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* What’s going on?…
posted by Isabel Miller
Monday, Feb 5, 24 @ 7:36 am
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Previous Post: Isabel’s morning briefing
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January 2024 saw Illinois’ 23rd consecutive CAFR-free January (due December 31st). Beyond geeky CPA ethos, why is this important?
FY 2022 CAFR showed first General Fund surplus since 1985.
https://capitolfax.com/2023/08/22/afternoon-roundup-147/
Wall Street’s reaction? “You’re 7+ months late!”
OAG’s 12/21/23 audit of IOC’s “FY 2023 cash basis” report showed positive General Funds cash balance (June 30 balance minus lapse expenditures). First since 2001, when Jim Edgar’s 5 year streak ended. However, Wall Street is waiting on the CAFR.
Other states produce timely CAFRs. Yet the day OAG released the FY 2023 cash report, it also released The Statewide Single Audit Report for … FY 2022. Illinois will continue paying extra interest costs until the wrongs of the previous 3 governors are corrected.
Comment by Anyone Remember Monday, Feb 5, 24 @ 7:50 am
Major health care challenge in the Waukegan area as the state has reportedly revoked Vista East Hospital’s Level 2 trauma center designation. EMS must transport seriously injured people to other, more distant hospitals.
Comment by stateandlake Monday, Feb 5, 24 @ 9:31 am
Dear Anyone Remember, I blame the Ryan administration for sacking the experienced Bureau Chief who developed the State-wide reporting process from scratch beginning in 1977. This was a big development in government financial reporting. He was replaced with someone from the City of Springfield. She was a trained accountant, but with no experience in the State Government Accounting System or State CAFR issues. They never have recovered from the Ryan administration and the professional positions have gone Union.
Comment by Al Monday, Feb 5, 24 @ 12:04 pm
The GASB changed the name and acronym for the Comprehensive Annual Financial Report to the Annual Comprehensive Financial Report (ACFR) to address that “the common pronunciation of the acronym for comprehensive annual financial report sounds like a profoundly objectionable racial slur.” It would be best if we could all do our best to use the new terminology and acronym.
https://gasb.org/page/pagecontent?pageid=/standards-guidance/pronouncements/summary-statement-98.html
Comment by Point of Information Monday, Feb 5, 24 @ 12:54 pm
https://dailynorthwestern.com/2024/02/05/opinion/lte-boycott-the-daily-until-criminal-charges-are-dropped/ wonder how these kids will feel if a newspaper is hijacked by white supremacists?
Comment by Amalia Monday, Feb 5, 24 @ 1:51 pm
Al
Also to blame: (1) Filan for refusing to replace ERIs that were part of the GAAP process; (2) Quinn for being late to taking the issue seriously, as the September 2012 debt issuance had 10 year notes to purchase hardware and software; and (3) Rauner / DoIT and the financial ERP, which was supposed to be in place 2020ish - how’s that working out?
Comment by Anyone Remember Monday, Feb 5, 24 @ 2:37 pm