Press Release - Friday, July 01, 2022
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Governor Pritzker Hails Tremendous Fiscal Progress as Illinois Enters FY23
SPRINGFIELD - As the Comptroller reports Illinois' GRF payment cycle hit zero days for the first time in decades, Governor Pritzker provided the following statement at the end of the state's Fiscal Year 2022:
"A significant surplus and a zero-day payment cycle mean that our schools are funded, our roads are being rebuilt, and our healthcare providers are paid on time - and Illinois taxpayers are no longer dealing with hundreds of millions of dollars in interest payments because government didn't do its job," said Governor JB Pritzker. "Illinois' massive bill backlog - eliminated since I came into office - once contained bills past due for as long as 500 days. This progress wouldn't be possible without the leadership of Comptroller Susana Mendoza, Treasurer Mike Frerichs, Senate President Don Harmon, Speaker Chris Welch, and Democrats in the General Assembly who are demonstrating that ours is the party of responsible fiscal management. I'm especially proud that because we've been so fiscally responsible, we are providing $1.8 billion in tax relief to Illinoisans beginning today."
After nearly two decades of steady downgrades, Illinois earned six credit rating upgrades in the past year. According to the Comptroller's Office, the state fiscal year ended with an estimated General Funds accounts payable balance of $1.8 billion, the lowest level in more than a decade. When Governor Pritzker entered office, his predecessor had left the state with a $3.2 billion deficit, $7.9 billion in unpaid bills, and over $1.2 billion in late payment penalties. Illinois had suffered eight credit rating downgrades in the years 2015 to 2017, and the state's credit hovered at just one notch above junk status.
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