from the Institute for Truth in Accounting

Northbrook, IL - Illinois' fiscal 2010 began last Wednesday with the state's 2008 Comprehensive Annual Financial Report still missing in action. Despite having an entire year to compile and report on state activities that began more than two years ago, our public officials have decided to stonewall, once again. Without this report nobody knows how much the state owes nor the financial results for fiscal year ended June 30, 2008. So, as the General Assembly thrashes with a new state budget and, debates a massive income tax increase and spending cuts, they are operating without knowing the truth about Illinois' finances.

Sheila Weinberg, the Founder and CEO of the Institute for Truth in Accounting, reminds us that "Illinois was almost $70 billion in the hole as of June 30, 2007.  How much further are we in the hole now?  Nobody knows because the State's audited financial report is not available to the legislature and Governor while they are formulating the State budget."

Comptroller Dan Hynes, whose office is responsible for issuing the state's financial reports, issued a written statement asking that his office not be blamed for the late report.  He places the responsibility on state agencies.  "The primary reason for the delay in final publication of this report is that once again, major state agencies under the Governor, most notably the Department of Healthcare and Family Services, have failed to submit necessary financial data in a timely manner.  Unfortunately, the Comptroller's Office now has no real means of enforcing deadlines on agencies. For this reason, we have introduced House Bill 4099 which would compel agency directors to submit the required information in a timely manner."

"HB 4099 would require the State's Comptroller to notify the Governor and legislative leaders that the report has not be published within six months of the fiscal year end," noted Weinberg.  "Unfortunately HB 4099 does not require the agencies to provide the Comptroller with the necessary information on a timely basis."

Roger Nelson, the Institute's chairman added "Public corporations are required to issue their financial statements two and half months after their year end.  Many of these organizations are larger and operate globally yet they are able to comply.   Even the federal government lives up to this standard, why can't the state of Illinois?"

The Institute for Truth in Accounting is working to encourage the issuance of reliable financial information from state and federal governments.  A key factor for reliability is timeliness.  For more information, contact Darlene Porteus at 847-835-5200 or visit www.truthinaccounting.org.