WATCH: Illinois’ FY23 financial audit released amid criticism of tardy reports

By Greg Bishop | The Center Square
The Center Square

(The Center Square) – Illinois taxpayers can now look at how the state spent their money in the fiscal year that ended June 30, 2023, but they’re still waiting for the report for the fiscal year that ended over a year ago.

The fiscal year 2023 annual comprehensive financial report for Illinois was released earlier this month, more than two years after the end of the spending plan. Comptroller Susana Mendoza said she is frustrated with the delay because taxpayers need to know how their money was spent.

“And the credit rating agencies obviously need to know that we’re managing money wisely, and the legislature when they’re crafting the budget should be operating off the most accurate fiscal data from the prior year, so it’s really just common sense,” Mendoza told The Center Square.

Mendoza said she’s working with the auditor general and the governor’s office to speed up the auditing process.

“And I think we’re finally there, hopefully [for the fiscal year 2025 report], fingers crossed, we’ll have that,” she said. “First year, there might be a few hiccups, but moving forward it should be smooth sailing.”

Truth in Accounting Founder Sheila Weinberg questioned the quicker report for fiscal 2025 while taxpayers continue to wait for fiscal 2024’s report.

“What about the June 30th, 2024? Those are not out. Or should we expect those, you know, two years later, next year at this time, are those going to be a little bit faster?” Weinberg told The Center Square. “The state has not had a good history on releasing these on a timely basis, and they have reached a new high in the number of days on which I would consider a new low.”

Mendoza has made available an interim report for fiscal year 2024 at the comptroller’s website, but is hopeful things will be quicker.

“So hopefully for fiscal year 25 we’ll have a brand new system that means on time audits as it should be,” Mendoza said.

Weinberg said the state is notoriously late and the audit released for fiscal year 2023 had one glaring note in a qualified opinion for the agency that handles unemployment, the Illinois Department of Employment Security.

“They were not able to get a sufficient amount of evidence to determine whether the amounts reported were accurate or not, or whether the amounts that were paid to claimants, was accurate, or were those claimants even eligible for that money,” Weinberg said.

The state’s unrestricted net position went from a negative $205 billion to a negative $195 billion, something Weinberg said signifies the amount of debt Illinois taxpayers owe because of state spending and other financial obligations.

Nevada is now the state with the latest annual financial reports, according to Truth In Accounting.