Truth in Accounting

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.
 

Prior Years' TIA Data

2016 Financial State of Illinois

2016 Financial State of Chicago Public Schools

2016 Financial State of Chicago

2016/2017 Financial State of 10 Illinois Suburbs

2015 Financial State of LaSalle County

2015 Financial State of Illinois

2015 Financial State of Chicago Public Schools

2014 Financial State of Illinois

2014 Financial State of Glencoe

2014 Financial State of Chicago Public Schools

2013 Financial State of Illinois

2012 Financial State of Cook County

Other Resources

Illinois Comprehensive Annual Financial Reports

Publishing Entity: Illinois Comptroller: The Ledger

IN THE NEWS
Illinois governor eyes bond sale, tax hike to save pensions

FEBRUARY 15, 2019 | BLOOMBERG | by Danielle Moran

Illinois Governor J.B. Pritzker is considering a broad plan to inject cash into the state’s struggling pensions by selling $2 billion of bonds, implementing a progressive income tax and using billions of dollars of government assets to reduce the massive debt owed to the retirement system.

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