Illinois is more than 100 days late on its official financial reports

291 days and counting...

Brian Costin
Director of Government Reform

If taxpayers don?t file their tax returns by April 15 each year they could face stiff penalties from the state and federal government.

But what about when government fails to file its report to the taxpayers on a timely basis?

Some states, including Illinois, are severely delinquent in filing Comprehensive Annual Financial Reports, or CAFR. According to the Government Accounting Standards Board, or GASB, government agencies should release their financial reports within 180 days of the fiscal year-end.

From the Institute for Truth in Accounting.

?Timeliness is expected of all citizens who pay taxes to fund government services.  In turn, taxpayers and citizens deserve truthful accounting for the financial condition of the governments using these taxes to provide those services. ?

According to the Institute for Truth in Accounting, the state of Illinois is one of the worst offenders when it comes to filing financial statements late. Illinois? last fiscal year ended June 30, 2012, but the state comptroller has yet to release the state?s CAFR.

That?s 291 days since Illinois?s 2012 fiscal year ended; well over the 180 days recommended by the GASB.

Here?s a look at some of the five worst offending states.

Ironically, the state of Illinois isn?t even living up to the standards that it places on local governments in Illinois. The Illinois Governmental Account Audit Act requires school districts, municipalities, counties and other local taxing bodies to file their audits within six months of the end of a fiscal year.

Keep that in mind as you pay your taxes this year.