Illinois Financial Report, state deficit released

The ABC 7 I-Team takes a look into the state of Illinois' wallet and it's not looking very good, according to the latest state deficit figures.
March 12, 2014 4:49:00 PM PDT
The ABC 7 I-Team takes a look into the state of Illinois' wallet and it's not looking very good, according to the latest state deficit figures.

Growth is good, unless you're talking about a nasty mole or the state deficit. On Wednesday in Illinois' case, it is the deficit that has grown again, to nearly $45 billion.

This is worse than last year, according to a state report that was just released Wednesday afternoon by the Illinois Comptroller, who keeps track of these things.

If Illinois could print a dollar a second, there wouldn't be enough seconds in a year to make it out of the State's fiscal hole.

Wednesday's Illinois Financial Report from comptroller Jody Barr Topinka reveals things now a rung closer to the financial abyss.

According to this lengthy report on state of Illinois finances, the deficit last fiscal year grew by $49 million. The latest data pegs it at a $44.79 billion, which means the state government is slightly worse off than one year ago.

The cause, according to the comptroller is hefty and growing pension obligations for state employees, which are currently operating at a $100 billion shortfall across the five state pension systems.

Last fall, state lawmakers and leaders and Governor Quinn pushed through a plan to cut the pension debt, but it would be spread over 30 years and is being challenged in court.

On social media every month Comptroller Topinka has also been flashing the total of Illinois' unpaid bills, and anyone following the tally can see, that amount too continues to grow.

The comptroller has made notice Wednesday that she is running for re-election in next week's Republican Primary, but is unchallenged, so the release of these dismal state financial data really has no impact on her bid for re-election.

Additional information:
Gov't finances drive Illinois to near bottom of retirement states: http://www.topretirements.com/blog/great-towns/10-worst-states-for-retirement-for-2014.html/


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