Sen. Rose says he is ready to work with the Governor and his fellow lawmakers to put aside the divisive rhetoric and make the kind of tough decisions necessary to pass a balanced budget and enacting the critical reforms that will provide stability and growth to our state.”
Recent budget data show the need to quickly resolve the impasse.
Illinois goes $11 million further into debt each day state government continues to spend without a budget in place.
It is estimated that under the status quo, with no spending or revenue changes, the Fiscal Year 2017 budget is $5.3 billion out of balance and the state will end FY 2017 with a bill backlog of $13.5 billion.
The state is projected to run annual budget deficits of $6 to $7 billion over the next five years without changes to the status quo – increasing the backlog of bills to $47 billion by the end of FY 2022.
The State’s Group Health Insurance program has not received a General Funds appropriation in two years. Providers are owed nearly $4 billion – delaying payments by two years. If the impasse continues through FY 2018, the accrued interest in the program will surpass program liability.
The Comptroller estimates the state will pay $700 million in interest payments on over-due bills in FY 2017 alone.
Mandated Categoricals and Early Childhood Education programs have not received payments in FY 2017 due to the backlog of bills.