SPRINGFIELD, Ill. – While you can probably speculate on just how the state of Illinois got all this money, the state’s Comptroller is using it to do two things the state hasn’t really ever done before.
For one, Susana Mendoza says she’s transferred another $350 million into the state’s Rainy Day Fund, taking it to a record $1.58 billion.
“Shoring up our Rainy Day Fund is critically important for the state, and for taxpayers,” said Mendoza. “It protects us from any potential economic downturn through no fault of our own. Just like we encourage people at home to save a little extra for an emergency, the State of Illinois needs to do the same.”
Mendoza also says she’s accomplished what she calls another milestone — the state’s backlog of bills being less than $1 billion for the first time in 15 years.
“Those are the bills that we have on hand waiting to be paid, but they are well within a normal payment cycle,” said Mendoza. “Our payment cycle today is only seven days old. That’s the fastest it’s been in decades, and much faster than the private sector.”
The state’s Accounts Payable currently sits at $478 million.
