BUDGET STABILIZATION-DEBT FUND Senate SponsorsSen. Jeffrey M. Schoenberg-James F. Clayborne, Jr., Kirk W. Dillard-Susan Garrett, Edward D. Maloney, Ira I. Silverstein, Larry D. Woolard, James A. DeLeo-Carol Ronen, Rickey R. Hendon, John M. Sullivan-Don Harmon, Jacqueline Y. Collins and Barack Obama House Sponsors(Rep. Michael J. Madigan-Barbara Flynn Currie-Gary Hannig-Charles G. Morrow III-Bob Biggins, Elaine Nekritz, Kevin A. McCarthy, Marlow H. Colvin, Jim Watson, Eddie Washington, Patrick Verschoore, Larry McKeon, Frank J. Mautino, Sara Feigenholtz, John Philip Novak, Linda Chapa LaVia, Brandon W. Phelps and John E. Bradley) 11/6/2003SenateBill Dead - Amendatory Veto 30 ILCS 105/5.595 new30 ILCS 105/6z-5130 ILCS 105/6z-65 newCreates the Budget Stabilization Act and amends the State Finance Act. Limits appropriations from the State's general funds in fiscal years when estimated general funds revenues exceed certain previous fiscal years' general funds revenues. Requires the State Comptroller to transfer from the General Revenue Fund into the Budget Stabilization Fund or Early Debt Retirement Fund an amount equal to the fiscal year's unappropriated general funds revenues. Establishes appropriation limits and a transfer schedule. Specifies the purpose of the Budget Stabilization Fund and requires that earnings on its investment remain in the Fund. Creates the Early Debt Retirement Fund as a special fund within the State treasury for payment of certain liabilities. Effective immediately.Fiscal Note (Economic and Fiscal Commission) SB 1757 would not increase or decrease any revenues of the State.Fiscal Note (Office of the Comptroller) There is no immediate fiscal impact because required transfers to the Budget Stabilization Fund and limitations on state expenditures do not take effect until after the State experiences growth in general revenue funds over 4%. However, using current estimated revenue levels for illustration purposes, a .5% and a 1% transfer into the Budget Stabilization Fund would be approximately $120 million and $240 million, respectively. Governor Amendatory Veto Message In the Budget Stabilization Act, recommends the following changes: In addition to "appropriations”, provides that "transfers or diversions as required by law” be subject to certain budget limitations and transfers. Defines "estimated general funds revenues”. Deletes references to the Early Debt Retirement Fund. Provides that the balance of the Budget Stabilization Fund may not exceed 5% (instead of 4%) of the total of general funds revenues estimated for that fiscal year. Provides that, if the balance of the Budget Stabilization Fund exceeds 5% of the total estimated general funds, the Comptroller shall make monthly transfers to the Fund only if certain liabilities exist. In the State Finance Act, recommends the following changes: Deletes provisions creating the Early Debt Retirement Fund. Provides that moneys may be transferred from the Budget Stabilization Fund to the General Revenue Fund in order to meet cash flow deficits (instead of just "deficits”). Effective immediately. 2/20/2003SenateFiled with Secretary by Sen. Jeffrey M. Schoenberg 2/20/2003SenateChief Co-Sponsor Sen. James F. Clayborne, Jr. 2/20/2003SenateFirst Reading 2/20/2003SenateReferred to Rules 2/27/2003SenateAssigned to State Government 3/13/2003SenateDo Pass State Government; 009-000-000 3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003 3/13/2003SenateAdded as Co-Sponsor Sen. Kirk W. Dillard 3/14/2003SenateFiscal Note Filed 3/18/2003SenateFiscal Note Requested by Sen. Dale E. Risinger 3/19/2003SenateFiscal Note Filed 3/21/2003SenateSecond Reading 3/21/2003SenatePlaced on Calendar Order of 3rd Reading March 24, 2003 3/21/2003SenateAdded as Chief Co-Sponsor Sen. Susan Garrett 3/25/2003SenateAdded as Co-Sponsor Sen. Edward D. Maloney 3/25/2003SenateAdded as Co-Sponsor Sen. Ira I. Silverstein 3/25/2003SenateAdded as Co-Sponsor Sen. Larry D. Woolard 3/25/2003SenateAdded as Co-Sponsor Sen. James A. DeLeo 3/25/2003SenateAdded as Chief Co-Sponsor Sen. Carol Ronen 3/25/2003SenateAdded as Co-Sponsor Sen. Rickey R. Hendon 3/25/2003SenateAdded as Co-Sponsor Sen. John M. Sullivan 3/25/2003SenateAdded as Chief Co-Sponsor Sen. Don Harmon 3/25/2003SenateAdded as Co-Sponsor Sen. Jacqueline Y. Collins 3/25/2003SenateAdded as Co-Sponsor Sen. Barack Obama 3/25/2003SenateThird Reading - Passed; 033-013-009 3/26/2003HouseArrived in House 3/26/2003HousePlaced on Calendar Order of First Reading 3/26/2003HouseChief House Sponsor Rep. Michael J. Madigan 3/26/2003HouseFirst Reading 3/26/2003HouseReferred to Rules Committee 3/28/2003HouseAdded Alternate Chief Co-Sponsor Rep. Barbara Flynn Currie 3/28/2003HouseAdded Alternate Chief Co-Sponsor Rep. Gary Hannig 3/28/2003HouseAdded Alternate Chief Co-Sponsor Rep. Charles G. Morrow, III 3/28/2003HouseAdded Alternate Chief Co-Sponsor Rep. Bob Biggins 4/4/2003HouseAdded Alternate Co-Sponsor Rep. Elaine Nekritz 4/4/2003HouseAdded Alternate Co-Sponsor Rep. Kevin A. McCarthy 4/9/2003HouseAdded Alternate Co-Sponsor Rep. Marlow H. Colvin 4/29/2003HouseAssigned to State Government Administration Committee 5/2/2003HouseCommittee/3rd Reading Deadline Extended-Rule 9(b); May 31, 2003 5/6/2003HouseAdded Alternate Co-Sponsor Rep. Jim Watson 5/13/2003HouseAdded Alternate Co-Sponsor Rep. Eddie Washington 5/14/2003HouseDo Pass / Short Debate State Government Administration Committee; 010-000-000 5/14/2003HousePlaced on Calendar 2nd Reading - Short Debate 5/14/2003HouseSecond Reading - Short Debate 5/14/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/15/2003HouseAdded Alternate Co-Sponsor Rep. Patrick Verschoore 5/15/2003HouseAdded Alternate Co-Sponsor Rep. Larry McKeon 5/16/2003HouseThird Reading - Short Debate - Passed 111-006-000 5/16/2003HouseAdded Alternate Co-Sponsor Rep. Frank J. Mautino 5/16/2003HouseAdded Alternate Co-Sponsor Rep. Sara Feigenholtz 5/16/2003HouseAdded Alternate Co-Sponsor Rep. John Philip Novak 5/16/2003HouseAdded Alternate Co-Sponsor Rep. Linda Chapa LaVia 5/16/2003HouseAdded Alternate Co-Sponsor Rep. Brandon W. Phelps 5/16/2003SenatePassed Both Houses 6/13/2003SenateSent to the Governor 8/12/2003SenateGovernor Amendatory Veto 10/23/2003SenatePlaced on Calendar Amendatory Veto November 4, 2003 11/5/2003HouseAdded Alternate Co-Sponsor Rep. John E. Bradley 11/6/2003SenateBill Dead - Amendatory Veto