Backlog Voucher Report (BVR)
*As of December 1, 2020, $1.050 billion is owed under interfund borrowing authorization (Public Act 101-0010), $400 million under the State Treasurer's Office's investment tool (Public Act 100-1107) and $1 billion in additional short-term borrowing through the Federal Reserve’s Municipal Liquidity Facility. The projected repayment of this $2.450 billion, not including any interest owed, is $1.430 billion in fiscal year 2021, $420 million in fiscal year 2022, $242 million in fiscal year 2023, and $360 million in fiscal year 2024. Though not included in the IOC’s General Funds daily bill backlog amount, these borrowed amounts, plus any applicable interest, must be repaid in the short term, and therefore have an impact on the IOC’s cash management decisions.
In November 2017, the state received nearly $6.5 billion in proceeds from its $6 billion General Obligation bond sale authorized by Public Act 100-0023 to pay vouchers incurred prior to July 1, 2017. These proceeds helped to cut the state’s unpaid bill backlog by $7.5 billion in only three weeks. By paying billions of dollars in bills that had been accruing interest penalties at between 9% and 12% a year, the IOC helped to save state taxpayers an estimated $4 billion to $6 billion in interest costs through 2029.