Illinois ends fiscal year $6.1 billion in red

Tuesday, July 02, 2013

Illinois finished the fiscal year with a smaller-than-projected backlog of unpaid bills thanks to a spring influx in unanticipated tax revenue, but those gains will be short-lived due to the state’s unresolved pension problem, the comptroller warned Monday.
In fact, a $1.3 billion April windfall in unexpected revenue from residents’ sales of assets before new tax laws took effect will be erased within weeks, ensuring that vendors who provide some of the state’s most important services will continue to endure long waits to get paid, Republican Comptroller Judy Baar Topinka said in a statement.