103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5536

 

Introduced 2/9/2024, by Rep. Terra Costa Howard

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 122/15

    Amends the Budget Stabilization Act. Provides that moneys may be withdrawn and appropriated from the Budget Stabilization Fund as follows: (1) if the Governor declares a state of emergency resulting from a catastrophic event that necessitates government action to protect life or public safety, then, for that fiscal year, moneys may be withdrawn and appropriated from the Budget Stabilization Fund, by an appropriation setting forth the nature of the emergency and limited to the purposes contained in the declaration, passed by an affirmative vote of a majority of the members elected to each house of the General Assembly; (2) 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growth forecast for any fiscal year is estimated to be less than 1%, then, for that fiscal year, moneys may be withdrawn and appropriated from the Budget Stabilization Fund by the affirmative vote of a majority of the members elected to each house of the General Assembly; and (3) any amount may be withdrawn and appropriated from the Budget Stabilization Fund at any time by the affirmative vote of at least three-fifths of the members elected to each house of the General Assembly.


LRB103 37379 MXP 67500 b

 

 

A BILL FOR

 

HB5536LRB103 37379 MXP 67500 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 Budget Stabilization Act is amended by
5changing Section 15 as follows:
 
6    (30 ILCS 122/15)
7    Sec. 15. Transfers to and withdrawals and appropriations
8from the Budget Stabilization Fund. In furtherance of the
9State's objective for the Budget Stabilization Fund to have
10resources representing 7.5% of the State's annual general
11funds revenues:
12    (a) For each fiscal year when the General Assembly's
13appropriations and transfers or diversions as required by law
14from general funds do not exceed 99% of the estimated general
15funds revenues pursuant to subsection (a) of Section 10, the
16Comptroller shall transfer from the General Revenue Fund as
17provided by this Section a total amount equal to 0.5% of the
18estimated general funds revenues to the Budget Stabilization
19Fund.
20    (b) For each fiscal year when the General Assembly's
21appropriations and transfers or diversions as required by law
22from general funds do not exceed 98% of the estimated general
23funds revenues pursuant to subsection (b) of Section 10, the

 

 

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1Comptroller shall transfer from the General Revenue Fund as
2provided by this Section a total amount equal to 1% of the
3estimated general funds revenues to the Budget Stabilization
4Fund.
5    (c) The Comptroller shall transfer 1/12 of the total
6amount to be transferred each fiscal year under this Section
7into the Budget Stabilization Fund on the first day of each
8month of that fiscal year or as soon thereafter as possible.
9The balance of the Budget Stabilization Fund shall not exceed
107.5% of the total of general funds revenues estimated for that
11fiscal year except as provided by subsection (d) of this
12Section.
13    (d) If the balance of the Budget Stabilization Fund
14exceeds 7.5% of the total general funds revenues estimated for
15that fiscal year, the additional transfers are not required
16unless there are outstanding liabilities under Section 25 of
17the State Finance Act from prior fiscal years. If there are
18such outstanding Section 25 liabilities, then the Comptroller
19shall continue to transfer 1/12 of the total amount identified
20for transfer to the Budget Stabilization Fund on the first day
21of each month of that fiscal year or as soon thereafter as
22possible to be reserved for those Section 25 liabilities.
23Nothing in this Act prohibits the General Assembly from
24appropriating additional moneys into the Budget Stabilization
25Fund.
26    (e) On or before August 31 of each fiscal year, the amount

 

 

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1determined to be transferred to the Budget Stabilization Fund
2shall be reconciled to actual general funds revenues for that
3fiscal year. The final transfer for each fiscal year shall be
4adjusted so that the total amount transferred under this
5Section is equal to the percentage specified in subsection (a)
6or (b) of this Section, as applicable, based on actual general
7funds revenues calculated consistently with subsection (c) of
8Section 10 of this Act for each fiscal year.
9    (f) For the fiscal year beginning July 1, 2006 and for each
10fiscal year thereafter, the budget proposal to the General
11Assembly shall identify liabilities incurred in a prior fiscal
12year under Section 25 of the State Finance Act and the budget
13proposal shall provide funding as allowable pursuant to
14subsection (d) of this Section, if applicable.
15    (g) Moneys may be withdrawn and appropriated from the
16Budget Stabilization Fund as follows:
17        (1) If the Governor declares a state of emergency
18    resulting from a catastrophic event that necessitates
19    government action to protect life or public safety, then,
20    for that fiscal year, moneys may be withdrawn and
21    appropriated from the Budget Stabilization Fund, by an
22    appropriation setting forth the nature of the emergency
23    and limited to the purposes contained in the declaration,
24    passed by an affirmative vote of a majority of the members
25    elected to each house of the General Assembly.
26        (2) If the employment growth forecast for any fiscal

 

 

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1    year is estimated to be less than 1%, then, for that fiscal
2    year, moneys may be withdrawn and appropriated from the
3    Budget Stabilization Fund by the affirmative vote of a
4    majority of the members elected to each house of the
5    General Assembly.
6        (3) Any amount may be withdrawn and appropriated from
7    the Budget Stabilization Fund at any time by the
8    affirmative vote of at least three-fifths of the members
9    elected to each house of the General Assembly.
10(Source: P.A. 102-1115, eff. 1-9-23.)