Illinois Sets New Record with 774-Day Delay in Financial Reporting

Springfield, IL – Illinois has officially set a new national record for the tardiest release of its Annual Comprehensive Financial Report (ACFR), with the fiscal year 2023 report being published a staggering 774 days late. The report, which covers the period ending June 30, 2023, was finally made public on August 21, 2025, according to Truth in Accounting (TIA). This significantly surpasses the Government Finance Officers Association (GFOA) recommended 180-day deadline for states to release such financial documents.

The prolonged delay has raised significant concerns regarding transparency and fiscal accountability within the state. According to Truth in Accounting, the absence of timely, audited financial data means lawmakers and taxpayers lacked critical insights during crucial budgeting decisions. For instance, the state approved a record $55.2 billion budget for 2026, a $2 billion increase from the prior year, without access to audited financial data from the previous two fiscal years.

Illinois Comptroller Susana Mendoza has expressed frustration over the chronic delays, attributing the issue to the state's unique auditing process. Unlike most other states that conduct a single statewide audit, Illinois has historically audited each individual state agency, a method Mendoza described as "archaic." She indicated that a shift to a statewide audit for fiscal year 2025 is planned, with the aim of expediting future reports.

The state’s history of late financial reporting is well-documented, with this recent delay marking a worsening trend. While 43 other states have already released their 2024 reports, Illinois has yet to publish its 2024 ACFR. Critics, including TIA, argue that such delays compromise the ability to identify hidden liabilities and revenue shortfalls, impacting the state's overall financial health and its ability to manage billions in taxpayer funds responsibly.

Illinois Auditor General Frank J. Mautino has echoed these concerns, citing Governmental Accounting Standards Board guidance that financial reports must be timely to be useful for decision-making. The state's consistent failure to meet reporting deadlines continues to draw scrutiny from financial watchdogs.