Fiscal Focus


Illinois' History of Interest & Late Fees

January 23, 2017

The image above shows a year-by-year history of how much money Illinois has spent on penalties for being unable to pay its bills on time.

Since Fiscal Year 2010, Illinois has paid more than $1 BILLION in interest and late fees.

The lack of a comprehensive state budget since June 30, 2015, has forced greater delays in processing state payments.

The stopgap budget passed on June 30, 2016, provided for about $50 billion in non-construction appropriations authority for Fiscal Year 2017, most of which expired December 31, 2016.

Though much of the budget continues to be funded through court orders, consent decrees or legislative action, challenges remain. Critical services for middle-class and struggling families, such as breast cancer screenings, care for the frail elderly, programs for victims of sexual assault and domestic violence, autism programs, mental health services, homelessness prevention, and programs for at-risk youth have yet to be funded. Colleges, universities and assistance for college students in financial need (MAP grants) have received only partial funding, and the state’s health insurance reserve fund, which pays for employee insurance, is woefully under-appropriated, or not appropriated at all.

Without a comprehensive balanced budget that provides for the timely payment of the state’s bills, the state’s liabilities and late penalties will continue to grow – up to $700 million by some estimates. At this point in time, the state has accrued more prompt payment interest penalties than the previous four years combined.

The numbers below show the exact amounts of penalties paid in previous fiscal years.

FY

TOTAL

2003

$4,857,073.18

2004

$6,572,180.45

2005

$3,105,664.30

2006

$4,822,862.83

2007

$8,076,398.52

2008

$30,249,838.40

2009

$39,665,009.25

2010

$97,771,942.48

2011

$90,923,127.22

2012

$136,475,141.80

2013

$317,799,454.51

2014

$160,095,724.84

2015

$126,059,043.58

2016

$16,193,339.00