102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1243

 

Introduced 2/17/2021, by Rep. Emanuel Chris Welch

 

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

    Amends the State Finance Act. Makes a technical change in a Section concerning the Budget Stabilization Fund.


LRB102 03258 RJF 13271 b

 

 

A BILL FOR

 

HB1243LRB102 03258 RJF 13271 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 The Budget Stabilization Fund, a special fund in
9the State 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) The State Comptroller may direct the State Treasurer
15to transfer moneys from the Budget Stabilization Fund to the
16General Revenue Fund in order to meet cash flow deficits
17resulting from timing variations between disbursements and the
18receipt of funds within a fiscal year. Any moneys so borrowed
19in any fiscal year other than Fiscal Year 2011 shall be repaid
20by June 30 of the fiscal year in which they were borrowed. Any
21moneys so borrowed in Fiscal Year 2011 shall be repaid no later
22than July 15, 2011.
23    (c) During Fiscal Year 2017 only, amounts may be expended

 

 

HB1243- 2 -LRB102 03258 RJF 13271 b

1from the Budget Stabilization Fund only pursuant to specific
2authorization by appropriation. Any moneys expended pursuant
3to appropriation shall not be subject to repayment.
4    (d) For Fiscal Year 2020, and beyond, any transfers into
5the Fund pursuant to the Cannabis Regulation and Tax Act may be
6transferred to the General Revenue Fund in order for the
7Comptroller to address outstanding vouchers and shall not be
8subject to repayment back into the Budget Stabilization Fund.
9(Source: P.A. 101-10, eff. 6-5-19.)