SCHOENBERG-FLOWERS-MAY-SOTO-KENNER, HOWARD, FEIGENHOLTZ, OSTERMAN, ERWIN, COLLINS, YARBROUGH AND SLONE. New Act 30 ILCS 105/5.545 new 30 ILCS 105/5.546 new 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 2002 $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 0.125% of the anticipated revenues from the General Revenue Fund into the Budget Stabilization Fund and 0.125% into 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. STATE DEBT NOTE (Economic and Fiscal Commission) HB 141 would not affect amount of the bonding authorization of the State, and, therefore, has no direct impact on the level of State indebtedness FISCAL NOTE (State Treasurer) HB 141 will not increase or decrease State revenues or expendi- tures. However, during FY2002, the bill will put $100,000,000 into the Budget Stabilization and the Children First Reserve Funds, which will not be available for spending without the agreement of the Governor, Comptroller, and Treasurer. Any future year amounts cannot be determined until a revenue esti- mate is made. Future years will transfer .125% of revenue esti- mates into the funds until they hold 2% of estimated general revenues. JAN-04-2001 H PREFILED WITH CLERK JAN-10-2001 H FIRST READING JAN-10-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES JAN-31-2001 H ASSIGNED TO COMMITTEE EXECUTIVE JAN-31-2001 H ADDED AS A JOINT SPONSOR FLOWERS JAN-31-2001 H ADDED AS A JOINT SPONSOR MAY FEB-01-2001 H ADDED AS A JOINT SPONSOR SOTO FEB-01-2001 H ADDED AS A JOINT SPONSOR KENNER FEB-01-2001 H ADDED AS A CO-SPONSOR HOWARD FEB-07-2001 H STATE DEBT IMPACT NOTE FILED FEB-07-2001 H COMMITTEE EXECUTIVE FEB-07-2001 H ADDED AS A CO-SPONSOR FEIGENHOLTZ FEB-08-2001 H ADDED AS A CO-SPONSOR RYAN FEB-08-2001 H ADDED AS A CO-SPONSOR OSTERMAN FEB-14-2001 H FISCAL NOTE FILED FEB-14-2001 H COMMITTEE EXECUTIVE FEB-14-2001 H ADDED AS A CO-SPONSOR ERWIN FEB-15-2001 H ADDED AS A CO-SPONSOR COLLINS FEB-15-2001 H ADDED AS A CO-SPONSOR YARBROUGH FEB-27-2001 H ADDED AS A CO-SPONSOR SLONE MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary