Fox Illinois 55/27: Report: Illinois among the most financially unprepared states in US

Illinois is among the most financially unprepared states in the nation, according to a non-profit organization lead by a former federal reserve chairman.

The Volcker Alliance issued a report analyzing how states put together and manage their budgets. The report also looked at how prepared the states were for economic slowdowns.

The report said Illinois is synonymous with a "broken budget process," and found Illinois' reserve fund would only cover the state's needs for two hours.

With Illinois' recent financial struggles, University of Illinois Professor Emeritus of Political Science Kent Redfield said he isn't surprised by the findings in the report, but worries it signals trouble ahead.  Click here to read more....