Backlog Voucher Report (BVR)
* As of the end of May, 2021 a total of $2.928 billion in short-term borrowing is owed that includes $2.0 billion from the Federal Reserve Municipal Liquidity Facility borrowed in December 2020 that requires repayments each year for the next three years. However, a repayment plan will aim to payoff this $2.0 billion in the FY 22 budget year to save on interest costs. There also remains $928,139,323 in interfund borrowing that was needed during the budget impasse that requires repayment within 4 years from the date of borrowing. These sums do not include any associated interest costs that may be payable.
In May 2021, the state repaid the $1.2 billion borrowed from the Federal Reserve Municipal Liquidity Facility in June, 2020.
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.