The Illinois Governor’s Office of Management and Budget has put its statement of revenue and expenditures online. The statement outlines all of the state’s significant financial activities for fiscal year 2010 and the first quarter of 2011. The statement is the most comprehensive financial overview of agency and fund spending available before annual reports are available for all funds.
Individuals that are interested in reading the statement can visit www.state.il.us/budget. The compilation and release of this quarterly financial statement marks one of the first steps toward implementation of Budgeting for Results, Governor Pat Quinn’s budgetary reform program.
The state hopes that by providing this information online they can enhance the transparency process and make budget information available sooner than it otherwise would be. The statements will now provide quarterly and annual financial information. Providing these statements will not replace normal reporting for any agency. The annual reporting process will still carry on, however, the final information takes a significantly longer amount of time to get to the public.
“With the timely release of this financial disclosure, we continue to advance our efforts to make Illinois’ budget process more open and transparent,” said David Vaught, Director of the Governor’s Office of Management and Budget (GOMB). “Illinois residents now have the opportunity to view the most accurate and up-to-date financial picture of the state as we continue to pay our bills and consider additional budget cuts and revenue enhancements to restore fiscal balance.”