Posted on 10/10/2017 11:47:54 AM PDT by SeekAndFind
John O'Connor of the AP has just broken the news that the unpaid bills of the Great State of Illinois have reached the awe-inspiring sum of $16.5 billion.
Illinois is chasing a moving target as it tries to dig out of the nation's worst budget crisis, and a review obtained by The Associated Press shows $7.5 billion worth of unpaid bills – as much as half the total – hadn't been sent to the official who writes the checks by the end of June.
Although many of those IOUs have since been paid, a similar amount in unprocessed bills has replaced them in the last three months, Comptroller Susana Mendoza's office said Monday. That's in addition to $9 billion worth of checks that are at the office but being delayed because the state lacks the money to pay them.
Various bureaucratic tricks are being performed to slow down payment, but they all amount to stiffing the vendors, borrowing their capital at no immediate cost.
In some cases, agencies were waiting to send their receipts to Mendoza because lawmakers haven't approved the spending. For example, the Department of Corrections had $471 million in unpaid bills on hand as of June 30 largely for that reason.
"Ascertaining the precise nature of the state's past-due obligations and liabilities is an essential component of responsible cash and debt management," the Democratic comptroller wrote in a letter to Republican Rep. David McSweeney, a budget hawk from Barrington Hills who requested the review.
O'Connor covers the maneuvers going on to the finesse the problem away, none of which will solve it.
(Excerpt) Read more at americanthinker.com ...
Would that be from the 4th Floor of the Richard J. Daley building downtown??
Just saying - Republicans are blamed for everything so the Republican governor of Illinois will be blamed even though Democrats have been ruining the state. YES I KNOW THE GOVERNOR OF ILLINOIS IS A REPUBLICAN.
It will and he’ll be blamed.
Too bad Illinois can’t order up a hurricane.
Retirement income is not taxed in Illinois. I look for them to change that any day now.
My bad...
I was referring specifically and exclusively to the wealth of the STATE, not the state government’s fiscal health.
I even said they still have a great deal of ability to raise new taxes against this enormous state economy.
For those who find, as I do, the Yahoo site to be impossible, here’s an alternate source for the same story:
True! Still CA is separated from IL only by it’s relatively strong economy. When and if that falters, and past has shown that it does from time to time, CA will default just like IL is preparing to do as this is being written.
Not as long at the Dems control their legislature. I'm wondiering if all the Illinois state retirees know that their pensions are not covered by the Federal Pension Guarenty Fund.
CALI FIREMAN POCKETS ANNUAL MILLION DOLLAR PENSION A Los Angeles fireman retired in his 50s with a pension of over 1 million dollars per year with lifetime medical benefits.
Job Title: Assistant Chief---Retired 2010---Years service 32
Rec'd from L/A Fire and Police Employees Pension Fund 2015: $1,164,022.65 annual
Lifetime Health Benefits $17,286.69 annual
(Excerpt) Read more at breitbart.com ...
3% of your highest year X years of service. Assume the last year, they sent him on all fires as commander. He racks up the hours and makes his highest salary. he’s been in 30 years and that’s 90%.
I got out in time !
Leni
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