August 11, 2011
Which state has the worst balance of assets and liabilities?
The answer is the state of Illinois. And like all things political or government related in the Land of Lincoln, the state is spectacularly inept in managing its finances. Chicago Tribune editorial: Specifically, what if you toted up state government's real estate, investments, receivables - even the valuations of state parks and the domed Statehouse in Springfield - and from that total subtracted the state's accounts payable, debts and other liabilities? The answer you get, according to Illinois' comptroller and auditor general, comes in three waves: bad news, really bad news, and reminds-you-of-Washington bad news. As you absorb it, ask what would happen at your workplace if your annual review documented this sort of performance: The comptroller staff's financial report for fiscal 2010, the most recent audited, shows that Illinois' net assets continued to deteriorate but at an even faster pace than in previous years. Assets-minus-liabilities plummeted $8.4 billion, to a negative...(Read Full Post)