Maryland ranked among the nation’s highest-scoring states in a new report examining how clearly governments disclose audits, pension obligations and other long-term financial information to taxpayers.
Truth in Accounting’s 2026 Financial Transparency Score gave Maryland an 84 out of 100, placing the state fourth nationally behind New Mexico, West Virginia and Indiana.
The report found Maryland benefited from clean audit opinions on both the state’s financial statements and its largest pension system, along with the use of an outside independent CPA firm for those audits. CliftonLarsonAllen conducted the audits, aligning with the organization’s preferred independence standards.
The nonprofit group evaluates states using categories including audit quality, reporting timeliness, pension data, use of external auditors and whether retirement liabilities are fully reflected in financial statements.
Maryland outperformed neighboring states including Virginia, which received a score of 78, as well as Pennsylvania, which scored 77. Connecticut ranked last nationally in the report.
According to information provided to The Center Square by Truth in Accounting, Maryland released its financial report about 243 days after the fiscal year ended, which the organization said reduced the timeliness and real-time usefulness of the information for taxpayers and policymakers. However, the organization stated that the number was better than most states that have a significant reporting delay.
Truth in Accounting also said Maryland’s financial statements use pension valuation data from the prior fiscal year rather than the same fiscal year covered by the report. The organization further said pension-related deferred inflows and outflows created what it described as moderate balance-sheet distortion, making it more difficult to evaluate the state’s financial position.
“Maryland demonstrates strong financial reporting practices overall, but transparency from a taxpayer perspective could be further improved through faster financial reporting and by relying on pension valuation data that is not already one year old when incorporated into the state’s financial statements,” Sheila Weinberg, founder and CEO of Truth in Accounting, told The Center Square in a statement.
States gained points for clean audit opinions, faster reporting timelines and independent audits, while losing points for delayed reports, outdated pension data and accounting practices the organization said can distort a government’s financial position.
For Southern Maryland taxpayers in Calvert, Charles and St. Mary’s counties, the high ranking reflects positively on how state government manages finances that support local schools, public safety, roads and other services. State funding flows directly to local programs, including Charles County Public Schools, Calvert County Public Schools and St. Mary’s County Public Schools, as well as public safety initiatives and infrastructure projects in the tri-county region.
Clear and timely financial disclosures help local residents and elected officials better understand how tax dollars are allocated and whether long-term obligations, such as pensions, are being responsibly managed. The report’s emphasis on independent audits and clean opinions provides reassurance to families and businesses in Southern Maryland that state finances are being overseen with a high degree of accountability.
The Maryland Department of Natural Resources, which manages fisheries and environmental programs critical to the Chesapeake Bay economy, also benefits from strong state financial oversight. Local watermen and farmers in St. Mary’s, Calvert and Charles counties rely on stable state funding for conservation efforts that sustain the region’s natural resources and tourism industry.
The 2026 report continues a trend of Maryland performing well in government transparency evaluations. State officials have emphasized the importance of clear reporting as part of efforts to maintain public trust and fiscal responsibility.
The full Truth in Accounting report is available on the organization’s website.
