House Sponsors: SCHOENBERG-GASH-FEIGENHOLTZ. Short description: ILLINOIS BALANCED BUDGET ACT Synopsis of Bill as introduced: Creates the Illinois Balanced Budget Act. Creates a Balanced Budget Commission to provide a Balanced Budget Revenue Estimate for each fiscal year. The Estimate shall serve as a limit on appropriations from State general funds. If appropriations exceed the limit, the Comptroller shall prepare a proposed Balanced Budget Reserve Act for that fiscal year. Sets forth the contents of the proposed Act, including certain measures to reduce State agency expenditures. Amends the State Finance Act. Reduces the lapse period from 2 months to one month starting in FY2005. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status