House Sponsors: MADIGAN,MJ-SCHOENBERG-RYDER-MULLIGAN-TURNER,ART, CURRIE, GASH, GARRETT, MCKEON, WOOLARD, HARTKE, BRUNSVOLD, JONES,LOU, DAVIS,STEVE, REITZ, HOFFMAN, GILES, NOVAK, MAUTINO, SLONE, SCULLY, LYONS,EILEEN, BOLAND, BROSNAHAN, MCGUIRE, FRITCHEY, RIGHTER, CURRY,JULIE, HAMOS AND ERWIN. Senate Sponsors: WALSH,T-DELEO-JONES,E-O'MALLEY Short description: ST BUD-RAINY DAY & CHILD RESRV Synopsis of Bill as introduced: Creates the Rainy Day Budget Stabilization and Children First Act and amends the State Finance Act. Requires the Comptroller to transfer from the General Revenue Fund during fiscal year 2000 $50,000,000 into a Budget Stabilization Fund and $50,000,000 into a Children First Reserve Fund. In each subsequent fiscal year when anticipated general revenues are estimated by the Governor to exceed the prior fiscal year's revenues by more than 4%, requires the Comptroller to transfer .25% of the anticipated revenues from the General Revenue Fund divided equally into the Budget Stabilization Fund and the Children First Reserve Fund. Permits suspension of transfers. Authorizes use of the Budget Stabilization Fund to meet general funds revenue shortfalls. Limits the use of the Children First Reserve Fund to meet shortfalls in funding educational and child care programs. Creates the necessary special funds within the State treasury. Effective immediately. FISCAL NOTE (Bureau of the Budget) The setting aside of funds into the Revenue Stabilization Fund and the Children First Reserve Fund does not require the ex- penditure of funds by the State nor does it change the revenues of the State. PENSION NOTE (Pension Laws Commission) HB417 would not affect the accrued liabilities or annual cost of any public pension fund or retirement system in Illinois. STATE DEBT NOTE (Economic and Fiscal Commission) HB417 has no direct impact on the level of State indebtedness. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status