Massachusetts ranked no. 47 for fiscal health

A new report on the financial condition of the 50 states ranked Massachusetts no. 47 for its fiscal health in fiscal year 2023. The report found that 27 states did not have enough money to pay their bills at the end of fiscal year 2023 and Massachusetts’ finances worsened.

The analysis by Truth in Accounting, a non-profit government finance watchdog group, found Massachusetts needed $74 billion to pay its bills. This means that each Massachusetts taxpayer would have to pay $25,400 to get the state out of debt, which is why it received an “F” grade for its fiscal health.

Massachusetts’ financial condition decreased by $767 million. The state reported revenues were
higher than expenses but this was offset mostly by an increase in the state’s net pension liability
because of the growth in the accrued benefits exceeding the investment income and contributions.