Illinois’ unpaid vendor debt remained above $7 billion for the second consecutive week during the week ending June 11.
According to the state comptroller, the state ended the week at $7,170,416,944.65 in arrears, just a shade above last week’s total of $7,118,390,941.56.
State Comptroller Susan Mendoza recently went on record with the revelation much of the state’s recent debt stems from late payment penalties, which, in the last three years, have eclipsed the totals amassed during the previous 18 years combined.
Several of the state’s biggest creditors recently insisted that they haven’t received interest payments in well over a year.
During the two-year period when the state operated without a balanced budget in place, the deficit more than tripled to over $16 billion. In an effort to keep taxpayers in the loop about the state’s massive debt load, Mendoza recently initiated the Debt Transparency Act Report, which requires state agencies to report monthly liabilities in a manner outlined by the comptroller’s office.
Alerts Sign-up