What is state's grade on financial reports?

So how is Illinois doing financially? An Annual Comprehensive Financial Report would help answer that question. The report follows standards from the Governmental Accounting Standards Board with a limited amount of "political spin."

It's intended for public consumption and a tool for credit houses setting rates for issuing government bonds. Unlike government budgets that may or may not be balanced, these reports deal with facts regarding revenue, expenses, assets and liabilities. They also reflect whether your state operated at a surplus or deficit that year and the cumulative effect on your state's financial condition.

So where is Illinois' report? I am not talking about the fiscal year ended June 30th. Has anyone seen last year's report for the period 2019-2020 that ended June 30, 2020?

Each year, our General Assembly allegedly wrestles over development of a budget for the fiscal year beginning July 1. How can members of the General Assembly vote on fiscal matters, when actual revenue and expense for the current year, much less the year before are unknown?

The last available report came out 10 months after the fiscal year end. Thirteen months have passed and still no report this year. Has anyone heard from Auditor General Frank Mautino and Comptroller Susana Mendoza when we may expect to see the annual financial report?

Illinois' annual reports used to come out before the end of the first calendar quarter. Wisconsin issued their report on Dec. 21.

The majority party controlling the General Assembly and administration should be more transparent and accountable about the sad state of the financial affairs of Illinois. We need to begin to turn this state around, rather than being so dependent on federal handout programs.

So, would you give the governor and Illinois' financial team an "Incomplete" or an "F"?

Mike Tennis

Sleepy Hollow