Illinois Finds Itself In a Pickle: Comptroller Sees Possible $15B Gap

The Bond Buyer reports:

In a stark illustration of Illinois’ deteriorating balance sheet, the state ended the first quarter of fiscal 2011 with $5.5 billion in overdue bills and faces a possible structural deficit of at least $15 billion in the next fiscal year if no action is taken, Comptroller Dan Hynes warned in his quarterly report.

The state closed out fiscal 2010 on June 30 owing $4.7 billion in bills. Another $1.7 billion of bills incurred in fiscal 2010 were submitted by an Aug. 30 deadline to bring the total level of fiscal 2010 bills to $6.4 billion. That figure represents 23% of fiscal 2010 general fund revenue.

Great moments in Blue America.