“How are we able to effectively deal with our budget situation if we don’t know where we stand financially?” – Senator Linda Holmes

AURORA, IL – Illinois’ financial reporting process is antiquated and costly, according to the Auditor General. That’s a big problem for a state that’s billions in the red.

“How are we able to effectively deal with our budget situation if we don’t know where we stand financially?” Senator Linda Holmes (D – Aurora) said.

To address the problem, State Senator Linda Holmes created the Financial Reporting Standards Board, which will work with state agencies to improve the state’s overall financial reporting process.

SPRINGFIELD, IL – State Senator Linda Holmes (D–Aurora) is announcing a joint town hall event with the Illinois Department of Human Services (DHS) next Thursday, July 26.  The event will give residents of the 42nd district the opportunity to learn about DHS services, including help with application processes and what to expect from the agency once applications have been submitted. 

Expert DHS staff will also be in attendance to answer questions relating to their programs.   

“I am looking forward to having DHS staff on hand to offer their knowledge and expertise on what programs are available and how they can benefit residents of the 42nd district," Holmes said.

“I applaud Governor Quinn for signing this legislation today, ending a program that unfortunately became synonymous with abuse.” – Senator Linda Holmes

SPRINGFIELD, IL – Governor Quinn signed legislation today ending the troubled legislative scholarship program.  House Bill 3810 abolishes the tuition waiver program and sets up a task force to review and evaluate other tuition and fee waiver programs offered by universities in Illinois. 

State Senator Linda Holmes (D-Aurora) ended her participation in the program in January.    

“I applaud Governor Quinn for signing this legislation today, ending a program that unfortunately became synonymous with abuse,” Senator Holmes said.  “I am proud of the many students in my district that worked hard and benefited from this program.  And it is unfortunate that students could not continue to utilize this program.  However with allegations of abuse by some legislators, ending the program is a necessary step to restore faith and integrity in state government.”

 “These reforms will bring fiscal integrity back to Illinois. It’s not going to happen overnight, but this is part of the long-term plan to help us lay out the path our state needs to follow. And that’s the path of fiscal responsibility,” – Senator Linda Holmes

SPRINGFIELD, IL – The way Illinois reports its financial standing will get a major facelift under legislation sent to the governor today by the Illinois Senate. The legislation, sponsored by State Senator Linda Holmes (D-Aurora), comes on the heels of a February 2011 audit that described Illinois’ outdated and inefficient accounting systems as “archaic.”

“If we can’t keep track of where Illinois stands financially, how can we possibly get our fiscal house in order?” Senator Holmes said. “Sending this overhaul legislation is a major step toward addressing a serious problem that’s been growing for years. I urge the governor to sign this into law quickly to help get our state back on solid financial footing.”

The Auditor General’s report last year found that the state’s current way of financial reporting is comprised of over 250 different, costly accounting systems. And over 80% of the outdated systems are not compliant with Generally Accepted Accounting Principles (GAAP), which are used to compare expenses and income, among other things.