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| Public Act 096-0320 |
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AN ACT concerning State budgets.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The State Budget Law of the Civil Administrative | ||||
Code of Illinois is amended by changing Section 50-5 as | ||||
follows:
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(15 ILCS 20/50-5) (was 15 ILCS 20/38)
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Sec. 50-5. Governor to submit State budget. The Governor | ||||
shall, as soon as
possible and not later than the first
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Wednesday in March in 2007 (March 7, 2007) and the third
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Wednesday in February of each year beginning in 2008, except as | ||||
otherwise provided in this Section, submit a
State budget, | ||||
embracing therein the amounts recommended by the Governor to be
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appropriated to the respective departments, offices, and | ||||
institutions, and
for all other public purposes, the estimated | ||||
revenues from taxation, the
estimated revenues from sources | ||||
other than taxation, and an estimate of the
amount required to | ||||
be raised by taxation. In 2004 only, the Governor shall submit | ||||
the capital development section of the State budget not later | ||||
than the fourth Tuesday of March (March 23, 2004). The amounts | ||||
recommended by the
Governor for appropriation to the respective | ||||
departments, offices and
institutions shall be formulated | ||||
according to the various functions and
activities for which the | ||||
respective department, office or institution of
the State | ||
government (including the elective officers in the executive
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department and including the University of Illinois and the | ||
judicial
department) is responsible. The amounts relating to | ||
particular functions
and activities shall be further | ||
formulated in accordance with the object
classification | ||
specified in Section 13 of the State Finance Act.
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The Governor shall not propose expenditures and the General | ||
Assembly shall
not enact appropriations that exceed the | ||
resources estimated to be available,
as provided in this | ||
Section.
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For the purposes of Article VIII, Section 2 of the 1970
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Illinois Constitution, the State budget for the following funds | ||
shall be
prepared on the basis of revenue and expenditure | ||
measurement concepts that are
in concert with generally | ||
accepted accounting principles for governments:
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(1) General Revenue Fund.
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(2) Common School Fund.
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(3) Educational Assistance Fund.
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(4) Road Fund.
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(5) Motor Fuel Tax Fund.
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(6) Agricultural Premium Fund.
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These funds shall be known as the "budgeted funds". The | ||
revenue
estimates used in the State budget for the budgeted | ||
funds shall include the
estimated beginning fund balance, plus
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revenues estimated to be received during the budgeted year, | ||
plus the estimated
receipts due the State as of June 30 of the | ||
budgeted year that are expected to
be collected during the | ||
lapse period following the budgeted year, minus the
receipts | ||
collected during the first 2 months of the budgeted year that | ||
became
due to the State in the year before the budgeted year. | ||
Revenues shall also
include estimated federal reimbursements | ||
associated with the recognition of
Section 25 of the State | ||
Finance Act liabilities. For any budgeted fund
for which | ||
current year revenues are anticipated to exceed expenditures, | ||
the
surplus shall be considered to be a resource available for | ||
expenditure in the
budgeted fiscal year.
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Expenditure estimates for the budgeted funds included in | ||
the State budget
shall include the costs to be incurred by the | ||
State for the budgeted year,
to be paid in the next fiscal | ||
year, excluding costs paid in the budgeted year
which were | ||
carried over from the prior year, where the payment is | ||
authorized by
Section
25 of the State Finance Act. For any | ||
budgeted fund
for which expenditures are expected to exceed | ||
revenues in the current fiscal
year, the deficit shall be | ||
considered as a use of funds in the budgeted fiscal
year.
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Revenues and expenditures shall also include transfers | ||
between funds that are
based on revenues received or costs | ||
incurred during the budget year.
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Appropriations for expenditures shall also include all | ||
anticipated statutory continuing appropriation obligations | ||
that are expected to be incurred during the budgeted fiscal | ||
year. | ||
By
March 15 of each year, the
Commission on Government | ||
Forecasting and Accountability shall prepare
revenue and fund | ||
transfer estimates in accordance with the requirements of this
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Section and report those estimates to the General Assembly and | ||
the Governor.
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For all funds other than the budgeted funds, the proposed | ||
expenditures shall
not exceed funds estimated to be available | ||
for the fiscal year as shown in the
budget. Appropriation for a | ||
fiscal year shall not exceed funds estimated by
the General | ||
Assembly to be available during that year.
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(Source: P.A. 93-1, eff. 2-6-03; 93-662, eff. 2-11-04; 93-1067, | ||
eff. 1-15-05; 94-1108, eff. 2-16-07.)
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