TOPINKA ANNOUNCES EARLIEST STATE FINANCIAL REPORT RELEASE SINCE 2006
FY2013 Comprehensive Annual Financial Report receives clean audit opinion
SPRINGFIELD- Illinois Comptroller Judy Baar Topinka on Wednesday announced the release of Illinois’ 2013 Comprehensive Annual Financial Report (CAFR), marking the earliest distribution of the report since the 2006 CAFR.
The 2013 CAFR received a clean audit opinion from the Illinois Office of the Auditor General and was signed on February 28, 2014, approximately 3 months earlier than the 2012 CAFR, and earlier than at any time in the last seven years. This was accomplished with the cooperation of the Illinois Office of the Auditor General, the Governor’s Office, and other state agencies.
“It is important that we get these reports out in a timely manner to give lawmakers, the Governor and taxpayers time to get a clear picture of the state’s finances when preparing the budget for upcoming fiscal years,” said Topinka. “The more information that is available, the better decisions can be made. Our commitment to transparency, accountability and efficiency is unwavering.”
The State of Illinois' net position was reported as a deficit of $44.799 billion as of June 30, 2013. That represents a $49 million decrease in net position compared to the deficit of $44.750 billion at June 30, 2012. The State's assets increased $3.762 billion from the prior year, offset by an increase in liabilities of $3.811 billion. The increases in liabilities resulted mainly from increases in the State’s net pension obligation of $1.720 billion and net other postemployment benefit obligations of $1.753 billion.
Many of the State's programs are accounted for in the General Fund. During fiscal year 2013, the General Fund's fund deficit decreased from $9.078 billion to $7.334 billion, or $1.744 billion.
The Government Finance Officers Association of the United States and Canada (GFOA) has awarded a Certificate of Achievement for Excellence in Financial Reporting to the State of Illinois for 29 consecutive years. As the current CAFR is expected to meet the Certificate of Achievement Program’s requirements, it has been submitted to the GFOA to determine its eligibility for another certificate.