Chicago City Wire

Sheila Weinberg, Founder and CEO of Truth in Accounting, said that Illinois has received a failing transparency score of 42 out of 100, the lowest ranking. This statement was made on the Prairie State Wire Podcast.

"They rank the worst," said Weinberg, Founder CEO. "They, they get a score. A hundred is the best score, and they only get 42 out of a hundred."

Illinois' government financial transparency has faced criticism due to chronic delays in reporting and weak disclosure practices. According to Truth in Accounting, the state set a new national record by releasing its 2023 Annual Comprehensive Financial Report 774 days late. This delay raises questions about accountability and whether citizens can rely on timely information to evaluate fiscal health. Watchdogs argue these issues obstruct informed policymaking and undermine trust in state governance.

The state received a Financial Transparency Score of 42 out of 100, as per Truth in Accounting’s 2024 evaluation of state financial reports. This score reflects the state's delayed reporting, repeated audit problems, and incomplete accrual-based financial data. The watchdog notes that scores below 50 indicate serious transparency deficiencies, placing Illinois near the very bottom nationwide.

Compared to other states, Illinois’ score places it far behind leaders in transparency. Truth in Accounting’s 2024 report shows Arizona scored 80, Pennsylvania 79, and Ohio 77, all ranking well above Illinois due to more timely, accurate, and accessible financial reports. The gap highlights how Illinois lags behind national standards for fiscal accountability and public disclosure.

Weinberg is the founder and CEO of Truth in Accounting, a nonprofit based in Illinois dedicated to government financial transparency. According to her official biography, she founded the group in 2002 after earning her CPA in 1981 and completing her accounting degree at the University of Denver. Her career has focused on advocating for more accurate and timely government financial reporting to empower citizens and policymakers.

Truth in Accounting is a nonpartisan nonprofit organization established in 2002 in Illinois to improve clarity in government financial reporting. According to the group’s website, its mission is to provide citizens with transparent, reliable, and understandable fiscal information through reports such as the Financial State of the States and Financial State of the Union. It evaluates all 50 states and the federal government, highlighting unfunded liabilities and reporting delays.