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Fiscal transparency think tank says Illinois has heavy taxpayer burden
Truth in Accounting CEO Sheila Weinberg said the pandemic showed how Illinois state government uses smoke and mirrors when reporting budget numbers.
“Their credit was so bad that they couldn’t go to the bond market to borrow money when they needed it so the federal reserve actually opened up a special borrowing facility for them and they borrowed $3.2 billion, and the governor still claimed that he balanced the budget,” Weinberg said.
Illinois has been adding to its Rainy Day Fund, reaching $2 billion last year, but Weinberg said it can be misleading.
“I think a lot of times they promote those rainy day funds that have all this extra cash,” said Weinberg. “For example, California has a big rainy day fund, but they have $250 billion of debt.”
The report noted that 28 states, including Illinois, didn’t have enough money to pay their bills in 2022 with a combined $938 billion of debt. ...
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Fiscal transparency think tank says Illinois has heavy taxpayer burden
(The Center Square) – A think tank that promotes fiscal transparency is calling on state and local governments to come clean when reporting their so-called balanced budgets.
www.thecentersquare.com