Chicago Republicans

Institute for Truth in Accounting Issues Guide to Honest Budgeting

Contact:  Darlene Porteus 847-835-5200 - This e-mail address is being protected from spambots. You need JavaScript enabled to view it

March 11, 2010 -- To help citizens determine if Gov. Pat Quinn's budget is truly balanced the Institute for Truth in Accounting has published "Are We Unbalanced? - A Guide to Reviewing Governments' Budgets".

"You and I would not consider our personal budgets balanced, if we had to borrow money to pay our bills," stated Sheila Weinberg, Founder & CEO of the Institute.  "It amazes me that we let the Governor and legislators get away with this political math when calculating the state's 'balanced' budget."

The state constitution requires a balanced budget.  The guide urges citizens to ask the Governor and legislators three questions to determine if the state budget is truly balanced.  Will our bills be paid on time?  Will you borrow money?  Will you pay the required pension contributions?

For decades governors and legislators have claimed balanced budget, but now the state is more than $98 billion in debt.  "You may ask how this can happen," said Roger Nelson, Chairman of IFTA's Board of Directors.  "Well, it all depends on how you count.  The state requires corporations to use accounting that takes into consideration the long term consequences of their actions.  We should demand nothing less from our elected officials when they calculate a balanced budget."

To promote financial transparency and to provide the public and elected officials with a comprehensive picture of the government's total activity the long-term effects of budget decisions, Rep. Mike Tryon recently introduced the Truth in Accounting Act.   Representatives Jack D. Franks, Patricia R. Bellock,  Michael G. Connelly,  Jim Durkin, Roger L. Eddy, Richard P. Myers, David Reis, Jim Watson and Robert W. Pritchard are sponsors of HB5212.

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The Institute for Truth in Accounting was created by distinguished financial and public policy experts concerned with the quality of public and private organizations' financial reporting. It is the mission of the IFTA to encourage private and public entities to produce financial reports that are comprehensive, comprehensible and transparent and to inform the public of the importance of truthful accounting.

IFTA actively seeks association with other public interest groups that recognize the need to improve financial reporting or want to better understand the financial effects of current accounting practices. The Institute is a non-profit, public interest group that does not advocate public policy beyond better, and thereby, more truthful, accounting.  For more information about the Institute, visit www.truthinaccounting.org, www.truthin2010.org, www.StateBudgetWatch.org. 

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