State's vendor debt inches upward, but remains below $7 billion
Illinois' unpaid vendor debt inched upward during the week ending May 8, moving to $6,853,194,882, according to the state comptroller's website.
The new numbers represent an uptick of just over $400,000 compared to the prior week, with the state’s comptroller’s office now being saddled with a backload of 101,146 unpaid vouchers, including receipts for transfers to other state funds.
The state’s unpaid vendor debt has trended downward in recent weeks, with much of the drop attributable to Gov. Bruce Rauner’s announcement late last year that he planned to issue $6 billion in general obligation bonds with all the proceeds earmarked for the state’s massive debt load.
The state’s unpaid debt load had tripled during a two-year period during which the state operated without a state budget in place, going from roughly $5 million to approximately $16 million.
Even with the downward trend, Illinois News Network recently reported taxpayers across the state remain on the hook for nearly $1 billion in interest alone stemming from late bill payments.