Illinois’ FY23 financial audit released amid criticism of tardy reports
[August 22, 2025]
By Greg Bishop | The Center Square
(The Center Square) – Illinois taxpayers can now look at how the state
spent their money in the fiscal year that ended June 30, 2023, but
they're still waiting for the report for the fiscal year that ended over
a year ago.
The fiscal year 2023 annual comprehensive financial report for Illinois
was released earlier this month, more than two years after the end of
the spending plan. Comptroller Susana Mendoza said she is frustrated
with the delay because taxpayers need to know how their money was spent.
“And the credit rating agencies obviously need to know that we’re
managing money wisely, and the legislature when they’re crafting the
budget should be operating off the most accurate fiscal data from the
prior year, so it’s really just common sense,” Mendoza told The Center
Square.
Mendoza said she’s working with the auditor general and the governor’s
office to speed up the auditing process.
“And I think we’re finally there, hopefully [for the fiscal year 2025
report], fingers crossed, we’ll have that,” she said. “First year, there
might be a few hiccups, but moving forward it should be smooth sailing.”
Truth in Accounting Founder Sheila Weinberg questioned the quicker
report for fiscal 2025 while taxpayers continue to wait for fiscal
2024’s report.
“What about the June 30th, 2024? Those are not out. Or should we expect
those, you know, two years later, next year at this time, are those
going to be a little bit faster?” Weinberg told The Center Square. “The
state has not had a good history on releasing these on a timely basis,
and they have reached a new high in the number of days on which I would
consider a new low."
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Illinois Comptroller Susana Mendoza
Greg Bishop | The Center Square
Mendoza has made available an interim report for fiscal year 2024 at
the comptroller’s website, but is hopeful things will be quicker.
“So hopefully for fiscal year 25 we’ll have a brand new system that
means on time audits as it should be,” Mendoza said.
Weinberg said the state is notoriously late and the audit released
for fiscal year 2023 had one glaring note in a qualified opinion for
the agency that handles unemployment, the Illinois Department of
Employment Security.
“They were not able to get a sufficient amount of evidence to
determine whether the amounts reported were accurate or not, or
whether the amounts that were paid to claimants, was accurate, or
were those claimants even eligible for that money,” Weinberg said.
The state’s unrestricted net position went from a negative $205
billion to a negative $195 billion, something Weinberg said
signifies the amount of debt Illinois taxpayers owe because of state
spending and other financial obligations.
Nevada is now the state with the latest annual financial reports,
according to Truth In Accounting. |
