Delayed Payment Interest
How much money has Illinois spent because it did not pay its bills on time?
|Current Year Interest||$2,973,009.35|
|Future Year Interest||$0.00|
About Delayed Payment Interest Spending
The state is required to pay certain vendors interest costs when bills are not paid on time. Most interest is paid under the State Prompt Payment Act either from current year or following year appropriations provided to the agencies. Additionally, state agencies may have other interest penalties paid aside from those under the State Prompt Payment Act. Three detailed object codes in the state's accounting system pick up these interest costs. To get the total cost of interest paid, add the three totals in the table above.