Low rank on truthful accounting
RALEIGH — Another day, another poor ranking for North Carolina government.
This time, it’s the new Financial State of the States report by the Institute for Truth in Accounting, an Illinois-based nonprofit that has been pushing governments to reform their accounting practices for more than a decade. Founded by a CPA and chaired by a former Ernst & Young executive, the Institute issues periodic reports that compile financial information for all 50 states – and spotlight the unfunded fiscal liabilities that state politicians tend to avoid discussing.
North Carolina has two major unfunded liabilities. One is the more than $30 billion in health benefits promised to retired state employees for which there is no money saved. The other is about to become evident under a national rewrite of ...