As of August 31 2024, Illinois had not released its fiscal year 2023 annual financial report. Based upon the state’s last audited financial report for the fiscal year 2022, it had a Taxpayer Burden of $37,000, earning it an “F” grade from Truth in Accounting. At that time, Illinois needed $175.4 billion to pay its bills. Unfunded pensions and other employee retirement obligations continued to plague the state in 2022, and we expect the same occurred in 2023.
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