Institute to Bring Truth to 50 State Budgets in 2008

Institute for Truth in Accounting will investigate state budgets in 2008;
Some, claiming to be "balanced," have massive liabilities
- including Illinois

Chicago - Today, the Institute for Truth in Accounting announced the launch of a new project for 2008:  an in-depth investigation of budgets in all fifty states, including Illinois.  The study, funded with a recent grant from the Searle Freedom Trust, is dedicated to spreading accurate financial information across the country this election year.

"Most states claim to have a 'balanced' budget, yet continually report 'structural' deficits.  Many states' laws require balanced budgets," said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting(IFTA).  "The truth, however, is far more complicated.  It's also troubling.  We are honored to receive Searle's generous grant, and we look forward to digging up the true budget numbers in all fifty states." 

The State of Illinois, for instance, has claimed for more than twenty years that its budgets have been "balanced." While it is never expected that each fiscal year's results will net to zero, over a twenty-year period, the State's accumulated deficits would be expected to be near zero. Yet a recent IFTA analysis demonstrates the Illinois is in a financial hole of more than $44 billion - a burden for past-year services, shifted to future-year taxpayers without having impacted the State's budget calculations for the past twentyyears.

"We believe that such budgeting practices exist in many of the 50 states," said Weinberg.  "Our goal is to bring the true, accurate data to each of them - and to the nation - this year." 

The study, which will be coordinated by IFTA expert advisor Rick Skiba,will take place over six months.  The data will be compiled into a comprehensive report to be released later this year. For more information, contact Sheila Weinberg at 847-835-5200.

About the Institute for Truth in Accounting

The Institute for Truth in Accounting (IFTA) is dedicated to promoting honest, accurate, and transparent accounting at all levels of government.   As a non-partisan, non-profit organization, the IFTA works to expose accounting deficiencies while promoting better, more accessible delivery of accurate government financial data - and, in turn, providing a foundation for more informed public policy. The IFTA provides its expertise to develop more effective accountingstandards and deliver accurate government financial information to policymakers, opinion leaders, and citizens so that they can work for amore secure financial future. To learn more, please visit our website at