Illinois State Treasurer’s Office News Releases

CHICAGO — The state of Illinois earned $7.8 million less in investment income the first quarter of 2016 as a result of the budget impasse, Illinois Treasurer Michael Frerichs said today. That translates into projected missed earnings of $31.2 million for 2016. Threats of unplanned fund sweeps and the need to pay court-ordered bills required the treasurer’s office to make short -term investments that prioritized cash availability rather than longer-term, higher-yielding investment opportunities. “A budget is a spending plan. Without a spending plan, it is very difficult to know what…

SPRINGFIELD — Illinois State Treasurer Michael Frerichs today released the following statement after Moody’s decision to lower Illinois’ credit rating for the second time since the budget impasse. “This credit downgrade is disappointing because it is avoidable,” said Frerichs. “Illinois remains a good investment, but the focus on non- budgetary items is driving up the cost of government. Higher interest rates when we borrow money mean fewer dollars for teachers, child care workers, and others who serve our most vulnerable.” “I continue to urge Governor Rauner and the Illinois General…