BUFFALO GROVE, Ill. – On Monday, the first Debt Transparency Report, relating to a new law supported by state Rep. Carroll, D-Buffalo Grove, sheds light on the extent of Illinois’ debt – revealing over $1 billion in late payment interest fees, and $2.3 in unappropriated debt.
“Despite Governor Rauner’s best efforts to veto the Debt Transparency bill prior to it becoming law, taxpayers and lawmakers are now being presented with an assessment of our states outstanding debt, which will help us determine the best path forward,” Carroll said. “These monthly Debt Transparency reports will allow us to closely monitor our debt, offering a glimpse at how state government is spending taxpayer dollars.”
Initially introduced as House Bill 3649, the Debt Transparency Act requires state agencies to report monthly to the Comptroller’s office on interest penalties, liabilities and fees they are holding, in addition to estimates that will be paid on existing bills. According an assessment from the Comptroller’s office, the January report reveals the following:
- Interest fees and late payments exceeded $1 billion in 2017;
- Unappropriated debt was calculated at more than $2.3 billion;
- Pending liabilities held by state agencies are projected at $1.2 billion; and
- Pending bills at state agencies are set at approximately $2.5 billion
The January debt transparency report can accessed online at http://illinoiscomptroller.gov/DTAReport.