Illinois Comptroller Susana Mendoza says she’s retiring the term “bill backlog” in reference to the state’s finances.
Mendoza says she has repaid the final $297 million that the state borrowed from various dedicated funds in order to pay off $16 billion in bills that stacked up during a two-and-a-half year budget impasse. Mendoza says stronger-than-expected revenues allowed the money to be repaid months ahead of schedule. As a result, Mendoza says the state’s obligations now fall within a normal 30-day payment cycle.
She says that means the term “bill backlog” no longer applies, and her office will now refer to pending payments as “accounts payable.”
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March 30, 2022 at 01:38PM