Fiscal Watchdog Moylan Responds to New Debt Transparency Report

DES PLAINES, Ill. – Earlier this week, the January Debt Transparency Report revealed that as of December 31, 2017, Illinois has accrued more than $1 billion in late payment interest fees and over $2 billion in unappropriated debt. The Debt Transparency Report is a product of legislation co-sponsored and passed by state Rep. Marty Moylan, D-Des Plaines, in 2017 and is a common-sense reform that will help ensure that the Illinois State government is being transparent with taxpayers.

“These Debt Transparency Reports are finally a step in the right direction towards a more transparent and accountable state government,” Moylan said. “With these reports, Illinois residents will be provided a more in-depth look at our state’s finances. We can now get a better view of what is actually owed to social service providers, schools and other state agencies.”

The Debt Transparency Report is a result of Moylan-backed House Bill 3649, which passed and became law last year. This month’s report is the first report since the legislation was passed. The legislation requires Illinois state agencies to report monthly to the Comptroller’s Office detailing the liabilities each of the agencies are still holding and an estimate of the amount of late interest fees that will be paid on those bills.

The January 2018 Debt Transparency Report highlights that over $1 billion were paid exclusively for interest fees on late payments, as well as the over $2.3 billion Illinois accrued in unappropriated debt.

“What this report reveals is unacceptable, with over $1 billion going to late interest fees alone,” Moylan added. “But these reports are critical if we are going to turn Illinois around. It will be interesting to see what steps Governor Rauner will lay out to address the over $2.3 billion his administration has built up in unauthorized debt.”

The first debt Transparency report can be accessed online at http://illinoiscomptroller.gov/DTAReport. For more information, please contact Moylan’s full-time constituent office at 847-635-6821 or email StateRepMoylan@gmail.com.