House Sponsors: GASH-GRANBERG. Short description: RAINY DAY EDUC FIRST ACT Synopsis of Bill as introduced: 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. 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