Despite bringing in billions of dollars more in tax revenue, Illinois state government’s fiscal condition continues to deteriorate, according to an interim annual report published by the Illinois comptroller.
The five-page Interim Comprehensive Annual Financial Report is for the fiscal year that ended June 30, 2019.
The report shows tax revenues to Illinois state government increased by more than $3 billion, from $74 billion in 2018 to $77.9 billion in 2019. Total expenses were also up, from $80.3 billion in 2018 to $81.5 billion in 2019. The largest amount of revenue, outside of money from the federal government, is income taxes.
Overall, Illinois Comptroller Susana Mendoza’s office said in the report there was a negative net position of $187.7 billion, $3.7 billion more than last year’s position of $184.0 billion. Total liabilities were $248.7 billion, an increase of $603 million from the year before.
Pensions are at $138.6 billion in unfunded liabilities and other post employment benefits like health care for retired state employees are at $54.5 billion. Net pension liability increased nearly $5 billion from 2018. Other post employment benefit liabilities decreased around $500 million from the year before.
The report said the “information is based on audited reports from state agency management; however, the audit process for certain state agencies was not able to be completed by the Illinois Auditor General.”
“Until the Auditor General is able to complete the financial audits, the CAFR cannot be completed,” the report said. “Therefore, the [Illinois Office of the Comptroller] is exercising its statutory authority to issue the interim CAFR report. The information in the summary is subject to change.”
Government finance watchdogs like Truth In Accounting have criticized the state of Illinois for being late in publishing it’s Comprehensive Annual Financial Reports.
Last summer, Illinois was the only state in the country that had yet to release its official report showing how tax dollars were spent in the fiscal year that ended June 30, 2018. That was published in August of 2019, more than 400 days after the fiscal year ended.