93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4244

 

Introduced 1/28/2004, by Jim Watson

 

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

    Amends the State Finance Act. At the end of each fiscal year when the State has a cash balance in excess of $750,000,000, requires that the excess be transferred into the Budget Stabilization Fund. Conditions the State Comptroller's authority to use the Fund to meet deficits and shortfalls upon the agreement of the State Treasurer and advance approval of the General Assembly by adoption of a joint resolution. Effective immediately.


LRB093 17470 JAM 43137 b

 

 

A BILL FOR

 

HB4244 LRB093 17470 JAM 43137 b

1     AN ACT concerning State finance.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The State Finance Act is amended by changing
5 Section 6z-51 as follows:
 
6     (30 ILCS 105/6z-51)
7     Sec. 6z-51. Budget Stabilization Fund; transfer of excess
8 State revenues.
9     (a) Notwithstanding any other provision of law, in each
10 fiscal year in which the State's cash balance at the end of the
11 fiscal year is in excess of $750,000,000, that excess shall be
12 transferred into the Budget Stabilization Fund, a special fund
13 in the State treasury. , The Budget Stabilization Fund also
14 shall include shall consist of moneys appropriated or
15 transferred to that Fund, as provided in Section 6z-43 and as
16 otherwise provided by law.
17     (b) Upon agreement of the State Comptroller and State
18 Treasurer, and upon advance approval of the General Assembly by
19 joint resolution, the State Comptroller may direct the State
20 Treasurer to transfer moneys from the Budget Stabilization Fund
21 to the General Revenue Fund in order to meet deficits resulting
22 from timing variations between disbursements and the receipt of
23 funds within a fiscal year. Any moneys so borrowed shall be
24 repaid by June 30 of the fiscal year in which they were
25 borrowed.
26 (Source: P.A. 92-11, eff. 6-11-01; 92-651, eff. 7-11-02.)
 
27     Section 99. Effective date. This Act takes effect upon
28 becoming law.