103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5376

 

Introduced 2/9/2024, by Rep. Fred Crespo

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/6z-51

    Amends the State Finance Act. Authorizes moneys to be appropriated from the Budget Stabilization Fund in the following specified circumstances. Provides that, if the Governor exercises powers under the Illinois Emergency Management Agency Act, the public health laws of the State, or the Illinois Constitution to declare a disaster or emergency resulting from a catastrophic event that necessitates government action to protect life or public safety, then, for that fiscal year, moneys may, by a favorable vote of a majority of the members elected to each house of the General Assembly, be appropriated from the Budget Stabilization Fund under separate legislation that describes the nature of the disaster or emergency and contains an appropriation limited to the purposes described in the Governor's disaster declaration or executive order. Provides that, if the employment growth forecast for any fiscal year is estimated to be less than 1%, then, for that fiscal year, moneys may be withdrawn and appropriated from the Budget Stabilization Fund by the favorable vote of a majority of the members elected to each house of the General Assembly. Provides that any amount may be withdrawn and appropriated from the Budget Stabilization Fund at any time by the favorable vote of at least three-fifths of the members of each house of the General Assembly. Effective immediately.


LRB103 39492 JDS 69688 b

 

 

A BILL FOR

 

HB5376LRB103 39492 JDS 69688 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by changing
5Section 6z-51 as follows:
 
6    (30 ILCS 105/6z-51)
7    Sec. 6z-51. Budget Stabilization Fund.
8    (a) The Budget Stabilization Fund, a special fund in the
9State Treasury, shall consist of moneys appropriated or
10transferred to that Fund, as provided in Section 6z-43 and as
11otherwise provided by law. All earnings on Budget
12Stabilization Fund investments shall be deposited into that
13Fund.
14    (b) Following the affirmative vote of a simple majority of
15the members of each house of the General Assembly, the The
16State Comptroller may direct the State Treasurer to transfer
17moneys from the Budget Stabilization Fund to the General
18Revenue Fund in order to meet cash flow deficits resulting
19from timing variations between disbursements and the receipt
20of funds within a fiscal year. Any moneys so borrowed in any
21fiscal year other than Fiscal Year 2011 shall be repaid by June
2230 of the fiscal year in which they were borrowed. Any moneys
23so borrowed in Fiscal Year 2011 shall be repaid no later than

 

 

HB5376- 2 -LRB103 39492 JDS 69688 b

1July 15, 2011.
2    (b-5) In addition to the transfer of moneys otherwise
3authorized under this Section, moneys may also be appropriated
4from the Budget Stabilization Fund as follows:
5        (1) If the Governor exercises powers under the
6    Illinois Emergency Management Agency Act, the public
7    health laws of the State, or the Illinois Constitution to
8    declare a disaster or emergency resulting from a
9    catastrophic event that necessitates government action to
10    protect life or public safety, then for that fiscal year
11    moneys may, by a favorable vote of a majority of the
12    members elected to each house of the General Assembly, be
13    appropriated from the Budget Stabilization Fund under
14    separate legislation that describes the nature of the
15    disaster or emergency and contains an appropriation
16    limited to the purposes described in the Governor's
17    disaster declaration or executive order.
18        (2) If the employment growth forecast for any fiscal
19    year is estimated to be less than 1%, then for that fiscal
20    year moneys may be appropriated from the Budget
21    Stabilization Fund by the favorable vote of a majority of
22    the members elected to each house of the General Assembly.
23        (3) Any amount may be appropriated from the Budget
24    Stabilization Fund at any time by the favorable vote of at
25    least three-fifths of the members of each house of the
26    General Assembly.

 

 

HB5376- 3 -LRB103 39492 JDS 69688 b

1    (c) (Blank). During Fiscal Year 2017 only, amounts may be
2expended from the Budget Stabilization Fund only pursuant to
3specific authorization by appropriation. Any moneys expended
4pursuant to appropriation shall not be subject to repayment.
5    (d) (Blank). For Fiscal Years 2020 through 2022, any
6transfers into the Fund pursuant to the Cannabis Regulation
7and Tax Act may be transferred to the General Revenue Fund in
8order for the Comptroller to address outstanding vouchers and
9shall not be subject to repayment back into the Budget
10Stabilization Fund.
11    (e) Beginning July 1, 2023, on the first day of each month,
12or as soon thereafter as practical, the State Comptroller
13shall direct and the State Treasurer shall transfer $3,750,000
14from the General Revenue Fund to the Budget Stabilization
15Fund.
16(Source: P.A. 101-10, eff. 6-5-19; 102-699, eff. 4-19-22.)
 
17    Section 99. Effective date. This Act takes effect upon
18becoming law.