Yesterday, while I was out of town, news arrived that Illinois State Comptroller Susana Mendoza had released the state’s “Comprehensive Annual Financial Report” for fiscal 2016.
The Comptroller issued a press release dated March 7, 2017, with the heading “FOR IMMEDIATE RELEASE,” titled “Comptroller Mendoza releases comprehensive overview of Illinois’ disastrous finances.” Media coverage of the report started yesterday, too.
Today, March 8, I begin to take a closer look at that report.
The first item of substance, after the table of contents, is the Comptroller Letter of Transmittal. The first “fact” in that letter is the date – the date, theoretically, that it is “transmitted.”
The second set of “facts” are the names of the parties to whom the Letter of Transmittal is addressed. In order, they are “the Citizens of the State of Illinois,” “Honorable Bruce Rauner, Governor,” and “Honorable Members of the General Assembly.”
The date on the letter of transmittal?
February 28, 2017.
… and in a report accompanied by a press release dated March 7, 2017, headlined “FOR IMMEDIATE RELEASE.”
Truthful financial reporting includes timely financial reporting. But truthful financial reporting also includes truthful assertions about the timing of financial reporting.
Who gets this stuff first? Why? Should the SEC be looking into this?