Crespo Responds to First Debt Transparency Report Revealing Billions in Late Fees and Unauthorized Debt

SPRINGFIELD, Ill. - On Monday, the January Debt Transparency Report, a result of legislation sponsored by state Rep. Fred Crespo, D-Hoffman Estates, revealed that as of Dec. 31, 2017, Illinois had incurred more than $1 billion in late payment interest fees, and $2.3 billion in unappropriated debt.

"Contrary to what Governor Rauner claimed when he rejected this legislation, these reports are going to give taxpayers and legislators a clearer picture of what is actually owed to schools, small businesses, social service providers and others," Crespo said. "Next month, when the governor presents his budget proposal to the General Assembly, he must not only address these needs but he must lay out a plan to address the over $2 billion in unauthorized debt that his administration accrued."

The Debt Transparency Report is a result of Crespo's House Bill 3649, which requires agencies to report monthly to the Comptroller the liabilities they are holding, plus an estimate of the amount of late interest fees that will be paid on those bills. According to an analysis by the Comptroller's Office, the first report confirms the following:

The $1.03 billion takes in all the late payment interest penalties accrued from the start of the budget impasse July 1, 2015, through Dec. 31, 2017.

-Interest fees on late payments exceeded $1 billion through 2017;

-Unappropriated debt totaled more than $2.3 billion;

-Pending liabilities yet to be submitted to state agencies are estimated to be $1.2 billion; and

-Bills pending at state agencies total roughly $2.5 billion.

The first debt transparency report can accessed online at http://illinoiscomptroller.gov/DTAReport.

"Thanks to the leadership of Rep. Crespo and the work of our bi-partisan team of chief co-sponsors in the House of Representatives, the taxpayers of Illinois now have a much better window into the state's finances," Comptroller Susana A. Mendoza said. "The new monthly report lets Illinois residents know what's going on with their money and lets legislators know the actual dollars and debts they have to work with at budget time."