State of Illinois
92nd General Assembly
Legislation

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92_HB0141

 
                                               LRB9201575MWcd

 1        AN ACT concerning State budget stabilization.

 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    Rainy Day Budget Stabilization and Children First Act.

 6        Section   5.   Budget  Stabilization  Fund.   The  Budget
 7    Stabilization Fund is established as a special  fund  in  the
 8    State  treasury  in  order  to reduce the need for future tax
 9    increases, maintain the highest possible bond rating,  reduce
10    the  need  for  short  term  borrowing, and provide available
11    resources to meet State obligations whenever casual  deficits
12    or failures in revenue occur.

13        Section  10.  Children  First Reserve Fund.  The Children
14    First Reserve Fund is established as a special  fund  in  the
15    State  treasury  to  retain State revenues for the education,
16    care, health, and safety of children.

17        Section 15. Payments into the Budget  Stabilization  Fund
18    and the Children First Reserve Fund.
19        (a)  During  fiscal  year  2002,  the  Comptroller  shall
20    transfer a total of $50,000,000 into the Budget Stabilization
21    Fund  and  shall  transfer  a  total  of $50,000,000 into the
22    Children First Reserve Fund.
23        (b)  Beginning with fiscal year 2003,  for  every  fiscal
24    year  in  which  the  anticipated  revenues  into the State's
25    general funds are estimated by the  Governor  to  exceed  the
26    prior  year's  general  funds  revenue  by  more than 4%, the
27    Comptroller shall transfer from the General Revenue Fund into
28    the Budget Stabilization Fund an amount equal  to  0.125%  of
29    the  anticipated  general  funds  revenues and shall transfer
 
                            -2-                LRB9201575MWcd
 1    from the General Revenue Fund into the Children First Reserve
 2    Fund an amount equal to 0.125%  of  the  anticipated  general
 3    funds revenues.
 4        (c)  The  Comptroller  shall  transfer  1/12 of the total
 5    amount  to  be  transferred  each  fiscal   year   into   the
 6    appropriate  fund  under  subsection  (b) on the first day of
 7    each month of that fiscal  year  or  as  soon  thereafter  as
 8    possible.
 9        (d)  At  any  time  during the fiscal year, the Governor,
10    Comptroller, and Treasurer may agree to suspend any  payment,
11    or  a  portion  of  any  payment,  that  is  required by this
12    Section.  Payments into the  Budget  Stabilization  Fund  and
13    Children  First  Reserve Fund shall resume upon the agreement
14    of the Governor, Comptroller, and Treasurer.
15        (e)  If the balance in the Budget Stabilization  Fund  or
16    in  the  Children  First  Reserve  Fund  exceeds  2%  of  the
17    Governor's  estimate of total general funds revenues for that
18    fiscal  year,  any  subsequent  transfers  required  by  this
19    Section to the fund shall be suspended for that fiscal year.

20        Section 20. Use of the Budget Stabilization Fund.
21        (a)  The Governor, Comptroller, and Treasurer may, upon a
22    determination that there are insufficient resources available
23    within the general funds of the State  to  meet  the  State's
24    obligations,  direct  the  transfer  of  moneys in the Budget
25    Stabilization Fund to the general funds of  the  State.   The
26    timing  and  the amount of these transfers shall be specified
27    and agreed upon by the Governor, Comptroller, and Treasurer.
28        (b)  If the  transfers  in  subsection  (a)  were  deemed
29    necessary  by the Governor, Comptroller, and Treasurer solely
30    for the purpose of facilitating cash  flow  within  the  same
31    fiscal  year,  the Governor, Comptroller, and Treasurer shall
32    direct the repayment from the general funds into  the  Budget
33    Stabilization   Fund   of   the   amounts  transferred  under
 
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 1    subsection (a) by the end of the same fiscal year or as  soon
 2    thereafter as possible.

 3        Section 25. Use of the Children First Reserve Fund.
 4        (a)  The Governor, Comptroller, and Treasurer may, upon a
 5    determination that there are insufficient resources available
 6    to  meet  the  State's obligations in funding educational and
 7    child care programs, direct the transfer  of  moneys  in  the
 8    Children  First  Reserve Fund to the appropriate funds of the
 9    State.  The transfer  of  such  funds  shall  be  limited  to
10    programs  for  (i)  elementary  and secondary education, (ii)
11    child care, and (iii) other programs that  provide  a  direct
12    benefit  to  children.   The  timing  and  the  amount of the
13    transfers shall be specified and agreed upon by the Governor,
14    Comptroller, and Treasurer.
15        (b)  If the  transfers  in  subsection  (a)  were  deemed
16    necessary  by the Governor, Comptroller, and Treasurer solely
17    for the purpose of facilitating cash  flow  within  the  same
18    fiscal  year,  the Governor, Comptroller, and Treasurer shall
19    direct the repayment  from  the  appropriate  fund  into  the
20    Children  First Reserve Fund of the amounts transferred under
21    subsection (a) by the end of the same fiscal year or as  soon
22    thereafter as possible.

23        Section  95.  The  State Finance Act is amended by adding
24    Sections 5.545 and 5.546 as follows:

25        (30 ILCS 105/5.545 new)
26        Sec. 5.545.  The Budget Stabilization Fund.

27        (30 ILCS 105/5.546 new)
28        Sec. 5.546.  The Children First Reserve Fund.

29        Section 99. Effective Date.  This Act takes  effect  upon
 
                            -4-                LRB9201575MWcd
 1    becoming law.

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