Arizona earned a score of 64 out of a possible 100 points in a ranking by the Chicago-based policy institute Truth in Accounting (TIA), putting the state in 42nd place among the 50 states. 

The TIA study is based on states’ fiscal year 2020 financial reports, meaning that the time period covered the onset of the COVID-19 pandemic. The overall results showed the 50 states’ scores were lower than in previous years, with many states being dinged on factors such as poor audit opinions (50 points possible) and timeliness (10 points possible). 

In awarding the grades, TIA considered whether the state data was posted within 100 days of the end of the state’s fiscal year, whether states hired independent auditors to review their numbers and whether pension debts were included in the annual fiscal reports.

Online accessibility to the data and the presence of the straightforward language were also considered in the analysis. TIA considers a score of 80 or higher as a noteworthy effort.

In the category of retirement benefit obligations, only 20 states posted 95% or more of their actual retirement debts, compared to 34 states that did so in the previous year.

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FY 2020 Financial Transparency Scores by State

Rank	State	Auditor Opinion	Deferred Items	Off-Balance Sheet Liabilities	Timeliness	Accessibility	Navigation	External Auditors	Pension Data Timing	Total Transparency Score
1	Utah	50	9	10	7	4	5	2	1	88
2 (tie)	Maryland	50	5	10	5	3	4	5	5	87
2 (tie)	South Dakota	50	9	10	6	5	3	2	2	87
4 (tie)	New Hampshire	50	4	10	7	4	4	5	2	86
4 (tie)	Maine	50	6	10	7	5	4	2	2	86
6	Virginia	50	8	10	7	4	4	0	2	85
7 (tie)	Washington	50	7	7	7	4	5	2	2	84
7 (tie)	Hawaii	50	6	10	6	4	1	5	2	84
7 (tie)	Tennessee	50	8	10	7	3	4	0	2	84
7 (tie)	West Virginia	50	5	9	7	3	3	5	2	84
7 (tie)	South Carolina	50	7	5	9	4	2	5	2	84
12 (tie)	Idaho	50	9	5	7	4	4	2	2	83
12 (tie)	Wyoming	50	9	9	3	4	2	5	1	83
14 (tie)	Mississippi	50	9	10	2	4	3	2	2	82
14 (tie)	Indiana	50	8	10	6	2	2	2	2	82
14 (tie)	Kansas	50	9	4	7	4	1	5	2	82
14 (tie)	Pennsylvania	50	3	6	7	4	5	5	2	82
14 (tie)	Rhode Island	50	7	10	4	4	5	0	2	82
14 (tie)	Vermont	50	5	9	6	4	1	5	2	82
20	Oregon	50	8	9	4	4	2	2	2	81
21 (tie)	Massachusetts	50	3	9	2	4	5	5	2	80
21 (tie)	Wisconsin	50	3	10	7	4	5	0	1	80
23 (tie)	North Dakota	50	8	4	7	4	2	2	2	79
23 (tie)	Delaware	50	1	9	7	4	1	5	2	79
23 (tie)	Louisiana	50	6	10	6	2	1	2	2	79
26 (tie)	Alabama	50	3	7	6	3	5	2	2	78
26 (tie)	Montana	50	7	8	5	2	4	0	2	78
28 (tie)	Texas	50	0	10	7	4	4	0	2	77
28 (tie)	Arkansas	50	6	10	6	2	1	0	2	77
30	Minnesota	50	0	10	7	3	4	0	2	76
31	Michigan	50	6	4	7	4	2	0	2	75
32 (tie)	Connecticut	50	0	10	4	4	2	2	2	74
32 (tie)	Oklahoma	50	8	3	5	3	1	2	2	74
32 (tie)	Iowa	50	8	9	0	3	2	0	2	74
35	New York	35	7	9	8	4	3	5	2	73
36 (tie)	New Jersey	50	0	10	2	2	4	2	2	72
36 (tie)	California	50	3	10	0	2	3	2	2	72
38	Alaska	35	9	10	3	4	5	2	2	70
39	Missouri	35	8	10	3	3	5	2	2	68
40	Nevada	35	8	10	0	4	3	5	2	67
41	Florida	35	7	10	3	4	4	0	2	65
42	Arizona	35	8	10	0	3	4	2	2	64
43 (tie)	Kentucky	35	0	10	7	3	4	2	2	63
43 (tie)	Ohio	35	5	10	6	2	2	2	1	63
45	New Mexico	35	7	7	0	2	2	5	2	60
46	Illinois	35	0	10	0	3	4	2	2	56
47	Nebraska	25	7	8	7	4	2	0	2	55
48 (tie)	North Carolina	25	3	10	8	3	3	0	2	54
48 (tie)	Georgia	25	6	10	2	3	4	2	2	54
50	Colorado	25	9	10	3	3	2	2	1	46

Source: Truth in Accounting