90th General Assembly
Summary of HB0035
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
House Sponsors:

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      
          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        
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status