Mississippi extremely tardy with its financial report

As of today, it has been 460 days since the state of Mississippi's fiscal year 2024 ended and the state has yet to publish its Annual Comprehensive Financial Report (ACFR).

According to the Government Finance Officers Association, states should release their annual reports within 180 days of fiscal year-end. Most publicly traded corporations report even faster—often within 45 days—and face enforcement if they miss deadlines. No equivalent penalty exists for states, even though they steward billions in taxpayer resources.

The broader context matters. Truth in Accounting’s 16th annual Financial State of the States report shows 25 states couldn’t cover their bills for FY 2024 and highlights $832 billion in unfunded pension and retiree health care liabilities nationwide. Late ACFRs obscure the real-time fiscal picture and weaken the public’s ability to judge tradeoffs in the next budget.

Truth in Accounting urges states to adopt a 100-day reporting goal so budget writers—and voters—have timely numbers. Releasing Mississippi’s FY 2024 ACFR without further delay would be a concrete step toward restoring accountability and public trust.