As the state continues to operate without a budget, a recent study named Illinois as the second worst-run state in the country. Surprisingly, this year's ranking is an improvement on last year's, however.
The financial news corporation 24/7 Wall Street released the results of its annual study on the best- and worst-run states last week, and Illinois earned 49th place, ahead of New Mexico. Last year, Illinois fell in last place.
The reason for Illinois' low ranking is due to the state's "fiscal management system," according to 24/7 Wall Street.
"Illinois has one of the smallest rainy day funds compared to other states, at 1 percent of its general annual budget — an indication the state may not be able to satisfy its short-term obligations," 24/7 Wall Street wrote on its website.
The site also called out Illinois' severe debt, which they say is equal to more than three quarters of its annual revenue, and the state's ongoing pension crisis. Additionally, the study claims Illinois has one of the highest foreclosure rates in the country.
The best-run states in the country:
1. North Dakota
2. Wyoming
3. Iowa
4. Nebraska
5. Minnesota
The worst-run states in the country:
46. Alabama
47. Rhode Island
48. Mississippi
49. Illinois
50. New Mexico
