CHICAGO - Illinois' growing backlog of unpaid bills - reaching $1.8 billion in the last quarter - and record payment delays threatens the state's fiscal position in the current and next fiscal years, Comptroller Daniel Hynes warned in his latest quarterly report.

The report is one in a series that provides evidence of the fiscal stress facing Illinois due to the economic slump. The state closed out the first quarter of fiscal 2009 on Sept. 30 with a cash cushion of just $188 million, down $573 million from last year, while the amount of bills owed stood at $1.8 billion compared to just under $1.4 billion last year at the same time. That left a negative cash balance.

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.