Illinois : State Data and Comparisons : State Data Lab

TIA Data

2017 Financial State of Illinois (Released 9/25/2018)

Illinois owes more than it owns.

Illinois has a -$50,800 Taxpayer Burden.™

Illinois is a Sinkhole State without enough assets to cover its debt.

Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped.

TIA's Taxpayer Burden™ measurement incorporates both assets and liabilities, not just pension debt.

Illinois only has $28.8 billion of assets available to pay bills totaling $244.9 billion.

Because Illinois doesn't have enough money to pay its bills, it has a $216.1 billion financial hole. To fill it, each Illinois taxpayer would have to send $50,800 to the state.

Illinois's reported net position is inflated by $24.4 billion, largely because the state defers recognizing losses incurred when the net pension liability increases.

The state is still hiding $36.1 billion of its retiree health care debt. A new accounting standard will be implemented in the 2018 fiscal year which will require states to report this debt on the balance sheet.

The state's financial report was released 258 days after its fiscal year end, which is considered untimely according to the 180 day standard.