Illinois: "For All Intents And Purposes, We Are Out Of Money Now"
Illinois will delay pension payments as a prolonged budget impasse causes a cash shortage, Comptroller Leslie Geissler Munger said.The spending standoff between Republican Governor Bruce Rauner and Democratic legislative leaders has extended into its fourth month with no signs of ending. Munger said her office will postpone a $560 million retirement-fund payment next month, and may make the December contribution late.“This decision is choosing the least of a number of bad options,” Munger told reporters in Chicago on Wednesday. “For all intents and purposes, we are out of money now.”Munger said the pension systems will be paid in full by the end of the fiscal year in June. The state still is making bond payments, she said.“We prioritize the bond payments above everything else,” Munger told reporters.
Illinois Comptroller Leslie Munger said on Wednesday a $560 million November pension payment will be delayed due to a cash crunch stemming from the state’s budget impasse.Despite the delay, state pension funds will be paid in full by the end of fiscal 2016, Munger said at a news conference in Chicago.
Oct 13 Illinois’ budget impasse has reached a point where full and timely payments for big ticket items such as pensions could be in jeopardy, the state comptroller’s office indicated on Tuesday.Comptroller Leslie Munger set a Wednesday press conference “to discuss the significant cash flow constraints the continuing budget impasse is placing on state finances and the challenges of making timely state payments in the months ahead,” according to an advisory from her office.The battle between Republican Governor Bruce Rauner and Democrats who control the legislature has left Illinois without a budget for the fiscal year that began July 1. However, the state is required, even without a budget, to put aside money each month for pensions and debt service on bonds.
http://nunezreport.blogspot.com/
Source: http://nunezreport.blogspot.com/2015/10/illinois-for-all-intents-and-purposes.html
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