In This Issue:
This week, Senate Amendment #1 to SB 44 (Sen. Laura Murphy, D-Des Plaines) was filed and originally scheduled to be heard in the Senate State Government Committee. As filed, Senate Amendment #1 would allow the state to lower the interest rate the state owes vendors for the state’s failure to pay its vendors on a timely basis. Under the proposal, the Comptroller would have been given the authority to determine the interest rate on late payments from July 1st using the following formula: the greater of (a) 0.25% per month/3% annually; or (b) an annual rate of 2 times the percentage increase, if any, in the Consumer Price Index during the 12-months immediately preceding July 1st. This would remove the incentive for the state to pay its vendors on time while turning vendors into unwilling banks thereby encouraging the state to continue fiscal mismanagement. Currently, vendors who are owed money don’t start earning interest until at least 90-days.
In short, should something like this be adopted, the state will have fiscally abused its vendors and escaped responsibility for the mismanagement. The floor amendment was not heard in the Senate’s State Government Committee but we expect further consideration at some point.
Project Next Grid is a study launched by the Illinois Commerce Commission. Its purpose is to proactively address issue Illinois’ electric utilities will confront in the future. The focus will be on technological advancements, contributions to economic development, and environmental impacts. The stated goal is not to provide specific recommendations but layout concepts that could be used by policy makers in future decisions. IRMA is involved with Project Next Grid.
Eight working groups have been formed to help facilitate effective discussion.
The first study update will be held on Jun 14th from 1:00 – 3:30 p.m. at the ICC’s offices in Chicago (160 N. LaSalle, Room C-800) or via teleconference at the ICC’s Springfield offices (527 East Capitol). The agenda for the update can be found here. A public comment session will be included. Interested participants need to register in advance. Those wishing to testify must also register in advance. IRMA members can also provide feedback to IRMA who will be happy to submit it.
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BUSINESS DAY SOLD OUT
We look forward to seeing everyone next Wednesday, May 9th, for another sold out Business Day 2018 hosted by IRMA and the Illinois Manufacturers’ Association. Business Day 2018 is the largest annual gathering of Illinois employers and gives you the opportunity to network with fellow business leaders, meet directly with your legislators, and directly share the impact policies they are considering have had or will have on your investment, employees, and customers. The day will start with the opening luncheon keynoted by Jim VandeHei, the founder and CEO of Axios and the founder of POLITICO.
We would like to thank our sponsors for their support!
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