ILLINOIS: STATE ENDS FISCAL YEAR $6.1 BILLION IN RED
ILLINOIS SEES DEFICIT AT ABOUT $7.5B BY AUGUST. “Bullish” – Keynesianism
SPRINGFIELD — Illinois finished the fiscal year on Sunday $6.1 billion in the red.
But Comptroller Judy Baar Topinka said Monday the backlog of unpaid bills to schools, agencies, hospitals and businesses is expected to grow another $1.4 billion by next month.
The state collected $1.3 billion in unexpected tax revenue this spring from residents selling assets before new tax laws took effect.
Illinois Ends Fiscal Year $6.1 Billion in Red