State Comptroller's Office Says Missed School Payments Should Be Released Next Week
Illinois Gov. Bruce Rauner put his signature today on a bill that redefines how Illinois public schools are funded. But it also will send overdue money to schools starting up the academic year.
Due to the timing of negotiations, the state missed two payments to Illinois schools worth a total of about $540 million. Abdon Pallasch, Director of Communications for State Comptroller Susana Mendoza's office says that, following Rauner's approval, the funds probably will be released by early next week. Future school payments will be disbursed normally on the 10th and 20th of every month.
Pallasch noted the comptroller’s office is relieved that a state budget has been passed, but it begins a slow process of recovery. The compromise allows Governor Rauner to issue up to $6 billion in general obligation bonds, which the Comptroller hopes can address the $15 billion in unpaid state bills over the past two years.
Extra tax revenue from the compromise will begin flowing into state coffers starting in September.