Rod
Blagojevich
GOVERNOR
August 12,
2003
To the
Honorable Members of the
Illinois Senate
93rd
General Assembly
Pursuant
to Article IV, Section 9(e) of the Illinois Constitution of 1970, I hereby
return Senate Bill 1757, entitled “AN ACT concerning budget stabilization”,
with the following specific recommendations for change:
on page 1,
line 22, after “appropriations”, by inserting “, and transfers or diversions as
required by law,”; and
on page 1,
line 27, after “appropriations”, by inserting “, and transfers or diversions as
required by law,”; and
on page 2,
between lines 2 and 3, by inserting the following:
“(c)
For purposes of this Act, “estimated general funds revenues” are defined as the
total amount of revenues as presented in the Governor’s State budget pursuant
to Section 50-5 of the State Budget Law of the Civil Administrative Code of
Illinois. These estimated general funds revenues include, for each budget
year, all taxes, fees, and other revenues expected to be deposited into the
State’s general funds, including recurring transfers from other State funds
into the general funds.
Year-over-year
comparisons used to determine the percentage growth factor of estimated general
funds revenues shall exclude the sum of the following: (i) expected revenues
resulting from new taxes or fees or from tax or fee increases during the first
year of the change, (ii) expected revenues resulting from one-time receipts or
non-recurring transfers in, (iii) expected proceeds resulting from borrowing,
and (iv) increases in federal grants that must be completely appropriated based
on the terms of the grants.”; and
on page 2,
line 3, by replacing “and” with “.”; and
on page 2,
by replacing line 4 with the following:
“In
furtherance of the State’s objective for the Budget Stabilization Fund to have
resources representing 5% of the State’s annual general funds revenues:”; and
on page 2,
line 6, after “appropriations”, by inserting “, and transfers or diversions as
required by law,”; and
on page 2,
by replacing lines 11 and 12 with “to the Budget Stabilization Fund.”; and
on page 2,
line 14, after “appropriations”, by inserting “, and transfers or diversions as
required by law,”; and
on page 2,
by replacing lines 19 and 20 with “the Budget Stabilization Fund.”; and
on page 2,
line 26, by replacing “4%” with “5%”; and
on page 2,
line 27, after “year”, by inserting “except as provided by subsection (d) of
this Section”; and
on page 2,
line 29, by replacing “4%” with “5%”; and
by replacing
line 30 on page 2 through line 4 on page 3 with the following:
“that
fiscal year, then additional transfers are not required unless there are
outstanding liabilities under Section 25 of the State Finance Act from prior
fiscal years. If there are such outstanding Section 25 liabilities, then the
Comptroller shall continue to transfer 1/12 of the total amount identified for
transfer to the Budget Stabilization Fund on the first day of each month of
that fiscal year or as soon thereafter as possible to be reserved for those
Section 25 liabilities. Nothing in this Act prohibits the General Assembly
from appropriating additional moneys into the Budget Stabilization Fund.
(e)
On or before August 31 of each fiscal year, the amount determined to be transferred
to the Budget Stabilization Fund shall be reconciled to actual general funds
revenues for the fiscal year. The final transfer for each fiscal year shall be
adjusted so that the amount transferred is equal to the percentage specified in
subsection (a) or (b) of Section 10 of this Act, as applicable, based on actual
general funds revenues calculated consistently with subsection (c) of Section
10 of this Act for each fiscal year.”; and
on page 3,
by replacing line 6 with “Section 6z-51 as”; and
on page 3,
by deleting lines 8 and 9; and
on page 3,
line 20, after “meet”, by inserting “cash flow”; and
by
deleting lines 26 through 30 on page 3 and deleting lines 1 through 4 on page
4.
With these
changes, Senate Bill 1757 will have my approval. I respectfully request your
concurrence.
Sincerely,
Rod
Blagojevich
Governor