SPRINGFIELD, Ill. (WMBD) — Comptroller Susana Mendoza announced a $350 million transfer to the Rainy Day Fund on Wednesday, bringing the fund’s balance to a record-high level of $1.58 billion.
Mendoza also announced Wednesday the state’s total accounts payable has fallen to a new low of $478 million, a low not seen since July 2008 and eclipsing a previous low mark set just a few days ago. Illinois had a $16.7 billion backlog of unpaid bill due to a previous budget impasse.
Wednesday’s transfer into the Rainy Day Fund is part of an $850 million supplemental appropriation the legislature and Gov. JB Pritzker adopted in January.
Mendoza has been a strong vocal advocate for reviving the Rainy Day Fund, which serves as the state’s main savings account which dropped sharply during the 2015-2017 state budget impasse. In August 2018, it stood at just $48,327.
Illinois has earned eight credit upgrades from the credit rating agencies since June 29, 2021 – the first upgrades in more than two decades. The rating agencies have cited the state’s efforts to build up its reserves.
Mendoza announced Monday that Illinois’ total General Funds accounts payable, including liabilities reported by state agencies via her landmark Debt Transparency Act report, dropped to less than $1 billion for the first time in 15 years.
The accounts payable stood at $941 million on Monday, during a time when state revenues are higher due to the income tax deadline. That was the lowest it had been since August 2008. Monday’s release about that is on the comptroller’s website.
