Illinois General Assembly - Full Text of SB1755
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Full Text of SB1755  93rd General Assembly

SB1755 93rd General Assembly


093_SB1755

 
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 1        AN ACT concerning budget stabilization.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  1.  Short  title.  This  Act may be cited as the
 5    State Budget Containment Act.

 6        Section 5. State  fiscal  year  appropriations  cap.  The
 7    aggregate  appropriations  from the general funds made by the
 8    General Assembly for any given State fiscal  year,  including
 9    supplemental  appropriations,  shall  be no more than 104% of
10    the aggregate appropriations from the general funds  for  the
11    immediately  prior  State fiscal year, including supplemental
12    appropriations.

13        Section  10.  Excess  revenue   transferred   to   Budget
14    Stabilization Fund.
15        (a)  On  August  1  each  year,  or as soon thereafter as
16    practical, the Bureau of the Budget shall certify the  amount
17    of  all  general  funds revenues received by the State during
18    the immediately prior State fiscal year. If the general funds
19    revenues received by the State during the  immediately  prior
20    State  fiscal year exceed the general funds revenues received
21    by the State during the State fiscal year  immediately  prior
22    to  the  immediately prior State fiscal year by more than 4%,
23    then any excess over that 4% shall be  transferred  into  the
24    Budget Stabilization Fund.
25        (b)  The  General  Assembly,  by the vote of no less than
26    three-fifths of the members elected to each house, may pass a
27    bill to stop or reverse the automatic  transfer  required  by
28    subsection (a).

29        Section  99.  Effective  date. This Act takes effect upon
 
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 1    becoming law.