A new national report evaluating how openly states report their finances has given Virginia a Financial Transparency Score of 80 out of 100, ranking 9th among the 50 states.
The score comes from Truth in Accounting's newly released Financial Transparency Score 2026 report, which examines how effectively states disclose their true financial condition through audited financial reports.
The report evaluates each state's Annual Comprehensive Financial Report (ACFR) using several measures of financial transparency, including audit quality, timeliness of reporting, retirement liability disclosure, pension data accuracy, and whether financial statements are distorted by complex accounting practices. States can earn up to 100 points by meeting established transparency standards.
According to the report, transparency scores declined nationwide compared to the previous year, with many states facing challenges related to delayed financial reports, poor audit outcomes, and incomplete disclosure of retirement liabilities.
Virginia ranked among the top 10 states nationally and received a clean audit opinion. The state performed strongly across most transparency categories, including retirement liability reporting, independent auditing, and pension data timing.
The report places significant emphasis on audit quality, with half of the total score based on whether a state's financial statements receive a clean opinion from an independent auditor.
Nationally, New Mexico and West Virginia earned the highest transparency scores, each receiving 87 out of 100 points. Indiana, New York, and Maryland rounded out the top-performing states. Connecticut ranked last in the nation, followed by Georgia, North Carolina, California, and Illinois.
Truth in Accounting believes transparent financial reporting allows taxpayers, lawmakers, investors, and other stakeholders to better understand the financial condition of their state government and make informed decisions based on accurate information.
Residents can view the complete Financial Transparency Score 2026 report and state-by-state rankings at https://www.truthinaccounting.org/news/detail/financial-transparency-score-2026.
Sign up for free local newsletters and alerts for the
Across Virginia Patch
Patch.com is the nationwide leader in hyperlocal news.
Visit Patch.com to find your town today.