SPRINGFIELD - Illinois' financial situation is dire and continues to deteriorate, the state's auditor said Wednesday.
"The net position of governmental activities continued to deteriorate and the deficit increased by $1.2 billion from FY12 to FY13. Overall, the net position of governmental activities is reported as a deficit of $47.8 billion," State Auditor William Holland wrote in an analysis.
However, the good news is the situation worsened slower in 2013 than it has in previous years. With the state income tax hike, the state was able to pay a portion of its bills, rather than leave $9 billion unpaid as they did the year before.
"The General Revenue Fund deficit decreased by $1.7 billion from FY12 to FY13. The June 30, 2013 deficit was $7.3 billion," the auditor wrote.
Holland released his review of the State of Illinois Comprehensive Annual Financial Report (CAFR) Wednesday, and showed in one graph that despite a 67% state income hike in 2011, Illinois continues to fall deeper into debt. The state's net position has fallen into the red by nearly $30 billion in the last seven years - with Democrats Rod Blagojevich and Pat Quinn as governors.
A second graph showed that Illinois is currently $7.3 billion behind in unpaid bills:
And although the Auditor omitted the State of California from this graph, among the states he did list, Illinois is in the worse net position:
Holland's full report can be reviewed here