House Sponsors: SCHOENBERG-BRADY-GRANBERG-SAVIANO-GASH, FEIGENHOLTZ, ERWIN AND MULLIGAN. Senate Sponsors: SIEBEN-BOWLES-OBAMA-DILLARD-WATSON Short description: RAINY DAY EDUC FIRST ACT Synopsis of Bill as introduced: 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. FISCAL NOTE (Comptroller) Fiscal impact will vary year by year. For FY1996, the Gov's. budget would have included $42.5 M to move money from general funds to the Revenue Stabilization Fund (the .25% rule). For FY1996, this .25% amount actually equaled $44.8 M, reflective of revenues that were higher than originally estimated. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status