Illinois' unpaid vendor debt drops slightly to $6.7 billion
Illinois’ unpaid vendor debt stood at $6,726,612,811. 81 during the week ending July 5, slightly down from two weeks earlier when the state comptroller's website showed debt registered at $6,838,969,832.77.
The dip over the last 14 days continued a recent trend where debt had fallen under $7 billion after climbing as high as $16 million during a two-year period when the state operated without a balanced budget commencing in 2015.
Since then, the state’s debt load has hovered in the neighborhood of $6 to $7 billion, with a measure of the credit being attributed to Gov. Bruce Rauner moving to issue $6 billion worth of general obligation bonds, all of which was applied to the state’s debt after it had spiraled to record-high levels.
More recently, State Comptroller Susana Mendoza launched the Debt Transparency Act Report to keep taxpayers abreast of the state’s standing and position on such matters. The measure requires state agencies to report monthly liabilities in a manner outlined by the comptroller’s office.
Around the same time, Mendoza also revealed that 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.