Illinois taxpayers in 2024 owed an average of $38,800 each, ranking No. 3 in the U.S. Illinois earned an “F” for fiscal management.
By Patrick Andriesen | Illinois Policy Institute
Illinois amassed the third-highest debt for each of its taxpayers at $38,800, earning an “F” grade for fiscal management, according to experts from Truth in Accounting.
But it could be worse by now. The report compared other states’ data for 2024, but was forced to use Illinois’ 2023 data because Illinois has yet to account for its spending a year and three months after fiscal year 2024 ended.
The 2024 State of the States report found Illinois had $51.5 billion to cover $224.3 billion worth of bills. The outcome was a $172.8 billion budget shortfall, which would cost each taxpayer $38,800 to pay down.
The accountants found of the $224.3 billion in bills Illinois needed to pay down, over $148.6 billion of the cost stemmed from unfunded pension benefits for government employees. The next largest line item was bonds.
Illinois ranks among the 16 U.S. states deemed “excessively tardy” for not publishing their annual financial reports within 250 days of the end of fiscal year 2024.
Illinois’ financial report for fiscal year 2023 took 774 days to publish, setting a national record for tardiness. There is currently no estimate on when the 2024 report will be published.
Read more here.