Illinois Comptroller: State’s Unpaid Bill Backlog To Exceed $10 Billion By Year End

I’ve been following the State of Illinois’ unpaid bill backlog for some time now, and what State Comptroller Leslie Geissler Munger shared yesterday should be of serious concern to Illinoisans. From her website:

CHICAGO- Comptroller Leslie Geissler Munger on Thursday said the state’s bill backlog will grow throughout the fall and Illinois will enter the New Year with approximately $10 billion in unpaid invoices, resulting in payment delays of at least six months.

The announcement follows last month’s passage of a stopgap budget, which authorized payments that were being delayed due to the state’s year-long budget impasse.

“While the stopgap is a positive step forward, it does not address our larger fiscal challenges. When we look at the numbers we are facing, the realities are sobering,” said Munger, noting the state is on pace to spend $2.5 billion more than it takes in the next six months. “Those severe cash shortages mean my office will continue to perform triage to help those most in need and protect our most critical services.”

“The realities are sobering”

Indeed.

And I’m certain they will eventually result in- wait for it- higher/new fees, fines, and taxes in conjunction with reduced government services for Illinois residents.

There’s the real possibility of a big tax increase coming soon for Illinoisans. Consider the following from investment specialist and Illinois State Representative David McSweeney (R-Barrington Hills) on the website of the non-partisan, independent Reboot Illinois project on July 11:

The recent passage of a six-month unbalanced spending measure will worsen Illinois’ financial problems and likely lead to a massive tax increase.

The approval of a stopgap measure is nothing more than a continuation of the status quo that has made Illinois insolvent. The stopgap bill is a spending plan, not a real balanced budget. Consider this: About 91 percent of state government spending was on autopilot during the budget stalemate. The state has been spending money at levels that are higher than authorized during Gov. Pat Quinn’s administration. Spending continues to be out of control

With the adoption of the stopgap measure, we are ensuring the state’s financial problems will not be addressed anytime soon. Ultimately, we are guaranteeing that the state’s financial health will get much worse, which will make it easier for a tax increase to build momentum in Springfield

(Editor’s note: Bold added for emphasis)

You can read that entire news release from the Illinois Comptroller on her website here.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

McSweeney, David. “Stopgap Budget Will Likely Result In A Massive Tax Hike.” RebootIllinois.com. 11 July 2016. (http://www.rebootillinois.com/2016/07/11/editors-picks/dmcsweeney/stopgap-budget-will-likely-result-in-a-massive-tax-hike/61341/). 15 July 2016.

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Friday, July 15th, 2016 Debt Crisis, Fiscal Policy, Government, Spending, Taxes

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Survival And Prosperity
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Christopher E. Hill, Editor

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