Bill Text: IL HB5376 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the State Finance Act. Authorizes moneys to be appropriated from the Budget Stabilization Fund in the following specified circumstances. Provides that, if the Governor exercises powers under the Illinois Emergency Management Agency Act, the public health laws of the State, or the Illinois Constitution to declare a disaster or emergency resulting from a catastrophic event that necessitates government action to protect life or public safety, then, for that fiscal year, moneys may, by a favorable vote of a majority of the members elected to each house of the General Assembly, be appropriated from the Budget Stabilization Fund under separate legislation that describes the nature of the disaster or emergency and contains an appropriation limited to the purposes described in the Governor's disaster declaration or executive order. Provides that, if the employment growth forecast for any fiscal year is estimated to be less than 1%, then, for that fiscal year, moneys may be withdrawn and appropriated from the Budget Stabilization Fund by the favorable vote of a majority of the members elected to each house of the General Assembly. Provides that any amount may be withdrawn and appropriated from the Budget Stabilization Fund at any time by the favorable vote of at least three-fifths of the members of each house of the General Assembly. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee [HB5376 Detail]

Download: Illinois-2023-HB5376-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5376 Introduced , by Rep. Fred Crespo SYNOPSIS AS INTRODUCED:
30 ILCS 105/6z-51
Amends the State Finance Act. Authorizes moneys to be appropriated from the Budget Stabilization Fund in the following specified circumstances. Provides that, if the Governor exercises powers under the Illinois Emergency Management Agency Act, the public health laws of the State, or the Illinois Constitution to declare a disaster or emergency resulting from a catastrophic event that necessitates government action to protect life or public safety, then, for that fiscal year, moneys may, by a favorable vote of a majority of the members elected to each house of the General Assembly, be appropriated from the Budget Stabilization Fund under separate legislation that describes the nature of the disaster or emergency and contains an appropriation limited to the purposes described in the Governor's disaster declaration or executive order. Provides that, if the employment growth forecast for any fiscal year is estimated to be less than 1%, then, for that fiscal year, moneys may be withdrawn and appropriated from the Budget Stabilization Fund by the favorable vote of a majority of the members elected to each house of the General Assembly. Provides that any amount may be withdrawn and appropriated from the Budget Stabilization Fund at any time by the favorable vote of at least three-fifths of the members of each house of the General Assembly. Effective immediately.
LRB103 39492 JDS 69688 b
A BILL FOR
HB5376 LRB103 39492 JDS 69688 b
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by changing
Section 6z-51 as follows:
(30 ILCS 105/6z-51)
Sec. 6z-51. Budget Stabilization Fund.
(a) The Budget Stabilization Fund, a special fund in the
State Treasury, shall consist of moneys appropriated or
transferred to that Fund, as provided in Section 6z-43 and as
otherwise provided by law. All earnings on Budget
Stabilization Fund investments shall be deposited into that
Fund.
(b) Following the affirmative vote of a simple majority of
the members of each house of the General Assembly, the The
State Comptroller may direct the State Treasurer to transfer
moneys from the Budget Stabilization Fund to the General
Revenue Fund in order to meet cash flow deficits resulting
from timing variations between disbursements and the receipt
of funds within a fiscal year. Any moneys so borrowed in any
fiscal year other than Fiscal Year 2011 shall be repaid by June
30 of the fiscal year in which they were borrowed. Any moneys
so borrowed in Fiscal Year 2011 shall be repaid no later than

HB5376 - 2 - LRB103 39492 JDS 69688 b
July 15, 2011.
(b-5) In addition to the transfer of moneys otherwise
authorized under this Section, moneys may also be appropriated
from the Budget Stabilization Fund as follows:
(1) If the Governor exercises powers under the
Illinois Emergency Management Agency Act, the public
health laws of the State, or the Illinois Constitution to
declare a disaster or emergency resulting from a
catastrophic event that necessitates government action to
protect life or public safety, then for that fiscal year
moneys may, by a favorable vote of a majority of the
members elected to each house of the General Assembly, be
appropriated from the Budget Stabilization Fund under
separate legislation that describes the nature of the
disaster or emergency and contains an appropriation
limited to the purposes described in the Governor's
disaster declaration or executive order.
(2) If the employment growth forecast for any fiscal
year is estimated to be less than 1%, then for that fiscal
year moneys may be appropriated from the Budget
Stabilization Fund by the favorable vote of a majority of
the members elected to each house of the General Assembly.
(3) Any amount may be appropriated from the Budget
Stabilization Fund at any time by the favorable vote of at
least three-fifths of the members of each house of the
General Assembly.

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(c) (Blank). During Fiscal Year 2017 only, amounts may be
expended from the Budget Stabilization Fund only pursuant to
specific authorization by appropriation. Any moneys expended
pursuant to appropriation shall not be subject to repayment.
(d) (Blank). For Fiscal Years 2020 through 2022, any
transfers into the Fund pursuant to the Cannabis Regulation
and Tax Act may be transferred to the General Revenue Fund in
order for the Comptroller to address outstanding vouchers and
shall not be subject to repayment back into the Budget
Stabilization Fund.
(e) Beginning July 1, 2023, on the first day of each month,
or as soon thereafter as practical, the State Comptroller
shall direct and the State Treasurer shall transfer $3,750,000
from the General Revenue Fund to the Budget Stabilization
Fund.
(Source: P.A. 101-10, eff. 6-5-19; 102-699, eff. 4-19-22.)