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Connecticut ranked last for fiscal transparency | Yankee Institute for Public Policy
A new report released by Chicago-based Truth in Accounting ranked Connecticut dead last in the country for fiscal transparency, but that score isn’t sitting well with the Office of the Comptroller.
According to TIA, Connecticut’s score improved six points over last year, scoring a 50, thanks to a “timely release of the state’s Comprehensive Annual Financial Report,” but was still behind North Carolina, which scored a 56.
“The state does not prepare a CAFR for its largest pension plan and uses a state official, the state auditor, to audit the state’s CAFR,” the study says. “Connecticut’s net position is also inflated by $8.2 billion, largely because the state defers recognizing losses incurred when the net pension liabilities increase.”
A new report released by Chicago-based Truth in Accounting ranked Connecticut dead last in the country for fiscal transparency, but that score isn’t sitting well with the Office of the Comptroller.
According to TIA, Connecticut’s score improved six points over last year, scoring a 50, thanks to a “timely release of the state’s Comprehensive Annual Financial Report,” but was still behind North Carolina, which scored a 56.
“The state does not prepare a CAFR for its largest pension plan and uses a state official, the state auditor, to audit the state’s CAFR,” the study says. “Connecticut’s net position is also inflated by $8.2 billion, largely because the state defers recognizing losses incurred when the net pension liabilities increase.”