massachusetts

52

47

Montana

52

48

Arkansas

50

49

New Mexico

50

50

Connecticut

44

U.S. average

73

Source: Truth in Accounting

More News

Metro Business Network