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Median Income for Bachelor's Degree Holders in Urban Areas
Individuals aged 25 or older holding a bachelor’s degree.
- San Francisco $106,552
- Dallas $76,127
- New York $73,669
- Chicago $72,970
- National Average $64,572
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The Data-Z website houses the extensive data and research collected and used by TIA. It is a free repository for federal, state and local government economic and demographic data giving site users the ability to select relevant data and perform their own analysis.
(An advanced subscription with deeper access to the data is available, contact Karen Danford at kdanford@truthinaccounting.org for details)
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Implementation of Financial Data Transparency Act Sheds Light on Opportunities in Colorado Special Districts
The FDTA aims to modernize the collection and dissemination of financial data by federal financial regulators, making it more accessible, standardized, and valuable for both investors and consumers. And a significant report published by Truth in Accounting and XBRL.US, provides insights into the obstacles and advantages associated with implementing the Financial Data Transparency Act (FDTA) in particular districts of Colorado. The FDTA, a bipartisan bill, was officially enacted into law on December 23, 2022.The paper highlights several challenges that local governments, particularly special districts, may face when adopting taxonomy and how to overcome those challenges. Read the full report here.
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by Christine Kuglin
Hall of Shame for 2022
Missouri- Income Taxes not Verified
Alaska- Qualified and Disclaimer Opinions
Illinois- Unemployment Trust Fund Concerns
Georgia- Unemployment Compensation Fund Challenges
Nebraska- Unemployment Insurance Challenges in Substantiating Adequacy of Controls
Read the full article here.
The information in this article comes from each state's individual 2022 Annual Comprehensive Financial Reports. The good news is, more states received unmodified opinions in 2022 than did in the 2021 review. We are currently reviewing the 2023 ACFRs and will have an update on audit opinions when we release the Financial State of the States report this April.
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HOW ACCOUNTANTS CAN HELP SAVE PUBLIC FINANCES
by IAN BALL, JOHN
CROMPTON, DAG DETTER
G7 public finances are weak and getting weaker, driven by self-indulgent fiscal policies and demographic trends. Failure to deal with this problem soon will magnify the burden on future generations and further stress political systems. And if any G7 country tumbles into financial distress, it could have severe implications for the global economic and financial system.
Debt-based fiscal rules as employed by most G7 countries do little to describe the problem, and even less to manage it. Understanding the true state of public finances requires a full balance sheet, driven by accrual-based accounting. This in turn will open up opportunities for better management of assets and liabilities, which will greatly assist in meeting the challenges faced by graying G7 countries and their overstretched public finances. Read the entire article here.
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In this week’s Dividend Cafe podcast, David Bahnsen explores the question of, “Well, does it matter?” And to understand if it matters or not what the Fed does, we may want to understand what they do, exactly.
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California State Auditor Gives Up on Local Government Monitoring
by Marc Joffe
The Census Bureau recently reported that the US has 90,837 local governments. Many of these entities are superfluous, insolvent, or poorly managed. In several states, an oversight body is responsible for identifying, righting, and even dissolving local governments that are failing. For example, the North Carolina Local Government Commission dissolved the town government of East Laurinburg due to a chronic inability to manage its finances. The town is now an unincorporated community with government services provided at the County level.
Unlike North Carolina, California does not empower an executive agency to dissolve local governments, but it does give them oversight responsibilities. Both the State Controller and State Auditor have the power to conduct local government audits.
But with thousands of local governments across the Golden State, determining which ones to investigate is challenging. The decline of local newspapers means that fewer reporters are looking for cases of waste, fraud, and abuse, so reviewing local government financial statistics may be the best option. Read the full article here.
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"You can't help people if you can't manage the money." - Mark Funkhouser
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Set against the backdrop of the Financial State of the Cities report, this educational conversation aims to dive into the fiscal condition of the 75 largest cities nationwide.
Our distinguished guest, Mark Funkhouser, has a Ph.D. in Public Administration and Urban Sociology from the University of Missouri-Kansas City and is an expert in performance auditing, municipal finance, process improvement, and analytical skills. He serves as President of Funkhouser & Associates, a consulting firm specializing in government operations and public finance. He has many years of experience helping public officials and their private sector partners create better, more fiscally sustainable communities.
We look forward to hearing his suggestions regarding the measures struggling cities can adopt to regain fiscal health. And how can already robust cities enhance their resilience further?
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