Illinois has finally released its audited Annual Comprehensive Financial Report (ACFR).
The bad news: It’s for the fiscal year that ended June 30, 2023.
According to the Government Finance Officers Association (GFOA), states should release these reports within 180 days of the fiscal year’s end. Illinois blew past that deadline—releasing its 2023 report a staggering 774 days late, setting a new national record.
At Truth in Accounting, we believe states should aim to meet the stricter standard used by corporations, which is around 100 days. After all, why should governments be allowed to hold themselves to lower standards than companies that are accountable to shareholders?
- Imagine if a publicly traded company released its annual report more than two years late.
- Investors would flee. Stock prices would tank. Executives could face fines, delisting, or even legal consequences.
- Yet Illinois continues to delay its financial reports with no repercussions—despite being responsible for managing billions in taxpayer funds.
The delayed release of Illinois' 2023 Annual Comprehensive Financial Report (ACFR) left lawmakers and taxpayers without critical financial insights during key budgeting decisions. For instance, without access to audited financial data from the previous two years, Illinois still approved a record $55.2 billion budget for 2026, a $2 billion increase from the prior year. This lack of information risks overlooking hidden liabilities and revenue shortfalls.
Even Illinois Auditor General Frank J. Mautino has acknowledged the problem, citing guidance from the Governmental Accounting Standards Board:
“If financial reports are to be useful, they must be issued soon enough after the reported events to affect decisions.”
Illinois’ elected leaders have compromised transparency and accountability by making critical budget, borrowing, and spending decisions without access to two years worth of critical financial data. Taxpayers deserve timely, accurate financial reporting to ensure their money is managed responsibly.
Meanwhile, 43 states have already released their 2024 reports, covering the fiscal year that ended on June 30, 2024. Illinois has yet to release its 2024 report.
Will we be waiting until August 2026 for Illinois’ 2024 report?
As the chart below shows, this isn’t a one-time delay. It’s a chronic failure—and it’s getting worse.
If Illinois wants to claim transparency or fiscal responsibility, it must start with the basics: Report the numbers on time.
