Rauner borrows $454M from special state funds to manage cash flow
SPRINGFIELD, Ill. (AP) — Gov. Bruce Rauner has borrowed $454 million from special state funds to help manage cash flow as Illinois begins a new fiscal year without a budget.
The Republican borrowed the money from more than two dozen funds designated for other purposes. The largest amounts came from an account for school infrastructure and a fund to help low-income people pay utility bills.
Rauner criticized former Gov. Pat Quinn and other Democrats for the practice in the past, saying it was among the “gimmicks” that got Illinois into its huge financial mess.
Rauner Deputy Chief of Staff Mike Schrimpf said Wednesday this situation is different because lawmakers haven’t been able to agree on a 2016 budget.
He says the money will help Rauner manage state finances and avoid penalties for late payments.