Mendoza reports Illinois having success this fiscal year
SPRINGFIELD (WGEM) - With the Fiscal Year 2022 ending on June 30, Comptroller Susana A. Mendoza is pleased to report good news on Illinois’ fiscal recovery.
The state fiscal year ended with a General Funds accounts payable balance of $1.8 billion for the first time in more than a decade – and a General Revenue Funds payment cycle of ZERO days for the first time in decades. This means the office caught up on bills related to Medicaid, K-12 schools, higher education, Illinois’ Group Health Insurance program, and other government operations and programs.
On July 1, the first day of the new fiscal year, the Illinois Office of Comptroller (IOC) is paying the remaining $200 million of the $500 million in additional funds earmarked for the five state pension funds to lower long-term pension liabilities by $1.8 billion.
Over the past year, the IOC paid off the $2 billion owed to the Federal Reserve two years early, saving $82 million in interest, paid off $928 million owed to other state funds and paid off $900 million owed to Group Health Insurance bills.
Most importantly, the state’s bill backlog was eliminated.
“This tax relief is possible because we’ve balanced our state budgets, eliminated our bill backlog and are paying our bills on time. We are saving money for a rainy day and working to better stabilize our pension liability. We’ve worked very hard to put Illinois on much stronger financial footing, allowing us to provide this tax relief to Illinois working families and individuals when they need it most,” Comptroller Mendoza said.
Today’s fiscal report means that Illinois is better poised to face upcoming challenges to state finances as the nation experiences record levels of inflation.
Copyright 2022 WGEM. All rights reserved.