Selected data from the Comprehensive Annual Financial Report for Illinois, Fiscal Year 2010

 For FY 2010, Illinois received $3.781 billion via the American Recovery and Reinvestment Act
 The State also received $3.581 billion from the Unemployment Compensation Trust Fund
 There are six major revenue funds in Illinois: the federal government, income taxes, sales taxes, licenses and fees, miscellaneous taxes, and public utility taxes
 Total revenues from all governmental funds: approximately $50.603 billion
 There are six major expenditures in Illinois: health and social services, education, intergovernmental, transportation, public protection and justice, and capital outlays
 Total expenditures: approximately $58.224 billion
 As of June 30, 2010, the excess (deficiency) of revenues over (under) expenditures was approximately $7.622 billion
 Other fund deficits: $4.243 billion
 Governmental and fiduciary fund deficits: the State’s General Fund ($9.239 billion), the Personal Property Tax Replacement Fund ($226.359 million), the Local Government Tax Fund of the Department of Revenue ($7.035 million), the Community College Health Insurance Security Fund of the Department of Healthcare and Family Services ($6.688 million) and the SBE Federal Department of Education Fund ($106 thousand)
 In January 2010, general obligation bonds were issued to make the required 2010 pension contributions to the State’s retirement systems for a total of $3.466 billion
 In February 2011, general obligation bonds were issued to make the required 2011 pension contributions for a total of $3.700 billion

Some specific conclusions from the report:

 FY June 30, 2010 “reveals continuing underlying financial weaknesses which significantly impact the State’s overall fiscal health in regards to deferred liabilities, ongoing operational concerns related to cash management and long-term concerns related to pension and other post-employment obligations…
 “Cash flow continues to be an issue, as Illinois has had a running General Revenue Fund deficit… since November 2000…
 “Cash management practices are greatly affected by budgetary practices in relation to deferred liabilities which place additional pressures particularly in the first and second quarters of the year to pay those expenses. [Timing of tax payments affects the State’s cash flow]
 “The State of Illinois is legally mandated to make contributions to the Teacher s’ Retirement System and State University Retirement System… The TRS and SURS are governed by articles 16 and 15, respectively, of the Illinois Pension Code
 “The five State-funded retirement systems were at a 45.4% funded ratio, using a five-year ‘smoothing’ valuation of assets with $75.741 billion in unfunded liability
 “In addition to general and special obligation bonds, the primary government had $1.023 billion in revenue bonds and $6.773 billion in non-pension long-term obligations…
 “Besides general and special obligation bond indebtedness, the State’s largest liability is its net pension obligation… at $22.263 billion
 “Actuarial valuations of an ongoing plan involve estimates and calculations on the value of reported amounts and assumptions about the probability of occurrence of events on a long-term perspective. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the retirement systems and the annual required contributions of the State are subject to continual revision as actual results are compared with past expectations, and new estimates are made about the future…
 “The State’s 50-year funding plan does not meet the more stringent 30-year maximum amortization parameters required to be reported in the State’s financial statements in accordance with the Government Accounting Standards Board…”
 The average Illinois unemployment rate was 10.9%