Illinois is touting its rainy day fund, which has recently passed the $2 billion mark. However, some financial analysts say the state is lying about its finances.
After an $11.5 million deposit, Illinois’ Rainy Day Fund is now just over $2 billion, up from only $48,000 in 2017.
Sheila Weinberg of Truth in Accounting says that with the unfunded liability in the state pension systems, they do not have $2 billion in rainy-day funds.
Weinberg says the state can only get to where it wants to be financially by fixing the pension issue.
Illinois has around $140 billion in unfunded state employee pension liabilities that doesn’t include annual costs of other post employment benefits.
Story from Illinois Radio Network
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