Comptroller Mendoza wraps another successful fiscal year

MARION — With the close of fiscal year 2024 on June 30, Illinois Comptroller Susana A. Mendoza said this was another successful year of paying the state’s bills and obligations in a timely manner while also putting additional money in the state’s Rainy Day Fund.

For the third consecutive year, the Illinois Office of Comptroller released all pending bills and transfers in the state’s General Revenue Fund — leaving zero unpaid GRF bills at the IOC.

This means the IOC is up to date on all bills received related to Medicaid, the state’s Group Health Insurance program, elementary and high schools, higher education and other government operations and programs.

The state’s current debt is down over $1.1 billion from the last fiscal year from $4.6 to $3.5.

This debt is significantly less than when Mendoza took office. In 2017, just after Mendoza started in December 2016, the state had a backlog of unpaid bills totalling $16.7 billion,

Additionally, the Rainy Day Fund only had $48,000 in 2017. Now, the Rainy Day Fund has about $2.1 million.

“It’s just a mind-boggling financial turnaround in just a few years,” Mendoza said.

She anticipates the Rainy Day fund balance will rise to about $2.3 billion by the end of this fiscal year in June 2025.

Mendoza also said she is committed to giving our state providers and vendors the stability and predictability that they should expect from state government.

Providers said they are thankful that they can rely on the IOC.

Matt Pickering, executive director at the health care council of Illinois, said he appreciates Mendoza’s leadership and support of health care providers by prioritizing state reimbursements for vital services.

“Timely payments to nursing homes and managed care organizations are essential to operations and for providing care to our elderly Medicaid residents.”

Garth Reynolds, executive director of the Illinois Pharmacists Association expressed similar sentiments.

“Community pharmacies depend on receiving regular and timely payments from the state to maintain their successful operations and to avoid becoming a pharmacy desert in their community,” he said. “Support for Critical Access Pharmacies in particular, exhibits the state’s commitment to ensuring access to pharmacists and needed medications.”

After this fiscal year, Mendoza reported an end-of-year cash balance in the state’s General Revenue Fund of $1.7 billion. That is a 55% increase over last year’s balance of $1.1 billion, a level the state hadn’t seen since 1999.

By maintaining a healthy cash balance throughout FY24, the state was able to generate over $558 million in interest income, or 53% more than last year.

Mendoza plans to exercise a new law permitting the IOC to pre-pay required monthly pension payments when the state can do so.

“We have told the state retirement systems to send us 50% more in monthly vouchers in July so we can advance these payments. This will enable the systems to plan accordingly and keep more of the pension funds in their investment portfolios,” she said.

She said careful planning, timely bill processing, financial management and preparing for future emergencies has been key to getting the state government back on track and has been noticed by bond rating agencies and business owners.

“We must heed the advice given by the credit rating agencies that Illinois must still do more to enhance our reserves and continue to pay down our pension obligations,” she said.

___

(c)2024 The Southern Illinoisan, Ill.

Visit The Southern Illinoisan, Ill. at www.thesouthern.com

Distributed by Tribune Content Agency, LLC.