The Illinois Comptroller would be more interested in how any negotiations over a proposed state budget for the next fiscal year.
But Illinois Treasurer Mike Frerichs says his office does have a role to play.
Frerichs tells Galesburg’s Morning News on WGIL it’s to make sure there’s at least one way the state can make some money.
“What we try to do here is invest money, to make a lot of money in interest,” said Frerichs. “We know that every dollar we can make in interest is a dollar that doesn’t have to be raised in taxes. Or, every dollar in interest is a dollar we don’t have to cut in programs. So, if we do our job right, it makes the job of the Governor and the General Assembly easier.
Frerichs, a former lawmaker himself, says he’s optimistic lawmakers will pass a budget before the self-imposed end of May deadline, but like many, isn’t completely sure. In response to a question about the recent memo the Governor’s budget office put out urging lawmakers to make cuts if proposed tax hikes increase don’t pass, Frerichs says the administration of then-Governor Bruce Rauner piled on debt, instead of trying to balance the budget. Most of the time Rauner was Governor, however, Democrats were still in control of the Illinois House and Senate. Frerichs does support a balanced budget.
But, is the state broke? Frerichs says no. But, there is a caveat.
“We do have a lot of unpaid liabilities in our pension funds,” said Frerichs. “We still have debt out there. It is important to balance our budget every year, and that every year we start chipping away at those unfunded liabilities, and paying back that debt.
The Treasurer claims his office last year made $1.3 billion in income on the state’s investments, helping the state’s bottom line.
Lawmakers’ goal for budget passage with a simple majority is the end of May. After that, a supermajority may be needed.
Frerichs appeared on WGIL to talk about Illinois’ “ICash” program, which brings unclaimed money back to Illinois residents.
