House Sponsors: DART-SCOTT-BOLAND. Short description: FISCAL & ECONOMIC STABILITY Synopsis of Bill as introduced: Creates the Illinois Fiscal and Economic Stability Act, and creates a Fund with that name in the State treasury, separate from State general funds. Requires the Department of Revenue to deposit a specified portion of monthly net income tax receipts (called the "Annual Budget Reserve") into the Fund. Defines the "Maximum Budget Reserve" as a specified percentage of estimated or actual appropriations from general funds. Provides that deposits into the Fund shall cease, starting in FY2002, if the balance in the Fund exceeds the Maximum Budget Reserve. Provides that moneys in the Fund may be used, starting April 1, 2001, to cover a budget shortfall. Contains text of a proposed Act to be prepared when moneys are sought to be appropriated from the Fund. Authorizes borrowing to cover a shortfall under specified circumstances. Amends the Short Term Borrowing Act by repealing the Act on April 1, 2001. Effective immediately. FISCAL NOTE (Bureau of Budget) FY98 impact of the deposit to the FESF under HB 35 would equal approximately $190 million reduction in general funds that are otherwise available for appropriation. Eventually the MBR would equal over $1 billion that had been taken away from programs. 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