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90_HB3906
New Act
30 ILCS 105/5.490 new
Creates the Rainy Day 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 the
estimated revenues to the Revenue Stabilization Fund.
Provides for the transfer of funds into the Revenue
Stabilization Fund. Sets a maximum Revenue Stabilization Fund
balance and provides transfers into the Fund shall cease when
that maximum is met. Effective immediately.
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LRB9013620MWpc
1 AN ACT concerning State revenue 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 Rainy Day Act.
6 Section 5. Revenue Stabilization Fund. The Revenue
7 Stabilization Fund, referred to in this Act as the "Fund", is
8 established as a special fund in the State treasury to retain
9 State revenues for future needs, reduce the need for future
10 tax increases, and provide available resources to meet State
11 obligations whenever casual deficits or failures in revenues
12 occur.
13 Section 10. Payments into the Revenue Stabilization
14 Fund.
15 (a) For any fiscal year in which the anticipated
16 revenues into the State's general funds are estimated by the
17 Governor to exceed the prior year's general funds revenues by
18 more than 4%, the Governor shall submit to the General
19 Assembly a proposed budget that includes transfers into the
20 Revenue Stabilization Fund of an amount not less than 0.25%
21 of the anticipated general funds revenues.
22 (b) In any year that the Governor includes payments to
23 the Revenue Stabilization Fund in the State budget, the
24 General Assembly shall appropriate amounts for payment into
25 the Revenue Stabilization Fund for each fiscal year so that
26 the total amount appropriated is sufficient to allow for the
27 payment of no less than 0.25% of estimated revenues into the
28 Revenue Stabilization Fund.
29 (c) Beginning on July 1 of each fiscal year, and the 1st
30 day of each subsequent month of the fiscal year, or as soon
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1 thereafter as may be possible, the Comptroller shall order
2 paid and the Treasurer shall pay 1/12 of the amount
3 appropriated into the Revenue Stabilization Fund.
4 (d) As soon as practical after January 1 of each year,
5 the Comptroller and Treasurer shall calculate the total
6 amount of revenues into the State's general funds during the
7 preceding 6 months. If the revenues into the general funds
8 during that period exceed the amount of revenues for the
9 first 6 months of the preceding fiscal year by more than 4%
10 and there are no appropriations for payments into the Revenue
11 Stabilization Fund, the Comptroller shall direct and the
12 Treasurer shall pay 0.25% of the general funds revenues
13 received during that period into the Revenue Stabilization
14 Fund. For the purpose of making the transfers and payments
15 required by this paragraph, there are hereby appropriated
16 from the General Revenue Fund to the Comptroller, on a
17 continuing basis, sums equal to the amount of 0.25% of
18 general funds revenues for the sole purpose of funding the
19 Revenue Stabilization Fund.
20 (e) If, at any time, the balance in the Fund reaches
21 $600,000,000, transfers required by this Section shall cease.
22 (f) At any time during the fiscal year, the Governor,
23 Comptroller, and Treasurer may agree to suspend any payments
24 required by this Section. Payment into the Revenue
25 Stabilization Fund shall resume during the fiscal year upon
26 the agreement of the Governor, Comptroller, and Treasurer.
27 Section 15. Use of Fund. The Governor, Comptroller, and
28 Treasurer may, upon a determination that there are
29 insufficient resources available within the general funds of
30 the State to meet the State's obligations, direct the
31 transfer of moneys in the Fund to the general funds of the
32 State. The timing and the amount of those transfers shall be
33 as specified by the Governor, Comptroller, and Treasurer.
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1 Section 95. The State Finance Act is amended by adding
2 Section 5.490 as follows:
3 (30 ILCS 105/5.490 new)
4 Sec. 5.490. The Revenue Stabilization Fund.
5 Section 99. Effective date. This Act takes effect upon
6 becoming law.