When it comes to states managing their finances and the welfare of its people, how does this state stack up against the other 49?

Decent. Pretty dang decent.

According to Yahoo finance, Montana ranks #2 in the Best Run States in America.

15. Montana
> Debt per capita: $4,290 (15th highest)
> Budget deficit: None
> Unemployment: 6.0% (14th lowest)
> Median household income: $45,076 (12th lowest)
> Pct. below poverty line:15.5% (25th highest)

According to 24/7 Wall Street

Montana was one of just eight states that did not need to close a budget shortfall going into fiscal 2012. State revenue came to just under $8,000 per resident as of fiscal 2011, and the Montana government spent roughly $7,100 per person that same year. However, the state still had a considerable amount of debt per capita, and Montana’s pension obligations were just 63.9% funded as of the end of 2012, compared to a 72.4% rate of pension funding across the nation. The state’s credit is rated just AA by Moody’s, putting it in the bottom half of the states. Montana’s poverty rate was roughly in line with the national rate in 2012. On the other hand, the state had the highest percentage of adults with a high school diploma, at 92.8%, compared to the 86.4% of adults nationwide.

The best run state? North Dakota. The worst? No big surprise...California.