Better late than never for IL financial statements – Truth in Accounting
The Illinois balance sheet is based upon amounts at three different times. Most of the amounts are as of June 30, 2016, but the state’s largest liabilities, the unfunded pensions, are based upon June 30, 2015 valuations. The 2016 unfunded liabilities are at least $20 billion more than what was reported on the balance sheet. The unfunded retiree health care liability is based upon a June 30, 2014 valuation. I couldn’t find a new valuation on the web.
Without accurate and TIMELY financial data, how can Illinois citizens be active participants in their government’s financial decisions?
Comment: See our article linked here on the same subject.