Accounting standards call for annual spending reports within 180 days of the year’s end. Illinois took 774 days to produce its 2023 report, setting a national record for tardiness.
Decades of institutionalized financial mismanagement left Illinois with the nation’s worst fiscal health. Illinois House Speaker Mike Madigan has been at the center of nearly every bad decision along the way.
In a single year, Illinoisans witnessed their state’s net worth drop by a staggering 35%, or $47.4 billion, despite shouldering the largest permanent income tax hike in state history.
Persistent budget deficits, enormous and growing pension obligations, a high debt burden and labor contract negotiations all await Lori Lightfoot as she settles into office.