Illinois debt continues to rise into new fiscal year
Tue, 02 Jul 2013 10:00:00 GMT —
The fiscal year in Illinois ended with the state $6.1 billion in the red.
The state got $1.3 billion in unexpected tax revenue when residents across the state sold assets before new laws went into effect.
That money was used to pay down some of state's long overdue bills.
But Comptroler Judy Baar Topinka says that although the state ended in a better position, this windfall will be short lived.
Topinka says the backlog of unpaid bill to schools, hospitals, businesses and agencies across the state could grow by another $1.4 billion next month.
That number is expected to rise to $7.5 billion by August and to nearly $9 billion by December.