Friday, February 19, 2010

If the duck doesn't have money and doesn't pay its bills, it's Illinois

The Chicago Sun-Times has an article in the Friday (2/19/2010) paper detailing how the State of Illinois has failed to deliver $250 million owed to the RTA (Regional Transportation Authority).

[Executive Director] Schlickman said the state is regularly late with its payments to the RTA for state-funded programs, but now the RTA is running low on cash. The agency has just $90 million in cash on hand, which will help cover operating costs and debt payments through the end of May.

"After May, the debt trustees* will start intercepting our funds," Schlickman said. "Come this summer, we may be forced to ask the service boards to adjust their budgets accordingly."

Included in the print edition but not the online is an insert titled "Where's the money?" (page 18).
State is $735 million behind on payments to public universities ($475 million to University of Illinois alone).
Has paid one-third of $15 million due to library systems.
State owes $564 million to public schools.

It would be helpful if the press called it like it was - the state is bankrupt. Nomina Rutrum Rutrum

*I don't know what "debt trustees" are, but I find it intriguing.

No comments: