A new audit released by the state’s Auditor General shows that Illinois’ net worth deficit is now the largest among all 50 states and the state’s general fund deficit is a record $9.2 billion, according to Senator Tim Bivins.
Also during the week, state leaders met with Governor Pat Quinn and Chicago Mayor Rahm Emanuel to discuss work rules at McCormick Place, and the Illinois State Toll Highway Authority is exploring increasing toll fares for I-Pass users.
Auditor General William Holland’s report was released July 21, on the heels of the Comptroller’s Fiscal Year 2010 annual report on the state’s finances. Unfortunately, the audit showed that Illinois’ net worth has steadily deteriorated over the last decade, plummeting from negative $12.8 billion in FY 2003 to negative $37.9 billion in FY 2010.
Senator Bivins said the deficit in the state’s net worth reflects the difference between Illinois’ liabilities and assets. Examining a state’s net worth provides a good picture of its fiscal health. In FY 2010, Governor Quinn’s first full year in office, the state’s net assets fell $8.4 billion.
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