Treasurer: State Could Lose $31 Million If Another Budget Skipped | WGLT

Treasurer: State Could Lose $31 Million If Another Budget Skipped

Jun 14, 2016

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Illinois could miss out on roughly $31 million if the state goes another year without a budget.

State Treasurer Michael Frerichs says already Illinois lost out on nearly $8 million of investment income because of the impasse. Frerichs says that’s because it's his duty to make sure that cash is available to pay the state's bills.

"The budget impasse has required my office to alter our preferred investment strategy," he said. "Instead of longer-term, higher-yielding investment tools, we've had to move money into shorter-term less lucrative investments."

Frerichs, who is a Democrat, says that means less money for schools, programs to help seniors, and support for those with disabilities.