Illinois ranks 46th out of 50 states for financial transparency

By Jim Talamonti | The Center Square
The Center Square

(The Center Square) – A new report ranks Illinois 46 out of 50 states for financial transparency, partly due to the state’s slow fiscal reporting.

Truth in Accounting’s Financial Transparency Score 2026 report evaluates how effectively each state discloses its true financial condition through audited reports.

Truth in Accounting founder & CEO Sheila Weinberg said Illinois taxpayers are not given information on a timely basis.

“The voters and the elected officials are making budget decisions and other financial decisions without the most recent data,” Weinberg told The Center Square.

Illinois’ 2026 financial transparency score of 51 ranked 46th in the country on a report that evaluates audit quality, timeliness, pension reporting and accounting practices.

Weinberg said Illinois improved from a disclaimer opinion to a qualified opinion.

“They still can’t get their act together on their unemployment trust funds, so that’s why they received a qualified opinion,” Weinberg said.

Weinberg also said the information Illinois provided is not completely accurate.

Indiana ranked third after New Mexico and West Virginia for financial transparency. Weinberg said the Hoosier state issues reports in a more timely manner and its pension reports are clearer.

Iowa ranked 12th.

“Same thing, just reporting on a timely basis,” Weinberg said.

When asked how Illinois could improve its ranking, Weinberg cited the state’s “extreme tardiness” and said most states issue their financial reports within 180 days.

“They get six months. Illinois, their 2023 report was more than 700 (days), almost two years after their fiscal year end. So they could work on that,” Weinberg said.

Illinois received zero points for balance sheet transparency because large pension-related deferred inflows and outflows distorted the state’s financial position by more than 25%.

Truth in Accounting also noted Illinois’ lack of fully independent external auditing, with reports by the state Office of the Auditor General rather than by an outside independent auditing firm.