For the sake of transparency, let’s be clear: Bills with clever titles that fail to do what they say they do are commonplace political tools in Illinois. So it comes as no surprise that the Debt Transparency Act, passed by the legislature, is neither about debt nor transparency.
If it were to become law, the bill requires each state agency to report to the comptroller liabilities held at the agency by fund source on a monthly basis, whether or not they’re appropriated, with an estimate of interest penalties accrued. Current law requires agencies to report similar information on an annual basis.
As Gov. Bruce Rauner noted in his veto of the bill, the desire to provide more transparency about the state of our finances is a good one. As the former state comptroller, I kept a running estimate of vouchers in agencies though frequent phone calls so we could plan for payments and manage available cash.
But the Debt Transparency Act, with its burdensome paperwork and overreach by the comptroller’s office into the executive branch, is not the solution.
Click here to read the full article on the State Journal-Register's website.