Illinois State Comptroller Judy Baar Topinka says the state is on pace
to be $8.3 billion in the hole by June 30, the end of the fiscal year.
She slammed the controversial state tax increase because she said the
state will still owe what it did a year ago. But it has been pointed out
that she got to the “misleading” billions by adding up the unpaid bills
and projected unpaid bills.
“...Springfield sources note that the state borrowed last year to pay pension costs, but used current revenue sources this year to fund that obligation. That might make a comparison of outstanding bills to outstanding bills somewhat misleading,” Crains' Greg Hinz reports. What is puzzling is that Gov. Quinn’s administration did not dispute the number, instead issuing a statement that put the blame elsewhere by singling out “serious fiscal challenges due to many years of budget mismanagement.”
Although numbers released in early April projected the state to be $6.3 billion behind by the end of fiscal year, Topinka said the new higher number comes as state agency invoices -- 208,635 overdue bills -- continue to flood in.