Illinois In Worst Shape Of 43 States That Filed FY 2014 Audits

William G. Holland, the Auditor General for the State of Illinois, has just reported on Illinois’ finances.

It’s still fugly.

From the Summary Report Digest for “Statewide Financial Statement Audit For the Year Ended June 30, 2014”:

The Illinois Office of the State Comptroller prepares the State of Illinois Comprehensive Annual Financial Report (CAFR). The CAFR is the State’s official annual report which provides the readers with the financial position of the State as of June 30, 2014, and results of operations during the fiscal year.

The financial section of the CAFR includes the Independent Auditors’ Report on the basic financial statements, the management discussion and analysis, the basic financial statements, required supplementary information, and individual fund statements and schedules…

The June 30, 2014 financial statements of the State of Illinois are fairly presented in all material respects.

The financial statements at June 30, 2014 reflect the following:

The net position of governmental activities continued to deteriorate and the deficit increased by $1.3 billion from FY13 to FY14. Overall, the net position of governmental activities is reported as a deficit of $49.2 billion. (Exhibit 1)
• The General Fund deficit decreased by $658 million from FY13 to FY14. The June 30, 2014 deficit was $6.7 billion. (Exhibit 2)

Over time, increases and decreases in net position measure whether the State’s financial position is improving or deteriorating. A comparison of Illinois’ financial position to other states is contained in Exhibit 3…

(Editor’s note: Bold added for emphasis)

And the results of that “comparison of Illinois’ financial position to other states”?

Karen Pierog of Reuters reported Wednesday:

This left Illinois in the worst shape of the 43 U.S. states that had filed fiscal 2014 audits. The only other state with negative assets was Massachusetts at $29 billion. Texas reported the biggest positive net assets at $119.4 billion

(Editor’s note: Bold added for emphasis)

Good ol’ Texas. Probably get even more sneers from local folks at my University of Texas t-shirt I picked up while at that Food Insurance-sponsored prepper conference in Dallas the other year.

Pierog added something else of note:

The state marked its thirteenth consecutive year with a general fund deficit

(Editor’s note: Bold added for emphasis)

For most of those years, Democrats have dominated state government, occupying the governor’s office and the majority of both houses in the Illinois General Assembly.

Coincidence?

I’ll keep typing it on this blog until my fingers fall off:

“Financial reckoning day” is eventually coming to the “Land of Lincoln.”

As such, it might be wise for Illinoisans to start preparing if they haven’t done so already.

It won’t be the end of the world, but for many it could feel like it. Therefore, it’s probably a good idea to start addressing various vulnerabilities for such an occasion- financial and otherwise.

You can read that Summary Report Digest (.pdf format) on the Illinois Auditor General’s web page here.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)

Source:

Pierog, Karen. “Illinois finances continued downward slide in FY 2014: auditor.” Reuters. 18 Mar. 2015. (http://www.reuters.com/article/2015/03/18/us-usa-illinois-audit-idUSKBN0ME2M920150318). 20 Mar. 2015.

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Survival And Prosperity
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Christopher E. Hill, Editor

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