2006 Year End Review                                        www.truthinaccounting.org

CHICAGO BUSINESS LEADERS JOIN IFTA’S EFFORTS

A Task Force of the Commercial Club’s Civic Committee issued a report stating that the liabilities of the state of Illinois total $106 billion.  This includes $48 billion for retiree health benefits that are currently not reported on the State’s financial report.  Read what we’ve been saying all along… http://www.truthinaccounting.org/laney.htm

 

ILLINOIS' PUBLIC ACCOUNTABILITY PLEDGE A HUGE HIT
The Institute for Truth in Accounting has determined that even though the State constitution requires a balanced budget be passed by Illinois legislature, the State’s financial statements report large deficits.  It is this moral obligation for truth that inspired the Illinois' Public Accountability Pledge. During the 2006 General Election Campaign more than thirty candidates signed this pledge.  The Pledge calls for the candidates to introduce and support legislation that would require the State Comptroller to give the public and their elected representatives an estimate of the surplus/deficit that would appear on the State's annual financial report, if a proposed budget is implemented.  The IFTA will be working with current officials who have signed the pledge to encourage the introduction of the legislation called for in the Pledge.  Current legislators and other State office holders will be asked to sign the Pledge in the coming year. .
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 To view the pledge and all that have signed, please visit http://www.truthinaccounting.org/papmenu.htm.

 

HOW CAN THE BUDGET BE BALANCED IF WE HAVE DEBT?
This question and others can be found in IFTA's newest publication, Political Math and the Illinois Budget, explaining how so-called "balanced budgets" do not exist. Why is it important to know the true financial information of the State of Illinois?
Visit http://www.truthinaccounting.org/pdffiles/state/2005_IL_Trifold-101009.pdf.

 

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IFTA’s MESSAGE FEATURED IN PRESS
On November 2 the Pioneer Press newspapers in the Chicago area featured IFTA and its message in a two page article.  This article titled, “Balancing Act-Finding the revenue to pay for spending doesn’t always add up,” was a part of the paper’s “Your 2006 Vote” series.  Both federal and Illinois accounting and budgeting issues where discussed.  Sheila Weinberg, IFTA’s founder & CEO, was quoted extensively including “The decision of who should lead the state should not be based on fuzzy numbers.”  The article also pointed out that because the State is using the same accounting gimmicks that lead to the downfall of American corporations, voters don’t know enough to worry.

EVENTS

It has been a busy season for IFTA. Here is a brief recap:

A NEW AND IMPROVED TRUTH IN ACCOUNTING ACT: Founder and CEO, Sheila Weinberg, announced the Institute for Truth in Accounting is working with U.S. Comptroller General David Walker, Congressman Mark Kirk and other organizations within the Fiscal Wake-Up Tour to improve the “Truth in Accounting” Act which was introduced in the House last April.  The “Truth in Accounting” Act calls for greater transparency and disclosure of the federal government’s financial information.  Weinberg met with Comptroller General Walker, Congressmen Mark Kirk and Chris Chocola in Washington D.C. to discuss a new and improved version of this proposed legislation, which will be introduced in the next session of Congress.

 

THE NATIONAL FISCAL WAKE-UP TOUR VISITS CHICAGO: On Thursday, November 9th, The Institute for Truth in Accounting hosted a luncheon for the Tour’s speakers including U.S. Comptroller General David Walker and representatives of the Concord Coalition, Brookings Institute and Heritage Foundation. The fifty people in attendance were informed about the current fiscal conditions of the U.S. government. The most important message was that federal fiscal policy is unsustainable and hard choices must be made to set things right. Comptroller General Walker declared the federal government’s current financial reporting model “potentially unrealistic and misleading.” Isabel Sawhill, a Brookings Institute Senior Fellow, emphasized the reasons we need to change our current course sooner rather than later. Stuart Butler, Vice President of the Heritage Foundation, pointed out that Medicare, Medicaid and Social Security will crowd out all other forms of government spending or taxes will need to be raised to levels never seen in the history of our country. Robert Bixby, Executive Director of the Concord Coalition, warned that if politicians wait until our economy is in crisis to address these issues, we will be in big trouble.

 

LIVELY DEBATE FUELS A REMATCH AT THE JOHN MARSHALL LAW SCHOOL EVENT: More than forty people turned out on Friday, October 27th to discuss strategies and goals to determine if all pension promises made to Illinois State employees and teachers can be adequately funded. A lively debate ensued, fueled by the 1995 funding plan and its part in the unfunding of State pensions.   While much of the discussion was aimed towards the 1995 funding plan, employee state benefits and pension plans in Illinois were also discussed.   Many key issues were raised at this event, and it was such a success, that a follow-up event is planned at the John Marshall Law School for Friday, February 16th, 2007.

 

Wishing you a very happy holiday season!