Illinois' 2007 fiscal report shows $70 billion deficit
From Sunshine Review
Illinois fiscal report is the annual budget report for the state of Illinois. In 2007 the report was not filed until June of 2008, almost a year after the state fiscal year end. Whereas corporate and federal annual budgets are required to be filed 2 and a half months into the new year.
State debt
The fiscal report indicated that each Illinois household share of the State's debt is more than $14,000, totaling $69.7 billion according to Truth in Accounting founder, Shiela Weinberg. This debt includes $42 billion owed the State employees' pension funds and $24 billion of health care benefits promised to retired State employees.[1]
Even though Governor Blagojevich and the legislature claimed the FY 2007 budget was balanced, the income statement reported a general fund deficit $858 million dollars.
