Illinois Comptroller Susana A. Mendoza has announced the successful completion of fiscal year 2024, highlighting significant achievements in bill payments and financial management. For the third consecutive year, the Illinois Office of Comptroller (IOC) has cleared all pending bills and transfers in the General Revenue Fund (GRF), ensuring that no unpaid GRF bills remain at the IOC. This accomplishment means that 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 have been paid promptly.
Comptroller Mendoza emphasized the importance of providing stability and predictability to state providers and vendors, recalling the hardship calls received during the state’s budget impasse. This timely payment process has been crucial for the operations and care delivery of nursing homes, managed care organizations, and community pharmacies, as highlighted by positive feedback from industry leaders.
The end-of-year cash balance in the state’s General Revenue Fund was reported at $1.7 billion, a 55% increase over the previous year’s balance of $1.1 billion, marking the highest level since 1999. Additionally, maintaining a healthy cash balance throughout FY24 enabled the state to generate over $558 million in interest income, a 53% increase from the previous year.
Looking ahead, Mendoza plans to utilize additional funds to pre-pay pension payments, leveraging a new law that permits the IOC to advance these payments. This strategy aims to allow state retirement systems to keep more funds in their investment portfolios and plan accordingly. Furthermore, the Comptroller continues to advocate for making extra payments into the state pension systems and Rainy Day Fund during healthier fiscal times. It is anticipated that the Rainy Day Fund balance will rise to about $2.3 billion by the end of fiscal year 2025.
Comptroller Mendoza underscored the importance of careful planning, timely bill processing, and financial management in achieving the state’s fiscal stability, which has been positively noted by bond rating agencies and business owners. She stressed the need to enhance reserves and continue paying down pension obligations to maintain and improve Illinois’ financial health.
