GASH, GARRETT, MCKEON, WOOLARD, HARTKE, BRUNSVOLD, JONES,LOU,
DAVIS,STEVE, REITZ, HOFFMAN, GILES, NOVAK, MAUTINO,
SLONE, SCULLY, LYONS,EILEEN, BOLAND, BROSNAHAN, MCGUIRE,
FRITCHEY, RIGHTER, CURRY,JULIE, HAMOS AND ERWIN.
ST BUD-RAINY DAY & CHILD RESRV
Synopsis of Bill as introduced:
Creates the Rainy Day Budget Stabilization and Children First Act
and amends the State Finance Act. Requires the Comptroller to
transfer from the General Revenue Fund during fiscal year 2000
$50,000,000 into a Budget Stabilization Fund and $50,000,000 into a
Children First Reserve Fund. In each subsequent fiscal year when
anticipated general revenues are estimated by the Governor to exceed
the prior fiscal year's revenues by more than 4%, requires the
Comptroller to transfer .25% of the anticipated revenues from the
General Revenue Fund divided equally into the Budget Stabilization
Fund and the Children First Reserve Fund. Permits suspension of
transfers. Authorizes use of the Budget Stabilization Fund to meet
general funds revenue shortfalls. Limits the use of the Children
First Reserve Fund to meet shortfalls in funding educational and child
care programs. Creates the necessary special funds within the State
treasury. Effective immediately.
FISCAL NOTE (Bureau of the Budget)
The setting aside of funds into the Revenue Stabilization Fund
and the Children First Reserve Fund does not require the ex-
penditure of funds by the State nor does it change the revenues
of the State.
PENSION NOTE (Pension Laws Commission)
HB417 would not affect the accrued liabilities or annual cost
of any public pension fund or retirement system in Illinois.
STATE DEBT NOTE (Economic and Fiscal Commission)
HB417 has no direct impact on the level of State indebtedness.
Last action on Bill: SESSION SINE DIE
Last action date: 01-01-09
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status