Illinois Treasurer Mike Frerichs says the state loses $2.6 million a month in investment income because of the ongoing state budget impasse.
The Democrat in charge of investing state money says his office changed strategies last summer to shorter-term and less lucrative investments instead of long-term ones because the state had no spending plan.
He says if nothing changes Illinois could miss out on more than $31 million dollars in potential earnings this calendar year.
Illinois had been operating without a spending plan since last July, and there are few signs there will be an agreement for the coming fiscal year.
Frerichs says not having the ability to plan long-term “rips money out of the pockets” of Illinoisans.
