House Sponsors: MADIGAN,MJ-SCHOENBERG-MULLIGAN-GARRETT-MURPHY, HOLBROOK, BLACK, BIGGINS, DAVIS,STEVE, DAVIS,MONIQUE, FOWLER, GRANBERG, HANNIG, NOVAK, MCKEON, CURRY,JULIE, O'BRIEN, BUGIELSKI, LANG AND DART. Senate Sponsors: DILLARD-CLAYBORNE-TROTTER Short description: BUDGET STABILIZATION Synopsis of Bill as introduced: Creates the Budget Stabilization and Reform Act. Provides for transfers of moneys into the Budget Stabilization Fund and the Early Debt Retirement Fund from the general revenues of the State during fiscal years in which the State's general revenue funds exceed the prior year's estimated general funds revenue by more than 4%. Amends the State Budget Law of the Civil Administrative Code of Illinois. Creates the Revenue Estimating Council. Provides that the General Assembly must adopt the estimates of the Council. Provides that in fiscal year 2004 and in each fiscal year thereafter, the State budget must contain one or more line items appropriating moneys to pay certain liabilities incurred in the previous fiscal year. Amends the State Finance Act. Creates the Early Debt Retirement Fund and makes conforming changes. Provides that earnings on investments of the Budget Stabilization Fund shall be deposited in that Fund. Amends the Illinois Economic and Fiscal Commission Act to make conforming changes. Effective immediately. 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