Backlog Voucher Report (BVR)
*As of the end of September 2021, $1.926 billion in short-term borrowing is owed, including $1 billion through the $2 billion Federal Reserve Municipal Liquidity Facility borrowing issued in December 2020. Though this $2 billion issuance requires three yearly repayments beginning December 2021, an early repayment plan resulted in the State repaying half the $2 billion in June 2021, with the goal of paying the remaining half by June 2022 to save Illinois taxpayers as much as $100 million in interest costs. An additional $926 million in interfund borrowing, which requires repayment within five years from the date of borrowing, remains outstanding. These sums do not include any associated interest costs.
In May 2021, the State made the final payment on the $1.2 billion borrowed via 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.