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 Full Text Bill Status