A financial audit found Illinois’ prepaid college tuition program is still underfunded, but is making improvements. College Illinois’ underfunded liability decreased to $262 million by the end of Fiscal Year 2011, a $76 million improvement. State Rep. Jim Durkin (R-Western Springs), who a few months ago advocated for a College Illinois bailout, says he still believes in the program and will invest in it on behalf of his daughter.
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“I feel it’s in a good place right now,” he says. “I think we’re going to see a continuing type of return on our investment that gives our contract holders some ease.” The program was cited for breaking procurement laws and ignoring guidelines by gambling on risky investments in a down economy.