On November 8, 2017, the Office of the Comptroller received nearly $6.5 billion in proceeds from the state's October General Obligation bond sale. State law required the bond proceeds to pay only vouchers incurred by the state prior to July 1, 2017, to help reduce the state's unpaid bill backlog, which neared $16.7 billion the morning of November 8.
Bond proceeds were directed primarily to unpaid state health insurance claims and unpaid medical bills, which generated additional dollars through federal reimbursements to pay down even more unpaid bills and lower the backlog further.
Below you can see the amount of fiscal year 2017 and fiscal year 2018 medical bills and unpaid state health insurance claims at the Office of the Comptroller prior to the release of bond proceeds, and how the Office of the Comptroller used bond proceeds to cut the backlog of these bills. This chart reflects the period of when bond proceeds were received November 8 until the last bond-related federal reimbursement for medical payments was received November 27.