Illinois Treasurer Says Lack Of Budget Costs $31M In Lost Investments
Illinois lawmakers' failure to pass a complete state budget means the state is missing out on roughly $31 million it could have earned through investments, according to an analysis from Treasurer Mike Frerichs.
He says that’s despite the enactment of a six-month spending plan.
"We don't know what's going to be needed come January," Frerichs said. "That limits our investment opportunities. We're still making money for the people of the state, but we're bringing in less money than we could if we had a more functional government."
Frerichs says Illinois earned nearly $8 million less in investment income in the second quarter of this year.
Though that's a tiny portion of the state budget, the Democrat says that money could go far to help schools or community organizations.