CHICAGO – Illinois entered the New Year with $9 billion in unpaid bills and the strain shows no sign of ebbing with that backlog on course to grow to $22 billion in 2018 as pension costs escalate and a state tax hike partially expires, according to reports published Monday.

The near-term snapshot of the state’s liquidity woes came from state Comptroller Judy Baar Topinka’s office in its quarterly review of the state’s balance sheet. The state closed out the second quarter of fiscal 2013 Dec. 31 with $6.9 billion of vouchers dating as far back as August awaiting payment. The backlog rose to $9 billion when counting additional bills held by state agencies.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.