No masking pain coronavirus will inflict on state finances – but no one knows ‘exactly how bad it will be’ – Chicago Sun-Times

An over two-year budget impasse ruined much of the state’s finances. The state has $134 billion in unfunded pensions liabilities, a $7.7 billion bill backlog and poor bond ratings from Wall Street’s leading credit rating agencies. State Comptroller Susana Mendoza said Illinois’ rainy day fund has been drained to only $60,000 — not enough reserves in the safety net to run state government for 30 seconds.