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.
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