The state has embarked on a plan to sell more than $6 billion of bonds in order to reduce annual interest payments and help pay off the bill backlog.
Every budget through 2023 will likely be unbalanced as well.
With the 2018 budget set to spend at least $1.3 billion more than it takes in, members of the General Assembly have hoodwinked Illinoisans once again.
While borrowing to help pay down the state’s unpaid bill backlog will save money on interest payments and relieve pressure on those waiting for cash, it also perpetuates Illinois’ spending problem.
Even with 32 percent tax hike, Illinois State Comptroller expects only $5 billion of the state’s unpaid bills to be paid down.
The state’s backlog of unpaid bills is expected to reach $22.7 billion if Illinois goes a third fiscal year without a budget.
The state’s bill backlog is expected to hit $22.7 billion and pension costs are predicted to grow 14 percent by fiscal year 2018.
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.
Illinois House Bill 3868 would give Gov. Bruce Rauner the authority to trim costs and reorder the state’s spending priorities to balance the budget.