Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 122/15

(30 ILCS 122/15)

Sec. 15.

Transfers to Budget Stabilization Fund.

In furtherance of the State's objective for the Budget Stabilization
Fund to have resources representing 7.5% of the State's annual general
funds revenues:

(a) For each fiscal year when the General Assembly's
appropriations and transfers or diversions as required by law
from general funds do not exceed 99% of the
estimated general funds revenues pursuant to subsection (a)
of Section 10, the Comptroller shall transfer from the
General Revenue Fund as provided by this Section a total
amount equal to 0.5% of the estimated general funds revenues
to the Budget Stabilization Fund.

(b) For each fiscal year when the General Assembly's
appropriations and transfers or diversions as required by law
from general funds do not exceed 98% of the
estimated general funds revenues pursuant to subsection (b)
of Section 10, the Comptroller shall transfer from the
General Revenue Fund as provided by this Section a total
amount equal to 1% of the estimated general funds revenues to
the Budget Stabilization Fund.

(c) The Comptroller shall transfer 1/12 of the total
amount to be transferred each fiscal year under this Section
into the Budget Stabilization Fund on the first day of each
month of that fiscal year or as soon thereafter as possible.
The balance of the Budget Stabilization Fund shall not exceed 7.5%
 of the total of general funds revenues estimated for that
fiscal year except as provided by subsection (d) of this Section.

(d) If the balance of the Budget Stabilization Fund
exceeds 7.5% of the total general funds revenues estimated for that
fiscal year, the 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 that fiscal year. The
final transfer for each fiscal year shall be adjusted so that the
total amount transferred under this Section is equal to the percentage specified in subsection
(a) or (b) of this Section, as applicable, based on actual
general funds revenues calculated consistently with subsection (c) of
Section 10 of this Act for each fiscal year.

(f) For the fiscal year beginning July 1, 2006 and for each fiscal
year thereafter, the budget proposal to the General Assembly shall identify
liabilities incurred in a
prior fiscal year under Section 25 of the State Finance Act and the budget
proposal shall provide
funding as allowable pursuant to subsection (d) of this Section, if
applicable.

(Source: P.A. 102-1115, eff. 1-9-23.)