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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The State Budget Law of the Civil | |||||||||||||||||||||||||||||||
5 | Administrative Code of Illinois is amended by changing Section | |||||||||||||||||||||||||||||||
6 | 50-40 as follows: | |||||||||||||||||||||||||||||||
7 | (15 ILCS 20/50-40) | |||||||||||||||||||||||||||||||
8 | Sec. 50-40. General funds defined. "General funds" or | |||||||||||||||||||||||||||||||
9 | "State general funds" means the General Revenue Fund, the | |||||||||||||||||||||||||||||||
10 | Common School Fund, the General Revenue Common School Special | |||||||||||||||||||||||||||||||
11 | Account Fund, the Education Assistance Fund, the Fund for the | |||||||||||||||||||||||||||||||
12 | Advancement of Education, the Commitment to Human Services | |||||||||||||||||||||||||||||||
13 | Fund, and the Budget Stabilization Fund , and the Pension | |||||||||||||||||||||||||||||||
14 | Stabilization Fund .
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15 | (Source: P.A. 100-23, eff. 7-6-17.) | |||||||||||||||||||||||||||||||
16 | Section 6. The Balanced Budget Note Act is amended by | |||||||||||||||||||||||||||||||
17 | changing Section 5 as follows:
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18 | (25 ILCS 80/5) (from Ch. 63, par. 42.93-5)
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19 | Sec. 5. Supplemental appropriation bill defined. For | |||||||||||||||||||||||||||||||
20 | purposes of
this Act, "supplemental appropriation bill" means | |||||||||||||||||||||||||||||||
21 | any appropriation bill
that is (a) introduced or amended |
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1 | (including any changes to legislation by
means of the | ||||||
2 | submission of a conference committee report) on or after July
| ||||||
3 | 1 of a fiscal year and (b) proposes (as introduced or as | ||||||
4 | amended as the
case may be) to authorize, increase, decrease, | ||||||
5 | or reallocate any general
funds appropriation for that same | ||||||
6 | fiscal year. The general funds consist
of the General Revenue | ||||||
7 | Fund, the Common School Fund, the General Revenue
Common | ||||||
8 | School Special Account Fund, the Education Assistance Fund, | ||||||
9 | the Fund for the Advancement of Education, the Commitment to | ||||||
10 | Human Services Fund, and the Budget Stabilization Fund , and | ||||||
11 | the Pension Stabilization Fund .
| ||||||
12 | (Source: P.A. 100-587, eff. 6-4-18.)
| ||||||
13 | Section 10. The State Finance Act is amended by changing | ||||||
14 | Sections 6z-51 and 9.08 as follows: | ||||||
15 | (30 ILCS 105/6z-51)
| ||||||
16 | Sec. 6z-51. Budget Stabilization Fund.
| ||||||
17 | (a) The Budget Stabilization Fund, a special fund in the | ||||||
18 | State Treasury,
shall consist of moneys appropriated or | ||||||
19 | transferred to that Fund, as provided
in Section 6z-43 and as | ||||||
20 | otherwise provided by law.
All earnings on Budget | ||||||
21 | Stabilization Fund investments shall be deposited into
that | ||||||
22 | Fund.
| ||||||
23 | (b) The State Comptroller may direct the State Treasurer | ||||||
24 | to transfer moneys
from the Budget Stabilization Fund to the |
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| |||||||
1 | General Revenue Fund in order to meet
cash flow deficits | ||||||
2 | resulting from timing variations between disbursements
and the | ||||||
3 | receipt
of funds within a fiscal year. Except as provided in | ||||||
4 | subsection (b-5), any Any moneys so borrowed in any fiscal | ||||||
5 | year other than Fiscal Year 2011 shall be repaid by June
30 of | ||||||
6 | the fiscal year in which they were borrowed.
Any moneys so | ||||||
7 | borrowed in Fiscal Year 2011 shall be repaid no later than July | ||||||
8 | 15, 2011.
| ||||||
9 | (b-5) For Fiscal Year 2024 and each fiscal year | ||||||
10 | thereafter, any moneys transferred into the Budget | ||||||
11 | Stabilization Fund pursuant to Section 15 of the Budget | ||||||
12 | Stabilization Act may be transferred into the General Revenue | ||||||
13 | Fund in order for the Comptroller to address outstanding | ||||||
14 | vouchers and shall not be subject to repayment into the Budget | ||||||
15 | Stabilization Fund if the amount of accounts payable, as | ||||||
16 | determined by the Comptroller on June 30 of that fiscal year, | ||||||
17 | exceeds $4,000,000,000. | ||||||
18 | (c) (Blank). During Fiscal Year 2017 only, amounts may be | ||||||
19 | expended from the Budget Stabilization Fund only pursuant to | ||||||
20 | specific authorization by appropriation. Any moneys expended | ||||||
21 | pursuant to appropriation shall not be subject to repayment. | ||||||
22 | (d) (Blank). For Fiscal Years 2020 through 2022, any | ||||||
23 | transfers into the Fund pursuant to the Cannabis Regulation | ||||||
24 | and Tax Act may be transferred to the General Revenue Fund in | ||||||
25 | order for the Comptroller to address outstanding vouchers and | ||||||
26 | shall not be subject to repayment back into the Budget |
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| |||||||
1 | Stabilization Fund. | ||||||
2 | (e) Beginning July 1, 2023, on the first day of each month, | ||||||
3 | or as soon thereafter as practical, the State Comptroller | ||||||
4 | shall direct and the State Treasurer shall transfer $3,750,000 | ||||||
5 | from the General Revenue Fund to the Budget Stabilization | ||||||
6 | Fund. | ||||||
7 | (Source: P.A. 101-10, eff. 6-5-19; 102-699, eff. 4-19-22.)
| ||||||
8 | (30 ILCS 105/9.08) | ||||||
9 | Sec. 9.08. State agency reports; bills held by the agency. | ||||||
10 | (a) Each State agency shall provide a report to the State | ||||||
11 | Comptroller identifying: (i) current State liabilities held at | ||||||
12 | the agency, by fund source; (ii) whether the liabilities are | ||||||
13 | appropriated; and (iii) an estimate of interest penalties | ||||||
14 | accrued under the State Prompt Payment Act under criteria | ||||||
15 | prescribed by the State Comptroller. The report shall be | ||||||
16 | provided monthly in a time and form prescribed by the State | ||||||
17 | Comptroller in which the State Comptroller may provide a | ||||||
18 | waiver to the monthly reporting requirement if a State agency | ||||||
19 | does not have State liabilities. In the monthly reports under | ||||||
20 | this subsection (a) for January 2023, and in the monthly | ||||||
21 | reports under this subsection (a) for each January thereafter: | ||||||
22 | (1) the Department on Aging, the Department of | ||||||
23 | Healthcare and Family
Services, and the Department of | ||||||
24 | Human Services shall include the total number and | ||||||
25 | aggregate dollar value of the invoices submitted by that |
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| |||||||
1 | agency that may be paid from appropriations in a future | ||||||
2 | fiscal year under Section 25 because appropriations in the | ||||||
3 | current fiscal year are insufficient; | ||||||
4 | (2) the Department of Central Management Services | ||||||
5 | shall include the total number and aggregate dollar value | ||||||
6 | of the invoices that may be paid from appropriations in | ||||||
7 | future fiscal years under Section 25 due to insufficient | ||||||
8 | resources in the Health Insurance Reserve Fund; and | ||||||
9 | (3) the Department of Revenue shall include an | ||||||
10 | estimate of the amount of individual and corporate income | ||||||
11 | tax overpayments that will not be refunded before the | ||||||
12 | close of the current fiscal year because deposits into the | ||||||
13 | Income Tax Refund Fund are insufficient to pay those | ||||||
14 | refunds. | ||||||
15 | (b) As soon as possible after receiving a report from a | ||||||
16 | State agency under subsection (a) of this Section, the State | ||||||
17 | Comptroller shall post on his or her public-facing website the | ||||||
18 | information amount reported by the State agency under | ||||||
19 | subsection (a) . The Comptroller shall also include on that | ||||||
20 | website the liabilities reported to the Comptroller as of the | ||||||
21 | close of business on December 31 of the previous calendar | ||||||
22 | year. | ||||||
23 | (c) For purposes of this Section, "State agency" means: | ||||||
24 | all executive branch officers, boards, commissions and | ||||||
25 | agencies
created by the Constitution; all officers,
| ||||||
26 | departments, boards, commissions, agencies, institutions, |
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| |||||||
1 | authorities,
universities, bodies politic and corporate of the | ||||||
2 | State; and administrative
units or corporate outgrowths of the | ||||||
3 | State government which are created by
or pursuant to statute, | ||||||
4 | other than units of local government and their
officers, | ||||||
5 | school districts and boards of election commissioners; and all
| ||||||
6 | administrative units and corporate outgrowths of the above and | ||||||
7 | as may be
created by executive order of the Governor. "State | ||||||
8 | agency" does not include any officer, department, board, | ||||||
9 | commission, agency, unit, or authority of the legislative or | ||||||
10 | judicial branch.
| ||||||
11 | (Source: P.A. 100-552, eff. 1-1-18 .) | ||||||
12 | Section 15. The Budget Stabilization Act is amended by | ||||||
13 | changing Sections 10, 15 and 20 as follows: | ||||||
14 | (30 ILCS 122/10)
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15 | Sec. 10. Budget limitations.
| ||||||
16 | (a) Through Fiscal Year 2023, except Except as provided in | ||||||
17 | subsection (b-5), in addition to Section 50-5 of the State | ||||||
18 | Budget Law
of the Civil Administrative Code of Illinois, the | ||||||
19 | General
Assembly's appropriations and transfers or diversions | ||||||
20 | as required by
law from general funds shall not exceed
99%
of | ||||||
21 | the estimated general funds revenues for the fiscal
year when | ||||||
22 | revenue estimates of the State's general funds
revenues exceed | ||||||
23 | the prior fiscal year's estimated general
funds revenues by | ||||||
24 | more than 4%. Beginning in Fiscal Year 2024, in addition to |
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| |||||||
1 | Section 50-5 of the State Budget Law of the Civil | ||||||
2 | Administrative Code of Illinois, the General Assembly's | ||||||
3 | appropriations and transfers or diversions as required by law | ||||||
4 | from general funds shall not exceed 99% of the estimated | ||||||
5 | general funds revenues for the fiscal year if (i) revenue | ||||||
6 | estimates of the State's general funds revenues for that | ||||||
7 | fiscal year exceed the prior fiscal year's estimated general | ||||||
8 | funds revenues by more than 4% and (ii) projected accounts | ||||||
9 | payable are estimated by the Comptroller to be less than | ||||||
10 | $3,000,000,000 for that fiscal year.
| ||||||
11 | (b) Through Fiscal Year 2023, except Except as provided in | ||||||
12 | subsection (b-5), the General Assembly's appropriations and | ||||||
13 | transfers or
diversions as required by law from general
funds | ||||||
14 | shall not exceed 98% of the estimated general funds
revenues | ||||||
15 | for the fiscal year when revenue estimates of the
State's | ||||||
16 | general funds revenues exceed the prior fiscal year's
| ||||||
17 | estimated general funds revenues by more than 4% for 2 or
more | ||||||
18 | consecutive fiscal years.
Beginning in Fiscal Year 2024, in | ||||||
19 | addition to Section 50-5 of the State Budget Law of the Civil | ||||||
20 | Administrative Code of Illinois, the General Assembly's | ||||||
21 | appropriations and transfers or diversions as required by law | ||||||
22 | from general funds shall not exceed 98% of the estimated | ||||||
23 | general funds revenues for the fiscal year (rather than the | ||||||
24 | limit specified in subsection (a)) if transfers were required | ||||||
25 | to be made under subsection (g) of Section 15 in the fiscal | ||||||
26 | year or if, for at least the 2 immediately preceding fiscal |
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| |||||||
1 | years, both of the following requirements were met: (i) | ||||||
2 | revenue estimates of the State's general funds revenues for | ||||||
3 | that fiscal year exceeded the prior fiscal year's estimated | ||||||
4 | general funds revenues by more than 4% and (ii) projected | ||||||
5 | accounts payable were estimated by the Comptroller to be less | ||||||
6 | than $3,000,000,000 for each fiscal year.
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7 | (b-5) The limitations on appropriations and transfers or | ||||||
8 | diversions set forth under subsections (a) and (b) do not | ||||||
9 | apply for State fiscal year 2008. | ||||||
10 | (c) For the purpose of this Act, through Fiscal Year 2023, | ||||||
11 | "estimated general funds revenues"
include, for each budget | ||||||
12 | year, all taxes, fees, and other revenues
expected to be | ||||||
13 | deposited into the State's general funds, including
recurring | ||||||
14 | transfers from other State funds into the general funds. | ||||||
15 | Beginning in Fiscal Year 2024, "estimated general funds | ||||||
16 | revenues" means the estimate from the
Governor's Office of | ||||||
17 | Management and Budget under Section 50-5 of the State Budget | ||||||
18 | Law of the Civil Administrative Code of Illinois of all the | ||||||
19 | taxes, fees, and other revenues expected to be deposited into | ||||||
20 | the State's general funds, including recurring transfers from | ||||||
21 | other State funds into the general funds, but excluding any | ||||||
22 | federal revenue sources.
| ||||||
23 | Through Fiscal Year 2023, year-over-year Year-over-year | ||||||
24 | comparisons used to determine the percentage growth
factor of | ||||||
25 | estimated general funds revenues shall exclude the sum of the
| ||||||
26 | following: (i) expected revenues resulting from new taxes or |
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| |||||||
1 | fees or
from tax or fee increases during the first year of the | ||||||
2 | change, (ii)
expected revenues resulting from one-time | ||||||
3 | receipts or non-recurring
transfers in, (iii) expected | ||||||
4 | proceeds resulting from borrowing, and
(iv) increases in | ||||||
5 | federal grants that must be completely appropriated
based on | ||||||
6 | the terms of the grants.
| ||||||
7 | (Source: P.A. 94-839, eff. 6-6-06; 95-707, eff. 1-11-08.) | ||||||
8 | (30 ILCS 122/15)
| ||||||
9 | Sec. 15. Transfers to Budget Stabilization Fund.
In | ||||||
10 | furtherance of the State's objective for the Budget | ||||||
11 | Stabilization
Fund to have resources representing a specified | ||||||
12 | percentage 5% of the State's annual general
funds revenues:
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13 | (a) For each fiscal year when the General Assembly's
| ||||||
14 | appropriations and transfers or diversions as required by law
| ||||||
15 | from general funds do not exceed 99% of the
estimated general | ||||||
16 | funds revenues pursuant to subsection (a)
of Section 10, the | ||||||
17 | Comptroller shall transfer from the
General Revenue Fund as | ||||||
18 | provided by this Section a total
amount equal to 0.5% of the | ||||||
19 | estimated general funds revenues
to the Budget Stabilization | ||||||
20 | Fund.
| ||||||
21 | (b) For each fiscal year when the General Assembly's
| ||||||
22 | appropriations and transfers or diversions as required by law
| ||||||
23 | from general funds do not exceed 98% of the
estimated general | ||||||
24 | funds revenues pursuant to subsection (b)
of Section 10, the | ||||||
25 | Comptroller shall transfer from the
General Revenue Fund as |
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| |||||||
1 | provided by this Section a total
amount equal to 1% of the | ||||||
2 | estimated general funds revenues to
the Budget Stabilization | ||||||
3 | Fund.
| ||||||
4 | (c) The Comptroller shall transfer 1/12 of the total
| ||||||
5 | amount to be transferred each fiscal year under this Section
| ||||||
6 | into the Budget Stabilization Fund on the first day of each
| ||||||
7 | month of that fiscal year or as soon thereafter as possible.
| ||||||
8 | (c-5) Until Fiscal 2024, the The balance of the Budget | ||||||
9 | Stabilization Fund shall not exceed
5% of the total of general | ||||||
10 | funds revenues estimated for that
fiscal year . Beginning in | ||||||
11 | Fiscal Year 2024, the balance in the Budget Stabilization Fund | ||||||
12 | shall not exceed
7.5% of the total of general funds revenues | ||||||
13 | estimated for that
fiscal year. Once the balance of the Budget | ||||||
14 | Stabilization Fund is equal to 7.5% of the total general funds | ||||||
15 | revenues of the prior fiscal year, no further transfers shall | ||||||
16 | be made into the Budget Stabilization Fund in that fiscal | ||||||
17 | year. If any of the reports submitted under Section 9.08 by the | ||||||
18 | Department on Aging, the Department of Central Management | ||||||
19 | Services, the Department of Healthcare and Family Services, | ||||||
20 | the Department of Human Services, or the Department of Revenue | ||||||
21 | indicate that there are invoices that have been submitted by | ||||||
22 | that agency that may be paid from appropriations in future | ||||||
23 | fiscal years because appropriations in the then current fiscal | ||||||
24 | year are insufficient to pay those invoices, then the | ||||||
25 | Comptroller shall order transferred and the Treasurer shall | ||||||
26 | transfer from the General Revenue Fund into the Health |
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| |||||||
1 | Insurance Reserve Fund, the Healthcare Provider Relief Fund, | ||||||
2 | or the Income Tax Refund Fund, as applicable, an amount | ||||||
3 | necessary to reduce those amounts to zero, but not to exceed a | ||||||
4 | monthly aggregate combined total for all funds of $16,666,666. | ||||||
5 | except as provided by subsection (d) of this Section .
| ||||||
6 | (d) Upon written notice from the Governor to the Clerk of | ||||||
7 | the House of Representatives, the Secretary of the Senate, and | ||||||
8 | the Secretary of State pursuant to Section 1.1 of the Short | ||||||
9 | Term Borrowing Act, the Comptroller may cease the order of any | ||||||
10 | further transfers into the Budget Stabilization Fund and may | ||||||
11 | order the transfer, and the Treasurer shall transfer, from the | ||||||
12 | Budget Stabilization Fund into the General Revenue Fund an | ||||||
13 | amount deemed necessary to maintain the State's accounts | ||||||
14 | payable at an amount less than $3,000,000,000. If the written | ||||||
15 | notice has been provided, the General Assembly may make | ||||||
16 | transfers or appropriations from the Budget Stabilization Fund | ||||||
17 | for the upcoming fiscal year as necessary to provide for the | ||||||
18 | health, safety, and welfare of the people of the State of | ||||||
19 | Illinois. If the balance of the Budget Stabilization Fund
| ||||||
20 | exceeds 5% of the total general funds revenues estimated for | ||||||
21 | that
fiscal year, the additional transfers are not required | ||||||
22 | unless there are
outstanding liabilities under Section 25 of | ||||||
23 | the State Finance Act from prior
fiscal years. If there are | ||||||
24 | such outstanding Section 25 liabilities, then the
Comptroller | ||||||
25 | shall continue to transfer 1/12 of the total amount identified
| ||||||
26 | for transfer to the Budget Stabilization Fund on the first day |
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| |||||||
1 | of each month
of that fiscal year or as soon thereafter as | ||||||
2 | possible to be reserved for
those Section 25 liabilities. | ||||||
3 | Nothing in this Act prohibits the General
Assembly from | ||||||
4 | appropriating additional moneys into the Budget Stabilization
| ||||||
5 | Fund.
| ||||||
6 | (e) (Blank). On or before August 31 of each fiscal year, | ||||||
7 | the amount
determined to be transferred to the Budget | ||||||
8 | Stabilization Fund shall be
reconciled to actual general funds | ||||||
9 | revenues for that fiscal year. The
final transfer for each | ||||||
10 | fiscal year shall be adjusted so that the
total amount | ||||||
11 | transferred under this Section is equal to the percentage | ||||||
12 | specified in subsection
(a) or (b) of this Section, as | ||||||
13 | applicable, based on actual
general funds revenues calculated | ||||||
14 | consistently with subsection (c) of
Section 10 of this Act for | ||||||
15 | each fiscal year.
| ||||||
16 | (f) For the fiscal year beginning July 1, 2006 and for each | ||||||
17 | fiscal
year thereafter, the budget proposal to the General | ||||||
18 | Assembly shall identify
liabilities incurred in a
prior fiscal | ||||||
19 | year under Section 25 of the State Finance Act and the budget
| ||||||
20 | proposal shall provide
funding as allowable pursuant to | ||||||
21 | subsection (d) of this Section, if
applicable.
| ||||||
22 | (g) Beginning in Fiscal Year 2024, the Commission on | ||||||
23 | Government Forecasting and Accountability shall provide in a | ||||||
24 | report to the General Assembly, the Governor, and the | ||||||
25 | Comptroller, by January 10 of every year, a review of the first | ||||||
26 | 6 months of revenue for the current fiscal year. If the general |
| |||||||
| |||||||
1 | funds revenues for the first 6 months of the then current | ||||||
2 | fiscal year exceed 4% growth over the first 6 months of the | ||||||
3 | previous fiscal year and the Comptroller has reported accounts | ||||||
4 | payable of less than $3,000,000,000, then the Comptroller | ||||||
5 | shall order the transfer and the Treasurer shall transfer 0.5% | ||||||
6 | of the updated estimated revenues for that fiscal year in | ||||||
7 | equal monthly installments for the remainder of the fiscal | ||||||
8 | year into the Budget Stabilization Fund and 0.5% of the | ||||||
9 | updated estimated revenues for that fiscal year in equal | ||||||
10 | monthly installments for the remainder of that fiscal year | ||||||
11 | into the Pension Stabilization Fund. | ||||||
12 | (h) Beginning in Fiscal Year 2024, the Commission on | ||||||
13 | Government Forecasting and Accountability shall provide in a | ||||||
14 | report to the General Assembly, the Governor, and the | ||||||
15 | Comptroller, by January 10 of every year, a review of the first | ||||||
16 | 6 months of revenue for the current fiscal year. If, for at | ||||||
17 | least 2 fiscal years immediately preceding the then current | ||||||
18 | fiscal year, the general funds revenues for the first 6 months | ||||||
19 | of the then current fiscal year exceed 4% growth over the first | ||||||
20 | 6 months of the previous fiscal year and the Comptroller has | ||||||
21 | reported accounts payable of less than $3,000,000,000 for each | ||||||
22 | fiscal year, then the Comptroller, in lieu of the transfer in | ||||||
23 | subsection (g), shall order the transfer of and the Treasurer | ||||||
24 | shall transfer 1% of the updated estimated revenues for that | ||||||
25 | fiscal year in equal monthly installments for the remainder of | ||||||
26 | the fiscal year into the Budget Stabilization Fund and 1% of |
| |||||||
| |||||||
1 | the updated estimated revenues for that fiscal year in equal | ||||||
2 | monthly installments for the remainder of the fiscal year into | ||||||
3 | the Pension Stabilization Fund.
| ||||||
4 | (Source: P.A. 93-660, eff. 7-1-04; 94-839, eff. 6-6-06.) | ||||||
5 | (30 ILCS 122/20) | ||||||
6 | (Text of Section WITH the changes made by P.A. 98-599, | ||||||
7 | which has been
held unconstitutional) | ||||||
8 | Sec. 20. Pension Stabilization Fund. | ||||||
9 | (a) The Pension Stabilization Fund is hereby created as a | ||||||
10 | special fund in the State treasury. Moneys in the fund shall be | ||||||
11 | used for the sole purpose of making payments to the designated | ||||||
12 | retirement systems as provided in Section 25.
| ||||||
13 | (b) For each fiscal year through State fiscal year 2014, | ||||||
14 | when the General Assembly's
appropriations and transfers or | ||||||
15 | diversions as required by law
from general funds do not exceed | ||||||
16 | 99% of the
estimated general funds revenues pursuant to | ||||||
17 | subsection (a)
of Section 10, the Comptroller shall transfer | ||||||
18 | from the
General Revenue Fund as provided by this Section a | ||||||
19 | total
amount equal to 0.5% of the estimated general funds | ||||||
20 | revenues
to the Pension Stabilization Fund. | ||||||
21 | (c) For each fiscal year through State fiscal year 2014, | ||||||
22 | when the General Assembly's
appropriations and transfers or | ||||||
23 | diversions as required by law
from general funds do not exceed | ||||||
24 | 98% of the
estimated general funds revenues pursuant to | ||||||
25 | subsection (b)
of Section 10, the Comptroller shall transfer |
| |||||||
| |||||||
1 | from the
General Revenue Fund as provided by this Section a | ||||||
2 | total
amount equal to 1.0% of the estimated general funds | ||||||
3 | revenues
to the Pension Stabilization Fund. | ||||||
4 | (c-5) In addition to any other amounts required to be | ||||||
5 | transferred under this Section, in State fiscal year 2016 and | ||||||
6 | each fiscal year thereafter through State fiscal year 2045, or | ||||||
7 | when each of the designated retirement systems, as
defined in | ||||||
8 | Section 25, has achieved 100% funding, whichever occurs
first, | ||||||
9 | the State Comptroller shall order transferred and the State | ||||||
10 | Treasurer shall transfer from the General Revenue Fund to the | ||||||
11 | Pension Stabilization Fund an amount equal to 10% of (1) the | ||||||
12 | sum of the amounts certified by the designated retirement | ||||||
13 | systems under subsection (a-5) of Section 2-134, subsection | ||||||
14 | (a-10) of Section 14-135.08, subsection (a-10) of Section | ||||||
15 | 15-165, and subsection (a-10) of Section 16-158 of this Code | ||||||
16 | for that fiscal year minus (2) the sum of (i) the transfer | ||||||
17 | required under subsection (c-10) of this Section for that | ||||||
18 | fiscal year and (ii) the sum of the required State | ||||||
19 | contributions certified by the retirement systems under | ||||||
20 | subsection (a) of Section 2-134, subsection (a-5) of Section | ||||||
21 | 14-135.08, subsection (a-5) of Section 15-165, and subsection | ||||||
22 | (a-5) of Section 16-158 of this Code for that fiscal year. The | ||||||
23 | transferred amount is intended to represent one-tenth of the | ||||||
24 | annual savings to the State resulting from the enactment of | ||||||
25 | this amendatory Act of the 98th General Assembly. | ||||||
26 | (c-10) In State fiscal year 2019, the State Comptroller |
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1 | shall order transferred and the State Treasurer shall transfer | ||||||
2 | $364,000,000 from the General Revenue Fund to the Pension | ||||||
3 | Stabilization Fund. In State fiscal year 2020 and each fiscal | ||||||
4 | year thereafter until terminated under subsection (c-15), the | ||||||
5 | State Comptroller shall order transferred and the State | ||||||
6 | Treasurer shall transfer $1,000,000,000 from the General | ||||||
7 | Revenue Fund to the Pension Stabilization Fund. | ||||||
8 | (c-15) The transfers made beginning in State fiscal year | ||||||
9 | 2020 pursuant to subsection (c-10) of
this Section shall | ||||||
10 | terminate at the end of State fiscal year
2045 or when each of | ||||||
11 | the designated retirement systems, as
defined in Section 25, | ||||||
12 | has achieved 100% funding, whichever occurs
first. | ||||||
13 | (d) The Comptroller shall transfer 1/12 of the total
| ||||||
14 | amount to be transferred each fiscal year under this Section
| ||||||
15 | into the Pension Stabilization Fund on the first day of each
| ||||||
16 | month of that fiscal year or as soon thereafter as possible; | ||||||
17 | except that the final transfer of the fiscal year shall be made | ||||||
18 | as soon as practical after the August 31 following the end of | ||||||
19 | the fiscal year. | ||||||
20 | Until State fiscal year 2015, before the final transfer | ||||||
21 | for a fiscal year is made, the Comptroller shall reconcile the | ||||||
22 | estimated general funds revenues used in calculating the other | ||||||
23 | transfers under this Section for that fiscal year with the | ||||||
24 | actual general funds revenues for that fiscal year. The
final | ||||||
25 | transfer for the fiscal year shall be adjusted so that the
| ||||||
26 | total amount transferred under this Section for that fiscal |
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1 | year is equal to the percentage specified in subsection
(b) or | ||||||
2 | (c) of this Section, whichever is applicable, of the actual
| ||||||
3 | general funds revenues for that fiscal year. The actual | ||||||
4 | general funds revenues for the fiscal year shall be calculated | ||||||
5 | in a manner consistent with subsection (c) of
Section 10 of | ||||||
6 | this Act.
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7 | (Source: P.A. 98-599, eff. 6-1-14 .) | ||||||
8 | (Text of Section WITHOUT the changes made by P.A. 98-599, | ||||||
9 | which has been
held unconstitutional) | ||||||
10 | Sec. 20. Pension Stabilization Fund. | ||||||
11 | (a) The Pension Stabilization Fund is hereby created as a | ||||||
12 | special fund in the State treasury. Moneys in the fund shall be | ||||||
13 | used for the sole purpose of making payments to the designated | ||||||
14 | retirement systems as provided in Section 25.
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15 | (b) For each fiscal year when the General Assembly's
| ||||||
16 | appropriations and transfers or diversions as required by law
| ||||||
17 | from general funds do not exceed 99% of the
estimated general | ||||||
18 | funds revenues pursuant to subsection (a)
of Section 10, the | ||||||
19 | Comptroller shall transfer from the
General Revenue Fund as | ||||||
20 | provided by this Section a total
amount equal to 0.5% of the | ||||||
21 | estimated general funds revenues
to the Pension Stabilization | ||||||
22 | Fund. Beginning in Fiscal Year 2024, for each fiscal year when | ||||||
23 | the General Assembly's appropriations and transfers or
| ||||||
24 | diversions as required by law from general funds do not exceed | ||||||
25 | 99% of the estimated general funds revenues pursuant to |
| |||||||
| |||||||
1 | subsection (a) of Section 10 and the Budget Stabilization Fund | ||||||
2 | is equal to 7.5% of general funds revenues, the Comptroller | ||||||
3 | shall transfer from the General Revenue Fund as provided by | ||||||
4 | this Section a total amount equal to 1% of the estimated | ||||||
5 | general funds revenues into the Pension Stabilization Fund. | ||||||
6 | (c) For each fiscal year when the General Assembly's
| ||||||
7 | appropriations and transfers or diversions as required by law
| ||||||
8 | from general funds do not exceed 98% of the
estimated general | ||||||
9 | funds revenues pursuant to subsection (b)
of Section 10, the | ||||||
10 | Comptroller shall transfer from the
General Revenue Fund as | ||||||
11 | provided by this Section a total
amount equal to 1.0% of the | ||||||
12 | estimated general funds revenues
to the Pension Stabilization | ||||||
13 | Fund. Beginning in Fiscal Year 2024, for each fiscal year when | ||||||
14 | the General Assembly's appropriations and transfers or
| ||||||
15 | diversions as required by law from general funds do not exceed | ||||||
16 | 98% of the estimated general funds revenues pursuant to | ||||||
17 | subsection (a) of Section 10 and the Budget Stabilization Fund | ||||||
18 | is equal to 7.5% of general funds revenues, the Comptroller, | ||||||
19 | in lieu of the transfer in subsection (b), shall transfer from | ||||||
20 | the General Revenue Fund as provided by this Section a total | ||||||
21 | amount equal to 2% of the estimated general funds revenues | ||||||
22 | into the Pension Stabilization Fund. | ||||||
23 | (d) The Comptroller shall transfer 1/12 of the total
| ||||||
24 | amount to be transferred each fiscal year under this Section
| ||||||
25 | into the Pension Stabilization Fund on the first day of each
| ||||||
26 | month of that fiscal year or as soon thereafter as possible; |
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| |||||||
1 | except that the final transfer of the fiscal year shall be made | ||||||
2 | as soon as practical after the August 31 following the end of | ||||||
3 | the fiscal year. | ||||||
4 | Before the final transfer for a fiscal year is made, the | ||||||
5 | Comptroller shall reconcile the estimated general funds | ||||||
6 | revenues used in calculating the other transfers under this | ||||||
7 | Section for that fiscal year with the actual general funds | ||||||
8 | revenues for that fiscal year. The
final transfer for the | ||||||
9 | fiscal year shall be adjusted so that the
total amount | ||||||
10 | transferred under this Section for that fiscal year is equal | ||||||
11 | to the percentage specified in subsection
(b) or (c) of this | ||||||
12 | Section, whichever is applicable, of the actual
general funds | ||||||
13 | revenues for that fiscal year. The actual general funds | ||||||
14 | revenues for the fiscal year shall be calculated in a manner | ||||||
15 | consistent with subsection (c) of
Section 10 of this Act.
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16 | (Source: P.A. 94-839, eff. 6-6-06.)
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17 | Section 99. Effective date. This Act takes effect upon | ||||||
18 | becoming law.
|