In a recently released report, Illinois was dead last in the country concerning financial transparency when compared to all 50 states. Researchers with Truth in Accounting, who put out the report, claim Illinois’ ranking can be highlighted by the state’s delay in publishing its fiscal year 2023 Annual Comprehensive Financial Reports. That report was meant to be published by June 30, 2024, but the Illinois Comptroller’s Office has only released an “interim” version.

The Annual Comprehensive Financial Reports are meant to be one of the most accurate ways to view the state’s financial outlook. While the 2023 report remains incomplete, the state’s 2022 report included a disclaimer of opinion, meaning auditors were unable to ensure the financial statements were free of material misstatements. This raises further questions about the state’s fiscal accountability.

Senate Republicans say that this report is yet another reminder of Illinois Democrats’ inability to provide basic transparency to taxpayers. They argue that timely and accurate financial reporting is essential for building trust with the public and for making sound budgetary decisions. Senate Republicans warn Illinois will continue to struggle with credibility and fiscal stability until Illinois Democrats take financial responsibility seriously.