Illinois State Treasurer Mike Frerichs’ office failed to provide  proper accounting for more than $1.6 billion in state fund deposits according to a report by the Office of the Illinois Auditor General. 

On page 142 the report states:

“The Office of the Treasurer (the Office) had inadequate internal controls over the Office’s Fiscal Officer Responsibilities financial statement adjustment process. During testing of the Statements of Assets and Other Debits, Liabilities and Accountabilities (financial statements), it was determined the Clearing Account Deposits and Deposits in Transit as well as the Agencies’ Deposits Outside the State Treasury accounts were each understated by $1,635,711,097.”

Rather than taking responsibility and addressing the mistake head on, Frerichs’ office said the finding was because of ‘incomplete information given to our office,’ according to Center Square.

“Treasurer Frerichs continues to blame other people for his offices’ mistakes proving that he is not the leader we need to bring financial accountability to Illinois’ reckless tax-and-spend government,” said Illinois Republican Party Chairman Don Tracy. “Frerichs has proven that not only is he a reliable lapdog for J.B. Pritzker’s tax-and-spend agenda, but that he can’t be trusted to manage public tax dollars. Republican Candidate for Treasurer Rep. Tom Demmer is the true financial watchdog Illinois families need and deserve.”

This is not the office’s first financial mishap under Treasurer Frerichs’ watch. As families face rampant inflation and record gas prices, they’ve also been hit hard from Frerichs’ mismanagement of the State’s college savings programs – which have lost millions of dollars in student college savings this year. 

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