92nd General Assembly
Status of HB0141
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SCHOENBERG-FLOWERS-MAY-SOTO-KENNER, HOWARD, FEIGENHOLTZ, 
   OSTERMAN, ERWIN, COLLINS, YARBROUGH AND SLONE.

   New Act                                                                     
   30 ILCS 105/5.545 new                                                       
   30 ILCS 105/5.546 new                                                       

        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 2002      
   $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 0.125% of the anticipated revenues  from  the      
   General  Revenue  Fund  into  the Budget Stabilization Fund and 0.125%      
   into 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.                                                      
          STATE DEBT NOTE (Economic and Fiscal Commission)                     
          HB 141 would not affect amount of the bonding authorization of       
          the State, and, therefore, has no direct impact on the level of      
          State indebtedness                                                   
          FISCAL NOTE (State Treasurer)                                        
          HB 141 will not increase or decrease State revenues or expendi-      
          tures. However, during FY2002, the bill will put $100,000,000        
          into the Budget Stabilization and the Children First Reserve         
          Funds, which will not be available for spending without the          
          agreement of the Governor, Comptroller, and Treasurer. Any           
          future year amounts cannot be determined until a revenue esti-       
          mate is made. Future years will transfer .125% of revenue esti-      
          mates into the funds until they hold 2% of estimated general         
          revenues.                                                            
   JAN-04-2001  H  PREFILED WITH CLERK                                            
   JAN-10-2001  H  FIRST READING                                                  
   JAN-10-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   JAN-31-2001  H       ASSIGNED TO COMMITTEE               EXECUTIVE             
   JAN-31-2001  H  ADDED AS A JOINT SPONSOR                 FLOWERS               
   JAN-31-2001  H  ADDED AS A JOINT SPONSOR                 MAY                   
   FEB-01-2001  H  ADDED AS A JOINT SPONSOR                 SOTO                  
   FEB-01-2001  H  ADDED AS A JOINT SPONSOR                 KENNER                
   FEB-01-2001  H  ADDED AS A CO-SPONSOR                    HOWARD                
   FEB-07-2001  H  STATE DEBT IMPACT NOTE FILED                                   
   FEB-07-2001  H                   COMMITTEE               EXECUTIVE             
   FEB-07-2001  H  ADDED AS A CO-SPONSOR                    FEIGENHOLTZ           
   FEB-08-2001  H  ADDED AS A CO-SPONSOR                    RYAN                  
   FEB-08-2001  H  ADDED AS A CO-SPONSOR                    OSTERMAN              
   FEB-14-2001  H                         FISCAL NOTE FILED                       
   FEB-14-2001  H                   COMMITTEE               EXECUTIVE             
   FEB-14-2001  H  ADDED AS A CO-SPONSOR                    ERWIN                 
   FEB-15-2001  H  ADDED AS A CO-SPONSOR                    COLLINS               
   FEB-15-2001  H  ADDED AS A CO-SPONSOR                    YARBROUGH             
   FEB-27-2001  H  ADDED AS A CO-SPONSOR                    SLONE                 
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               

   END OF INQUIRY 



 Full Text  Bill Summary