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State caught up with unpaid bills, sort of...

SPRINGFIELD -- Some good financial news for Illinois.
SPRINGFIELD -- Some good financial news for Illinois. The state has paid all of its bills for the last fiscal year which ended in June. But, there's still more to do.

It's not all good news, but it is a positive thing because the state paid off those old bills faster than it has in the last four years. That being said, the state is still about $7-billion behind on bills, plus some are still lingering from July.

Experts say this will still be a problem until Illinois either cuts spending or finds more revenue. The revenue side might not improve until the economy turns around. The spending problem will continue to grow until the state figures out a way to fix its pension system.

Bottom line; it's good news, but not a saving grace. As long as the bills go past due, the state starts paying interest after 90-days so that money keeps adding up.

As for a fix to the pension systems, there could be some action in the next few weeks. Lawmakers could be called back to vote on something after Thanksgiving.
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