I won't comment extensively on this article, other than to say that this is one obvious opportunity for Illinois to simplify its accounting practices, and likely save substantial money in doing so.
Currently, Illinois requires more than a year to compile a final spending report. And late financial reporting can potentially endanger federal funding opportunities or even hurt the state’s bond rating, according to Holmes.We've already seen the state's bond rating take a hit, so any improvements in timely record-keeping that keep it from falling further would be welcomed. Politicians talk fast, but act slow, so we'll see if any progress gets made towards standardizing state government accounting systems. Just don't hold your breath...
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