Rep. McSweeney-backed Bill Aims For More Financial Transparency

From the NW Herald:

Legislation spearheaded by state Rep. David McSweeney, R-Barrington Hills, requiring the state to detail how much money is wasted as a result of the state not paying its bills on time has been signed into law.

State law requires the state to pay interest on bills that are more than 90 days late at a 12 percent annual rate, and even sooner for certain medical bills. Illinois’ first Debt Transparency Report showed that taxpayers are on the hook for about $1 billion in late payment interest penalties as of December 2017.

“A billion dollars is going down the drain instead of being used to pay for vital services,” McSweeney said. “That is unacceptable. We need to curb these payments. This legislation will help us do just that.”

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