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90_HB0907eng
New Act
30 ILCS 105/5.449 new
Creates the Rainy Day and Education First Act and amends
the State Finance Act. Creates the Revenue Stabilization
Fund as a special fund within the State treasury for use in
meeting the State's obligations and casual deficits.
Provides that for any year when the State's estimated general
funds revenues exceed the prior year's general funds revenues
by more than 4% the Governor shall submit a proposed budget
to the General Assembly that includes transfers into the
Revenue Stabilization Fund of an amount not less than 0.25%
of the anticipated general funds revenues. Provides that the
General Assembly shall appropriate no less than 0.25% of the
estimated revenues to the Revenue Stabilization Fund.
Provides for the transfer of funds into the Revenue
Stabilization Fund. Sets a maximum Revenue Stabilization Fund
balance and provides for transfers into the Educational
Assistance Fund when that maximum is met. Effective
immediately.
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1 AN ACT concerning State revenue 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 and Education First Act.
6 Section 5. Revenue Stabilization Fund. The Revenue
7 Stabilization Fund, referred to in this Act as the "Fund", is
8 established as a special fund in the State treasury to retain
9 State revenues for future needs, reduce the need for future
10 tax increases, and provide available resources to meet State
11 obligations whenever casual deficits or failures in revenues
12 occur.
13 Section 10. Payments into the Revenue Stabilization
14 Fund.
15 (a) For any fiscal year in which the anticipated
16 revenues into the State's general funds are estimated by the
17 Governor to exceed the prior year's general funds revenues by
18 more than 4%, the Governor shall submit to the General
19 Assembly a proposed budget that includes transfers into the
20 Revenue Stabilization Fund of an amount not less than 0.25%
21 of the anticipated general funds revenues.
22 (b) In any year that the Governor includes payments to
23 the Revenue Stabilization Fund in the State budget, the
24 General Assembly shall appropriate amounts for payment into
25 the Revenue Stabilization Fund for each fiscal year so that
26 the total amount appropriated is sufficient to allow for the
27 payment of no less than 0.25% of estimated revenues into the
28 State's general funds.
29 (c) Beginning on July 1 of each fiscal year, and the 1st
30 day of each subsequent month of the fiscal year, or as soon
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1 thereafter as may be possible, the Comptroller shall order
2 paid and the Treasurer shall pay 0.25% of revenues from the
3 prior month into the Revenue Stabilization Fund.
4 (d) As soon as practical after January 1 of each year,
5 the Comptroller and Treasurer shall calculate the total
6 amount of revenues into the State's general funds during the
7 preceding 6 months. If the revenues into the general funds
8 during that period exceed the amount of revenues for the
9 first 6 months of the preceding fiscal year by more than 4%
10 and there are no appropriations for payments into the Revenue
11 Stabilization Fund, the Comptroller shall direct and the
12 Treasurer shall pay 0.25% of all subsequent general funds
13 revenues each month for the remainder of the fiscal year into
14 the Revenue Stabilization Fund. For the purpose of making
15 the transfers and payments required by this paragraph, there
16 are hereby appropriated from the General Revenue Fund to the
17 Comptroller, on a continuing basis, sums equal to the amount
18 of 0.25% of general funds revenues for the sole purpose of
19 funding the Revenue Stabilization Fund.
20 (e) If the balance in the Fund as of June 30 of the
21 fiscal year exceeds the greater of $350,000,000 or 2% of the
22 total general funds revenues for that year, any subsequent
23 transfer required by this Section shall be made into the
24 Educational Assistance Fund for the benefit of public
25 education, with no offsetting reduction in funding from any
26 other funding source.
27 (f) At any time during the fiscal year, the Governor,
28 Comptroller, and Treasurer may agree to suspend any payments
29 required by this Section. Payment into the Revenue
30 Stabilization Fund shall resume during the fiscal year upon
31 the agreement of the Governor, Comptroller, and Treasurer.
32 Section 15. Use of Fund. The Governor, Comptroller, and
33 Treasurer may, upon a determination that there are
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1 insufficient resources available within the general funds of
2 the State to meet the State's obligations, direct the
3 transfer of moneys in the Fund to the general funds of the
4 State. The timing and the amount of those transfers shall be
5 as specified by the Governor, Comptroller, and Treasurer.
6 Section 95. The State Finance Act is amended by adding
7 Section 5.449 as follows:
8 (30 ILCS 105/5.449 new)
9 Sec. 5.449. The Revenue Stabilization Fund.
10 Section 99. Effective date. This Act takes effect upon
11 becoming law.