Online Staff Report
SPRINGFIELD, Ill. — In response to newly revised revenue estimates released this week that anticipate an additional $1.215 billion revenue for the current Fiscal Year, state Rep. Joe Sosnowski, R-Rockford, is co-sponsoring a measure to urge the surplus money be used to pay Illinois’ $7 billion backlog of unpaid bills.
“We need to do a better job in Springfield of paying back our bills and cutting wasteful spending,” said Sosnowski. “Using this $1.215 billion to pay down Illinois’ several billions of dollars in unpaid bills would put the state in a substantially better position to balance its budget and relieve the burden we are placing on taxpayers.”
This week, the Commission on Government Forecasting and Accountability (COGFA) revised its Fiscal Year 2014 General Revenue Funds estimate to $36.66 billion, which is an added $588 million than its earlier forecast presented in February and a $1.215 billion increase from the May 2013 passage of H.R. 389, which served as the state’s revenue blue print for this year.
“It is also important to note that because of this influx, the state will essentially have more money to spend next year, even if the income and corporate tax hikes expire as scheduled,” added Sosnowski. “Sponsors of the 67 percent tax increase claimed it would be a short-term solution to paying Illinois’ bills, but three years later, Illinois still carries over $7 billion in unpaid bills. We can do better.”
House Resolution 1078, chief-sponsored by state Rep. David Harris, R-Arlington Heights, urges the comptroller to use all revenues in excess of the $35,446,000,000 on which the Fiscal Year 2014 budget was constructed to pay outstanding bills.
Posted May 8, 2014