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Budgets should include estimates of late payment interest penalties

APRIL 25, 2018 | by Editorial | THE STATE JOURNAL-REGISTER (ILLINOIS)

“There are many reasons we are the worst-run state (financially, at least) in the country. Poor budgeting practices top that list. One such practice has been for governors to not include expected late payment interest penalties in their budget proposals. The state’s Prompt Payment Act requires late payment interest penalties be paid when bills are delayed more than 90 days, and interest owed is calculated at 12 percent per year after that. …This shouldn’t be a partisan matter. We are encouraged that the House vote of 101-0 indicates that chamber did not see it as such.”

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