Truth In Accounting founder Sheila Weinberg said Illinois continues to be among the states with tardy financial reporting. “It's June, past June 30th, 2024, and their June 2023 financial report still has not been issued. So they're more than a year after their fiscal year end,” Weinberg said.
This is unacceptable. Mendoza and others know, or should know, why the audit is being delayed. They should tell us. More importantly, just get the damn audit done.
Two suspicions. The first is the reason the last audited financial statements (from FY 2022) had an exception to the audit opinion. That’s on the states unemployment trust fund accounting, which is a mess that they apparently could not sort out, and that may still be true. A second possibility is the accounting for the health insurance for retirees. The last financials showed a huge reduction in predicted liability based on lower rate of claims. That was during the pandemic when nobody was going to the doctor and elective procedures were halted. I suspect that has reversed.
Also – a search on the internet seems to think that the delay is primarily due to challenges in modernizing accounting systems and a lack of sufficient staffing to complete the audits in a timely manner. Whatever…count the beans and release the report. They really want to slow walk any audit report, likely they don’t know where all the money went and who was paid.
The Railroader
10 months ago
Tardy? What is this? Kindergarten? These reports are criminally late. Only incompetents in government are allowed to withhold fiscal reporting from stakeholders. We already know that these reports will tell a sordid tale of financial mismanagement and profligate spending by JB the Hutt and the political animals of the Springfield uniparty. That appears to be a given in Madiganistan. This information is likely being slow-walked so as not to jeopardize The Hutt’s presidential ambitions. It doesn’t matter how much the numbers have been polished, without hard data, voters can’t see what the political animals have wrought and JB the Hutt… Read more »
Hello, Indiana!
10 months ago
“ Can’t anybody play this game?” – Casey Stengle.
Deb
10 months ago
IL doesn’t want an audit publicized because it will show that they’re fiscally incompetent.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
This is unacceptable. Mendoza and others know, or should know, why the audit is being delayed. They should tell us. More importantly, just get the damn audit done.
Why do you think it’s being delayed any insight
Two suspicions. The first is the reason the last audited financial statements (from FY 2022) had an exception to the audit opinion. That’s on the states unemployment trust fund accounting, which is a mess that they apparently could not sort out, and that may still be true. A second possibility is the accounting for the health insurance for retirees. The last financials showed a huge reduction in predicted liability based on lower rate of claims. That was during the pandemic when nobody was going to the doctor and elective procedures were halted. I suspect that has reversed.
Also – a search on the internet seems to think that the delay is primarily due to challenges in modernizing accounting systems and a lack of sufficient staffing to complete the audits in a timely manner. Whatever…count the beans and release the report. They really want to slow walk any audit report, likely they don’t know where all the money went and who was paid.
Tardy? What is this? Kindergarten? These reports are criminally late. Only incompetents in government are allowed to withhold fiscal reporting from stakeholders. We already know that these reports will tell a sordid tale of financial mismanagement and profligate spending by JB the Hutt and the political animals of the Springfield uniparty. That appears to be a given in Madiganistan. This information is likely being slow-walked so as not to jeopardize The Hutt’s presidential ambitions. It doesn’t matter how much the numbers have been polished, without hard data, voters can’t see what the political animals have wrought and JB the Hutt… Read more »
“ Can’t anybody play this game?” – Casey Stengle.
IL doesn’t want an audit publicized because it will show that they’re fiscally incompetent.