ILLINOIS BUDGET IMPASSE ESTIMATED TO COST STATE $31 MILLION IN INVESTMENT INCOME

The budget impasse is projected cost Illinois more than $31 million in investment income this year, according to analysis by the state treasurer’s office.
Illinois Treasurer Michael Frerichs said Tuesday the lack of a budget has forced his office to alter its normal investment strategies to free up enough money so the state can pay its bills. As a result, the state earned $7.8 million less in investment income during the first quarter of 2016 compared to the same time period last year.
Frerichs warned if Illinois continues to operate without a budget, or even a stopgap budget, the state will miss out on $2.6 million in investment earnings every month, or $31.2 million over the course of the year.
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