Truth In Accounting
Recent News About Truth In Accounting
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From Prairie State Wire
Illinois gets below-average marks on financial transparency
Illinois received a score of 72 on making key financial information accessible and understandable to the public, according to a new report from Truth in Accounting (TIA), a Chicago-based policy institute.
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Illinois among states seen as on the precipice of a pension disaster
Officials in Springfield and around the country are talking about a “pension cliff” and trying to determine what will happen as large numbers of educators become fully vested in school district pension benefit systems.
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Fitch lowers U.S. pension discount rate, putting Illinois in deeper hole
A change in outlook from a major ratings agency is likely to have a big effect on Illinois' public debt. Fitch Ratings announced on June 1 that it is lowering the discount rate for U.S. public pension plan liabilities to 6 percent from 7 percent.
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Illinois' debt amounts to $45,500 per taxpayer
Got $45,500? If you're an Illinois taxpayer, that's your share of Illinois bills, according to a nonpartisan accounting group that issued a report earlier this year.