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90_SB0863
New Act
Creates the Responsible Government Act. Provides that 5%
of specified State tax revenues shall be deposited into the
Responsible Government Fund. Provides that moneys in the
Fund may be transferred to the General Revenue Fund if there
is a revenue shortfall meeting certain criteria, or if the
Fund exceeds a specified size. Sets forth duties of the
Comptroller, Treasurer, and General Assembly in accomplishing
the purposes of the Act. Applies to FY98 and all subsequent
fiscal years. Effective immediately.
LRB9003494KDcc
LRB9003494KDcc
1 AN ACT in relation to responsible government.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 Responsible Government Act.
6 Section 5. Responsible Government Fund.
7 (a) The Responsible Government Fund is created in the
8 State treasury. The Fund shall be separate from the general
9 funds of the State and shall not be considered part of the
10 general funds of the State. The "general funds" consist of
11 the General Revenue Fund, the Common School Fund, and the
12 Education Assistance Fund. The moneys in the Fund shall not
13 be transferred, used, obligated, appropriated, or otherwise
14 encumbered except as provided in this Act.
15 (b) The Fund shall consist of an amount not to exceed
16 10% of the average of the State's revenues from income, use,
17 and occupation taxes for the 3 immediately preceding fiscal
18 years.
19 (c) In fiscal year 1998 and every fiscal year
20 thereafter, upon the certification of the Comptroller each
21 month, the Treasurer shall transfer into the Fund, from the
22 General Revenue Fund, an amount equal to 5% of the State's
23 revenues from income, use, and occupation taxes collected in
24 the most recently ended month. The General Assembly may
25 provide for additional transfers into the Fund at any time so
26 long as the 10% limitation established in subsection (b) is
27 not exceeded. All interest earned on moneys in the Fund
28 shall be part of the Fund. If at any time the Fund's balance
29 exceeds the 10% limitation, the amount in excess of the
30 limitation shall be transferred from the Fund into the
31 General Revenue Fund upon certification of the amount of the
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1 excess by the Comptroller.
2 (d) The Comptroller shall compute the 10% limitation of
3 the Fund after the end of each fiscal year. The Comptroller
4 shall report to the General Assembly, on or before December 1
5 of each year, the revenues from income, use, and occupation
6 taxes collected in the most recently ended fiscal year.
7 (e) No amounts shall be withdrawn from the Fund except
8 for transfers as provided in subsection (c) of this Section
9 or in accordance with Section 10.
10 (f) For the purposes of the Comptroller's reports under
11 the State Comptroller Act, all balances remaining in the Fund
12 on June 30 of each fiscal year shall be considered to be part
13 of the State's general funds.
14 Section 10. Withdrawals from Fund. The General Assembly
15 may authorize a transfer from the Fund to the General Revenue
16 Fund to cover no more than 50% of a shortfall in actual
17 general funds revenue. No transfer shall be made, however,
18 unless the shortfall exceeds 2% of actual general funds
19 revenue. Furthermore, no transfer from the Fund in any fiscal
20 year shall exceed more than 50% of the balance of the Fund.
21 Section 99. Effective date. This Act takes effect upon
22 becoming law.