chicago illinois overall financial condition deteriorate fiscal 2015 tax collections fell state record fourteenth straight budget deficit accord annual audit release tuesday nation fifth-largest state end fiscal 2015 june 30 general fund deficit grow 6.9 billion 6.7 billion fiscal 2014 comprehensive annual financial report illinois auditor general frank mautino show temporary income tax hike enact 2011 partially expire midway fiscal 2015 decrease collections 1.8 billion state continue show inability generate sufficient cash current revenue structure pay operate expenditures timely basis audit say also warn budget deficits along grow unfunded liabilities pension retiree healthcare credit rat downgrade may impact state ability access credit market pay operational expenditures timely may increase interest cost borrow illinois already pay big penalty u.s. municipal bond market worst-funded pension low credit rat among 50 state state 10th month without full fiscal 2016 budget due impasse republican governor democrats control legislature lawmakers return session week spring break without deal sight fiscal 2016 2017 budget state liabilities lead 108.6 billion unfunded pension liability 32.5 billion payments due bond dwarf nearly 22 billion assets include build infrastructure equipment result net deficit 125.3 billion compare 121.2 billion fiscal 2014 audit say leave illinois bad shape 42 u.s. state file fiscal 2015 audit seven state end fiscal year net position red list also include new jersey california kentucky illinois large overall net deficit illinois budget stabilization fund unchanged 275.7 million insufficient amount address cash management need accord state comptroller leslie munger office report 6.58 billion unpaid bill backlog tuesday illinois mark 14th straight budget deficit fy 2015 audit