Illinois faces $8 billion bill backlog: comptroller

[The Northerner]

CHICAGO (Reuters) – Illinois is on track to end fiscal 2011 with $8 billion in unpaid bills and other obligations, the state comptroller said on Wednesday.

"After years of hand-wringing about the state's finances and deficit spending, here we are looking to end yet another fiscal year in the red," said Comptroller Judy Baar Topinka in a statement.

The $8 billion owed to school districts, hospitals, social service agencies, as well as $1.2 billion due for state employee health insurance and $850 million in corporate tax refunds would match the amount of unpaid obligations the state had at the end of fiscal 2010, according to the comptroller.

Deferring payment of bills incurred in fiscal 2011 into fiscal 2012, which begins on July 1, would help perpetuate Illinois' structural budget deficit despite a big income tax rate increase enacted earlier this year.

Read more: http://news.yahoo.com/s/nm/20110427/us_nm/us_illinois_bills_comptroller

[NNN0LHI]

1. I remember streets around here lined with factories full of well paid union workers paying big taxes

All shuttered or demolished flat now.

Many of the people who would have been working in them are now on public assistance.

Wonder if there is a connection there?

Don