Illinois

Illinois owes more than it owns.  Truth in Accounting’s (TIA) thorough analysis of state finances (below) shows Illinois does not have enough available assets to cover its debt.   

  • Taxpayer Burden is each taxpayer's share of state debt, after available assets are tapped
  • TIA analyzes both state assets and liabilities, not merely pension debt
  • Most state debt in the “Taxpayer Burden” is unpaid retirement promises

  • Illinois has the 2nd worst Taxpayer Burden of all 50 states
  • Retirement debt is essentially a state’s ‘credit card balance,’ showing unpaid retirement contributions from prior years 

  • Unfunded pensions leave future taxpayers with the bill for services they did not receive

  • States hide retirement debt from public view.  See Hidden Retirement Debt: IL vs US average 2009-2013

See more about Illinois finances at the Illinois Financial State of the State

Other Resources

Link to IL CAFR:     Illinois Comprehensive Annual Financial Report

Publishing Entity:   Illinois Comptroller

Related Links:     2013 Cook County Financial Report  

                                Glencoe State of the Village 2011

  • Illinois has only $28 billion assets available to pay the state's bills totaling $204 billion
  • To fill this $176 billion financial hole, each Illinois taxpayer would have to send $43,400 to the state
  • This $43,400 Taxpayer Burden is 93% of Illinois average personal income of $46,780
  • Illinois is among 41 "Sinkhole States," without enough assets to cover their debt
  • Illinois missed the 180 day goal to release its 2013 Comprehensive Annual Financial Report (CAFR). The state took 243 days after its fiscal year end to publish the report.
  • Illinois "Outbound Moves," 61% of total, rank Illinois 2nd worst of all the states.
IN THE NEWS
Legal and illegal corruption: they both matter, especially in Illinois

DECEMBER 18, 2014 | REBOOT ILLINOIS

"Bottom line, corrupt states have had higher deterioration in their unemployment rates, higher declines in their relative “quality of life,” lower trust in state government, fewer truly “balanced budgets,” higher Taxpayer Burdens as calculated by Truth in Accounting..."

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