This week Illinois Comptroller Judy Baar Topinka released the Illinois Comptroller’s Comprehensive Annual Financial Report, a detailed assessment of Illinois’ financial health. State Senator Bill Brady (R-Bloomington) has expressed frustration with Illinois’ ongoing financial problems as unwillingness to work across the aisle has led to a fiscal hole that only seems to get deeper and deeper.
“Kudos go to Comptroller Topinka for getting out the Comptroller’s Comprehensive Annual Financial Report so early, I just wish it had better news for Illinois,” said Senator Brady. “Unfortunately, the report showed Illinois in the worst financial shape it has been in since 2006. From 2006 to 2013 the deficit for governmental activities has grown by 250 percent. Realistically, things weren’t all that great in 2006 and we have continued to see this deficit grow.”
Additionally, Brady points out that “2013 was also the year that Illinois’ unfunded pension liability surpassed the $100 billion mark. In December we finally passed comprehensive pension reform that I believe will begin to address this. However, the sad reality is that this compromise could and should have been reached much sooner. Had legislative leaders gotten serious about pension reform when Republicans began sounding the alarm years ago we never would have hit an unfunded pension liability of $100 billion.”
Read the full report here.