The impact of state’s tardy accounting

How can Illinois legislators be meeting again to make new financial commitments when the state is nearly a year and a half behind on their financial reporting? The state has yet to produce an annual comprehensive financial report for year end June 30, 2023.

Yet legislators are in Springfield seeking to reform Illinois’ Tier II pensions at a projected cost of $5 billion. Teachers with a Tier II pension arrangement face a disparity between their retirement plan and teachers with a Tier I pension arrangement. The question is how legislators can be considering more financial commitments when reliable financial reports are lagging well over a year.

What we do know is the auditor general reported one of the state’s numerous agencies, the Illinois Department of Employment Security (IDES), is out of control. The auditor general findings involve tens of millions of dollars, distorting revenue and expenses as well as amounts of liabilities outstanding. Are other state agencies experiencing similar issues?

How can legislators contemplate obligating taxpayers to additional retirement benefits for teachers when financial reporting is so tardy?

Mike Tennis

Sleepy Hollow