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Truth in Accounting has released its 14th annual Financial State
of the States report, which analyzes the fiscal health of all 50
states based on fiscal year 2022 annual financial reports.
Like many states, Illinois’s economic condition improved due to
federal funding for COVID-19 relief and increased tax
collections attributed to taxpayers’ pent-up tourism and
purchasing demands. However, unfunded pensions and other
employee retirement obligations continue to plague the state.
Illinois is ranked 48th in the report for its fiscal health and
received an “F” grade. Only Connecticut and New Jersey scored
lower.
CEO Sheila Weinberg said Gov. J.B. Pritzker claims he has a
balanced budget, but he includes borrowed federal funds as
revenue.
“We are also disappointed that the governor is highlighting that
the budget is balanced and we are running a surplus while he is
shorting the pensions by $5 billion every single year,” Weinberg
said.
Based on the state’s latest audited financial report for fiscal
year 2022, Truth In Accounting says Illinois had a taxpayer
burden of $41,600, which is the amount every taxpayer would have
to contribute to get the state out of debt.
"Responsible governance allows us to make investments in what
matters most and that's our people," Pritzker said when signing
the budget into law in June. "The FY24 budget continues that
progress."
On average nationwide, the 50 states had only set aside 71 cents
for every dollar of promised benefits to fund pensions and 11
cents for every dollar to fund retiree health care promises.
“We are happy to see state debt decreasing but states should not
count on temporary federal funding and increased tax collections
to fix their long-term problems,” Weinberg said.
Illinois recently received some positive economic news. In the
latest economic report by the Illinois Commission on Government
Forecasting and Accountability, through the first quarter of
fiscal 2024, overall General Funds revenues are $39 million
above last year’s pace.
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