The state government owes the City Water, Light and Power of Springfield $3.5 million on past-due utility bills for state offices. The past-due utility bills are just one part of Illinois’ more than $14.3 billion bill backlog.
New numbers from the Illinois comptroller’s office show that Illinois’ unpaid bill backlog has climbed to more than $14 billion. In August 2016, Moody’s Investors Service predicted Illinois’ bill backlog would reach $14 billion by summer 2017.
The status quo isn’t working for Illinois; the state needs serious reforms to get its spending under control, pay down its debt, and rein in the taxes that are driving its people across state lines.
Fiscal mismanagement by Illinois politicians has resulted in mounting deficits that are hurting the state’s economy, leading to ever-higher taxes, and driving people and their income out of the state.
The Illinois Supreme Court’s overturning of Chicago’s modest pension reform means Chicago faces higher pension contributions, rapidly growing pension debt and an increased risk of total insolvency for its pension funds.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.