Fiscal Focus
Published in

Fiscal Focus

GENERAL REVENUE FUND PAYMENT CYCLE

BILLS GETTING PAID ON TIME VERSUS 210-BUSINESS-DAY DELAY DURING BUDGET IMPASSE

At the end of the day on February 28, 2022, the oldest General Revenue Fund voucher at the Illinois Office of Comptroller was 15 business days old. The chart above shows where this compares to the end of the calendar year and the end of the fiscal year since fiscal year 2018, starting with 191 business days at the end of October 2017.

That was about a week before the State received more than $6 billion in General Obligation bond proceeds to help pay down the record $16.7 billion General Funds bill backlog, including its high point of a 210-business-day payment cycle at the end of November 2017.

This chart puts a spotlight on the remarkable progress made since the 2015–2017 budget impasse in paying the state’s bills, and highlights the importance of fully appropriated and responsible State budgets.

Note: This payment cycle does not apply to interfund transfers, which make up nearly $2 billion, or 63%, of the IOC payables as of February 28, 2022.

This publication is designed to provide fiscal information of general interest. Fiscal Focus is published by the office of Illinois State Comptroller Susana A. Mendoza, 201 Statehouse, Springfield IL 62706. Questions or comments may be directed to 217-782-6000.

Recommended from Medium

Proposal to Restructure EU Development Finance System Varies from U.S. Counterpart

Washington’s Tax Scheme Looks Eerily Familiar

Roots of innovation: 45 countries ranked in global IP index

Economic Growth and its consequences

The Confluence of Factors Favoring Multifamily Real Estate

ECONOMICS EXPLAINED BY A DAY AT THE BEACH

How to Convert to the Yin and Yang of Government (Part 4)

Book Review: The Great Divide by Josep

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Illinois State Comptroller

Illinois State Comptroller

The official account for Illinois State Comptroller Susana A. Mendoza. Follow us for office services and #ILbudget updates.

More from Medium

Solidity Labs — A brief

History of Uniswap

UCX Project Introduction 2

The Weekly SOURCE of Truth — ReSource community update Jan 5 /2022