SPRINGFIELD – Comptroller Susana A. Mendoza announced Monday that Illinois’ total General Funds accounts payable has been paid down to less than $1 billion for the first time in 15 years.
April is generally the state’s best month fiscally as residents and businesses pay taxes. As of Monday morning, the accounts payable stood at $941 million, the lowest it has been since August 2008.
“Over the 6½ years I have been Comptroller, I have looked for every opportunity to steadily pay the state’s unpaid bills from a high of $16.7 billion – as a result of the budget impasse under a former governor – to where we have been for the past year, which has been generally less than $3 billion,” Comptroller Mendoza said. “That included refinancing some debt at a much lower interest rate and seeking out every opportunity for federal matching funds the state used to leave on the table.”
The steady repayment brought the state’s backlog of bills down to around $3 billion before a penny of the federal ARPA stimulus dollars landed in state coffers. The stimulus dollars went to pay the state’s COVID-related expenses, all of which can be tracked on the Comptroller’s website.
“During the impasse, state vendors often had to wait 210 business days to get paid,” Comptroller Mendoza said. “Today, my oldest bill is 16 days old. The state of Illinois is paying faster than the private sector. We’ve been on this shortened payment cycle for more than two years now, proving that Illinois is on a strong path to fiscal stability and predictability.”
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