91st General Assembly
Status of HB0857
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Summary

   New Act                                                                     
   30 ILCS 105/5.490 new                                                       

        Creates the Rainy Day Fund 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 estimated revenues  to  the  Revenue      
   Stabilization  Fund.    Provides  for  the  transfer of funds into the      
   Revenue Stabilization Fund. Provides for transfers  into  the  General      
   Revenue  Fund  when that fund's resources are insufficient to meet the      
   State's obligations.  Effective immediately.                                
          FISCAL NOTE (State Treasurer)                                        
          HB857 will not increase nor decrease revenues or expenditures        
          of the State.                                                        
          FISCAL NOTE (Bureau of the Budget)                                   
          Setting aside funds does not require expenditure of funds or         
          change State revenues.                                               
   99-02-10  H  FIRST READING                                                  
   99-02-10  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   99-02-17  H       ASSIGNED TO COMMITTEE               APP-GEN SERVS         
   99-02-22  H  ADDED AS A JOINT SPONSOR                 GRANBERG              
   99-02-26  H                         FISCAL NOTE FILED                       
   99-02-26  H                   COMMITTEE               APP-GEN SERVS         
   99-03-02  H                         FISCAL NOTE FILED                       
   99-03-02  H                   COMMITTEE               APP-GEN SERVS         
   99-03-05  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   01-01-09  H  SESSION SINE DIE                                               


 Full Text  Bill Summary