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. ■