(The Center Square) – A think tank that promotes fiscal transparency is calling on state and local governments to come clean when reporting their so-called balanced budgets.
Truth in Accounting released an update on their “State of the States” report, and also their “Financial State of the Cities.”
Illinois ranked 48th in the report with a per-taxpayer debt burden of more than $41,000. Chicago also fared poorly, ranking near the bottom of U.S. cities for taxpayer burden. The taxpayer burden is calculated by the total debt of a state or local government by the number of taxpayers within that state of municipality.
Truth in Accounting CEO Sheila Weinberg said the pandemic showed how Illinois state government uses smoke and mirrors when reporting budget numbers.
“Their credit was so bad that they couldn’t go to the bond market to borrow money when they needed it
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