Illinois Comptroller Susana Mendoza is applauding passage of the Debt Transparency Act and reductions in the state’s massive bill backlog.
The act requires state agencies to report how many bills they have stacked up on a monthly basis. Currently that’s only done once a year. Legislation sponsor Senator Andy Manar of Bunker Hill says this will give comptroller Mendoza a clearer picture of how much the state owes.
The comptroller is also announcing that her office is using money from a recent bond sale to start paying down the state’s more than 16 billion dollar backlog of bills.
Mendoza says this will also help cut interest costs as the state has already racked up an estimated 900 million dollars in late payment penalties.