For months, we've heard Illinois has racked up more than $3 billion in unpaid bills. Today, I learned the number is closer to $4 billion. According to the State Comptroller's Office, as of today, the tab is now $3.99 billion.
Paying those bills will be difficult as interest payments and late penalties are adding up as well.
According to the comptroller: interest payments for two short term loans ($1 billion borrowed in May and $1.25 billion in August) are $26.8 million this year. www.ioc.state.il.us/
The General Assembly's Commission on Government Forecasting and Accountability says the state will pay over $28.6 million in interest on late payments for state employee health care costs. ilga.gov/commission/cgfa2006/home.aspx
This is on the heels of a study showing Illinois ranks among ten states with the worst budgets in the country right now. www.pewcenteronthestates.org/uploadedFiles/wwwpewcenteronthestatesorg/BeyondCalifornia.pdf