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92_HB0141
LRB9201575MWcd
1 AN ACT concerning State 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 Rainy Day Budget Stabilization and Children First Act.
6 Section 5. Budget Stabilization Fund. The Budget
7 Stabilization Fund is established as a special fund in the
8 State treasury in order to reduce the need for future tax
9 increases, maintain the highest possible bond rating, reduce
10 the need for short term borrowing, and provide available
11 resources to meet State obligations whenever casual deficits
12 or failures in revenue occur.
13 Section 10. Children First Reserve Fund. The Children
14 First Reserve Fund is established as a special fund in the
15 State treasury to retain State revenues for the education,
16 care, health, and safety of children.
17 Section 15. Payments into the Budget Stabilization Fund
18 and the Children First Reserve Fund.
19 (a) During fiscal year 2002, the Comptroller shall
20 transfer a total of $50,000,000 into the Budget Stabilization
21 Fund and shall transfer a total of $50,000,000 into the
22 Children First Reserve Fund.
23 (b) Beginning with fiscal year 2003, for every fiscal
24 year in which the anticipated revenues into the State's
25 general funds are estimated by the Governor to exceed the
26 prior year's general funds revenue by more than 4%, the
27 Comptroller shall transfer from the General Revenue Fund into
28 the Budget Stabilization Fund an amount equal to 0.125% of
29 the anticipated general funds revenues and shall transfer
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1 from the General Revenue Fund into the Children First Reserve
2 Fund an amount equal to 0.125% of the anticipated general
3 funds revenues.
4 (c) The Comptroller shall transfer 1/12 of the total
5 amount to be transferred each fiscal year into the
6 appropriate fund under subsection (b) on the first day of
7 each month of that fiscal year or as soon thereafter as
8 possible.
9 (d) At any time during the fiscal year, the Governor,
10 Comptroller, and Treasurer may agree to suspend any payment,
11 or a portion of any payment, that is required by this
12 Section. Payments into the Budget Stabilization Fund and
13 Children First Reserve Fund shall resume upon the agreement
14 of the Governor, Comptroller, and Treasurer.
15 (e) If the balance in the Budget Stabilization Fund or
16 in the Children First Reserve Fund exceeds 2% of the
17 Governor's estimate of total general funds revenues for that
18 fiscal year, any subsequent transfers required by this
19 Section to the fund shall be suspended for that fiscal year.
20 Section 20. Use of the Budget Stabilization Fund.
21 (a) The Governor, Comptroller, and Treasurer may, upon a
22 determination that there are insufficient resources available
23 within the general funds of the State to meet the State's
24 obligations, direct the transfer of moneys in the Budget
25 Stabilization Fund to the general funds of the State. The
26 timing and the amount of these transfers shall be specified
27 and agreed upon by the Governor, Comptroller, and Treasurer.
28 (b) If the transfers in subsection (a) were deemed
29 necessary by the Governor, Comptroller, and Treasurer solely
30 for the purpose of facilitating cash flow within the same
31 fiscal year, the Governor, Comptroller, and Treasurer shall
32 direct the repayment from the general funds into the Budget
33 Stabilization Fund of the amounts transferred under
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1 subsection (a) by the end of the same fiscal year or as soon
2 thereafter as possible.
3 Section 25. Use of the Children First Reserve Fund.
4 (a) The Governor, Comptroller, and Treasurer may, upon a
5 determination that there are insufficient resources available
6 to meet the State's obligations in funding educational and
7 child care programs, direct the transfer of moneys in the
8 Children First Reserve Fund to the appropriate funds of the
9 State. The transfer of such funds shall be limited to
10 programs for (i) elementary and secondary education, (ii)
11 child care, and (iii) other programs that provide a direct
12 benefit to children. The timing and the amount of the
13 transfers shall be specified and agreed upon by the Governor,
14 Comptroller, and Treasurer.
15 (b) If the transfers in subsection (a) were deemed
16 necessary by the Governor, Comptroller, and Treasurer solely
17 for the purpose of facilitating cash flow within the same
18 fiscal year, the Governor, Comptroller, and Treasurer shall
19 direct the repayment from the appropriate fund into the
20 Children First Reserve Fund of the amounts transferred under
21 subsection (a) by the end of the same fiscal year or as soon
22 thereafter as possible.
23 Section 95. The State Finance Act is amended by adding
24 Sections 5.545 and 5.546 as follows:
25 (30 ILCS 105/5.545 new)
26 Sec. 5.545. The Budget Stabilization Fund.
27 (30 ILCS 105/5.546 new)
28 Sec. 5.546. The Children First Reserve Fund.
29 Section 99. Effective Date. This Act takes effect upon
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1 becoming law.