BAD ACCOUNTING HIDES TRUE SIZE OF ILLINOIS’ BUDGET DEFICITS
Illinois Policy notes that the Comprehensive Annual Financial Report (CAFR), released annually by the Comptroller’s office, is fairly useless as a tool for budgeting by the time it is released and I agree. How can our government budget their expenditures without knowing how much they actually spent? This is one of the reasons the financial reports need to be released on time, to provide quality detail to be considered during budgeting. Even just quarterly financials would do, as even three quarters of the years’ actual numbers would be useful. Put an accountant into office you will surely see that happen.