Late interest payments on Illinois debt cost taxpayers more than $1 million

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The Illinois House has passed a budget aimed at making governors more accountable when it comes to interest due on the state’s budget.

The legislation passed unanimously on Friday. It would require governors to identify and account for the cost of late payment interest penalties in their budget proposals.

Over the last few budgets, Illinois fell behind on paying its bills, costing taxpayers more than $1 billion in interest penalties.

Currently, state agencies are faced with determining whether to use their appropriations for late payments or for services.

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