Worldwide

Cursive writing will be required in IL elementary schools after veto override

The Senate on Wednesday joined the House in overriding Rauner's August veto of legislation requiring monthly instead of annual reports from state agencies on bills they are holding.

The office will prioritize bills eligible for federal matching fund with the expectation that an additional $2 billion of the backlog can be paid off.

"There is no reason that state agencies can not do a better job of communicating with the comptroller each month about invoices they've received that will need to be paid", said Sen.

The state closed on its two recent bonds sales totaling $6 billion.

"As the state's chief fiscal and accountability officer, I'm laser focused on maximizing this opportunity for taxpayers", says Comptroller Mendoza.

IL began tackling its $16.7 billion backlog of unpaid bills on Wednesday as it received recent bond sale proceeds and enacted a law requiring more frequent spending reports by state agencies. Unpaid bills are a key factor in the state's credit profile as they provides a picture of its cash and liquidity status.

In July, the legislature enacted a fiscal 2018 budget that included the bond authorization, as well as an income tax hike, over Governor Bruce Rauner's vetoes.

"The financial pressure on IL government has not lifted, as evidenced by the growing bill backlog", Manar said. "The least we can do is engage in basic, responsible accounting practices and communicate across offices as we try to work through this".

In October, Illinois sold $6 billion of general obligation bonds to help pay off the backlog.

It will help with reducing the state's record bill backlog and end the accrual of interest penalties as high as 12% annually on numerous state's oldest obligations. The state already owes about $900 million in penalties alone. That's decidedly lower than the 12 percent annually owed on about one-third of the backlog subject to late-payment interest penalties. Comptroller Susana Mendoza said about $2.5 billion will go immediately to cover unpaid medical bills with close to $4 billion being used to pay down unpaid state health insurance claims owed to medical providers.



Like this

loading...
loading...

Latest


12 April 2018
New Jersey Looking Towards Sports Betting
New Jersey has demonstrated recently that financial returns from legalising gambling, in particular online gambling can be huge . As of April 2018 New Jersey have spent a massive $7.2M dollars in the fight to legalise sports betting within the state borders.

15 March 2018
Server Requirements for Mass Mailing
The first means that the error occurred on the receiving side: maybe the client's account was blocked, or something else happened. Running your own email server may sound like a science fiction, and it may seem that it’s impossible to handle such thing.

09 November 2017
Trending Stocks- Alaska Air Group, Inc. (NYSE:ALK)
In the most updated research from a number of analysts on Wall Street, the company gets 11 Buys and 0 Sell among 14 analysts. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

09 November 2017
Endo International plc (NASDAQ:ENDP) Quarterly Sales Review
The company provided EPS guidance of $3.35-3.65 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.52. Oppenheimer Holdings, Inc. reissued a "hold" rating on shares of Endo International PLC in a report on Tuesday, August 8th.

09 November 2017
French nuclear reduction target now seen around 2030
The target was part of the previous Socialist government's 2015 energy transition law and was confirmed by new centrist president Emmanuel Macron's government.

09 November 2017
Luke Skywalker's Backstory Before Star Wars: The Last Jedi Doesn't Matter
Thanks to a Japanese toy site via CinemaBlend , we have our first look at a nest of Porglets. Star Wars: The Last Jedi is set for release on December 15, 2017.

09 November 2017
US Silica Holdings, Inc. (SLCA) Announces Quarterly Earnings Results
SunTrust Banks, Inc. reiterated a "buy" rating and set a $43.00 price objective (up previously from $35.00) on shares of U.S. This repurchase authorization authorizes the mining company to reacquire shares of its stock through open market purchases.

09 November 2017
Couple accused of fabricating home invasion
Officers arrived to find the married couple had suffered gunshot wounds and were claiming that $7,000 was taken from a safe. The victims were transported to Central Florida Regional Hospital by ambulance with non-life-threatening injuries.

09 November 2017
DaVita HealthCare Partners Inc. (NYSE:DVA) Stake Increased by Xact Kapitalforvaltning AB
The SI to Blackrock Incorporated's float is 0.92%. ( DVA ) traded down $5.02 during mid-day trading on Wednesday, hitting $53.94. In the most updated research from a number of analysts on Wall Street, the company gets 3 Buys and 2 Sell among 13 analysts.

09 November 2017
Revenue Estimates Analysis Of Retail Properties of America, Inc. (RPAI)
Geode Capital Management Llc increased National Retail Properties (NNN) stake by 5.83% reported in 2017Q2 SEC filing. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock.