Mississippi extremely tardy with its annual financial report

A new report on the financial condition of the 50 states found that 27 states did not have enough money to pay their bills at the end of fiscal year 2023. However, Mississippi did not release its annual financial report in time for our analysis. As a result, fiscal year 2022 data was used for Mississippi.

The Government Finance Officers Association standard for timeliness is 180 days after the fiscal year-end. Truth in Accounting, a nonprofit government finance watchdog, believes governments should release their financial reports within 100 days of the fiscal year-end. Without the 2023 financial report, citizens and elected officials are missing crucial information needed to make informed decisions regarding budgets, future legislative actions, and tax collection.

The longer states like Mississippi delay releasing their financial reports, the less impactful and relevant that information becomes. Mississippi has already proceeded with making budgetary decisions for the next fiscal year without access to this crucial information. Citizens, taxpayers, and elected officials need and deserve government financial information in a timely manner.