New report looks at Illinois' financial situation

By WEEK Reporter

New report looks at Illinois' financial situation

February 26, 2013 Updated Feb 26, 2013 at 6:38 AM CDT

A new report continues to paint a dire picture for the state of Illinois' finances.

Chicago based watchdog group The Civic Federation has released an analysis of the state's financial condition ahead of the governor's budget speech.

The analysis finds the state is on track to accumulate nearly $22 billion in unpaid bills by fiscal year 2018 if no action to curb pension costs and others is taken.

The state's pension payment this year is about $5 billion.

The analysis found it could balloon to $7 billion by 2018 without reform.

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