92nd General Assembly
Summary of HB0128
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House Sponsors:
SCHOENBERG-LANG-GARRETT-FLOWERS-SCULLY, MAY, KENNER, 
   FEIGENHOLTZ, RYAN, COLLINS, BRADLEY, BUGIELSKI AND CAPPARELLI.

Short description: 
ILLINOIS BALANCED BUDGET ACT                                               

Synopsis of Bill as introduced:
        Creates the Illinois Balanced Budget  Act.   Creates  a  Balanced      
   Budget  Commission  to  provide a Balanced Budget Revenue Estimate for      
   each  fiscal  year.    The  Estimate  shall  serve  as  a   limit   on      
   appropriations  from State general funds. If appropriations exceed the      
   limit, the  Comptroller  shall  prepare  a  proposed  Balanced  Budget      
   Reserve  Act  for  that  fiscal  year.  Sets forth the contents of the      
   proposed Act,  including  certain  measures  to  reduce  State  agency      
   expenditures.  Amends the State Finance Act.  Reduces the lapse period      
   from 2 months to one month starting in FY2007. Effective immediately.       
          FISCAL NOTE (Economic and Fiscal Commission)                         
          HB 128 would not affect the fiscal operations of the Commission      
          and would not impact general funds receipts. HB 128 would, how-      
          ever, create the Balanced Budget Reserve Act if general funds        
          appropriations for a fiscal exceed the balanced budget limit.        
          The balanced budget limit would be set by the balanced budget        
          revenue estimate provided in the bill. The necessary funds           
          would be held in reserve by each State agency and department,        
          as needed.                                                           
          FISCAL NOTE (Bureau of the Budget)                                   
          Since the members of the Commission serve without compensation       
          and the Commission is authorized to utilize existing staff re-       
          sources in conducting its activities, the fiscal impact of this      
          legislation is minimal.                                              
          BALANCED BUDGET NOTE (Bureau of the Budget)                          
          Since HB 128 is not a supplemental appropriation bill, the           
          Balanced Budget Note Act is inapplicable.                            
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


   END OF INQUIRY 



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