Illinois 2025-2026 Regular Session

Illinois House Bill HB3436 Compare Versions

Only one version of the bill is available at this time.

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1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3436 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED: 15 ILCS 20/50-4025 ILCS 80/5 from Ch. 63, par. 42.93-530 ILCS 105/6z-5130 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 Amends the State Budget Law of the Civil Administrative Code of Illinois and the Balanced Budget Note Act. Provides that the Pension Stabilization Fund is considered a general fund or a State general fund for the purposes of those Acts. Amends the State Finance Act. Provides that certain amounts transferred from the Budget Stabilization Fund to the General Revenue Fund are not required to be repaid into the Budget Stabilization Fund if the amount of accounts payable exceeds $4,000,000,000. Makes changes concerning monthly reports from State agencies to the Comptroller. Amends the Budget Stabilization Act. Provides that, beginning in Fiscal Year 2027, the General Assembly's appropriations and transfers or diversions as required by law from general funds shall not exceed 99% of the estimated general funds revenues for the fiscal year if (i) revenue estimates of the State's general funds revenues for the fiscal year exceed the prior fiscal year's estimated general funds revenues by more than 4% and (ii) projected accounts payable are estimated by the Comptroller to be less than $3,000,000,000 for the fiscal year. Makes other changes concerning transfers from the Budget Stabilization Fund. Effective immediately. LRB104 08420 HLH 18472 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3436 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED: 15 ILCS 20/50-4025 ILCS 80/5 from Ch. 63, par. 42.93-530 ILCS 105/6z-5130 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.08 30 ILCS 122/10 30 ILCS 122/15 30 ILCS 122/20 Amends the State Budget Law of the Civil Administrative Code of Illinois and the Balanced Budget Note Act. Provides that the Pension Stabilization Fund is considered a general fund or a State general fund for the purposes of those Acts. Amends the State Finance Act. Provides that certain amounts transferred from the Budget Stabilization Fund to the General Revenue Fund are not required to be repaid into the Budget Stabilization Fund if the amount of accounts payable exceeds $4,000,000,000. Makes changes concerning monthly reports from State agencies to the Comptroller. Amends the Budget Stabilization Act. Provides that, beginning in Fiscal Year 2027, the General Assembly's appropriations and transfers or diversions as required by law from general funds shall not exceed 99% of the estimated general funds revenues for the fiscal year if (i) revenue estimates of the State's general funds revenues for the fiscal year exceed the prior fiscal year's estimated general funds revenues by more than 4% and (ii) projected accounts payable are estimated by the Comptroller to be less than $3,000,000,000 for the fiscal year. Makes other changes concerning transfers from the Budget Stabilization Fund. Effective immediately. LRB104 08420 HLH 18472 b LRB104 08420 HLH 18472 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3436 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED:
3	3	15 ILCS 20/50-4025 ILCS 80/5 from Ch. 63, par. 42.93-530 ILCS 105/6z-5130 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.08 30 ILCS 122/10 30 ILCS 122/15 30 ILCS 122/20
4	4	15 ILCS 20/50-40
5	5	25 ILCS 80/5 from Ch. 63, par. 42.93-5
6	6	30 ILCS 105/6z-51
7	7	30 ILCS 105/9.08
8	8	30 ILCS 122/10
9	9	30 ILCS 122/15
10	10	30 ILCS 122/20
11	11	Amends the State Budget Law of the Civil Administrative Code of Illinois and the Balanced Budget Note Act. Provides that the Pension Stabilization Fund is considered a general fund or a State general fund for the purposes of those Acts. Amends the State Finance Act. Provides that certain amounts transferred from the Budget Stabilization Fund to the General Revenue Fund are not required to be repaid into the Budget Stabilization Fund if the amount of accounts payable exceeds $4,000,000,000. Makes changes concerning monthly reports from State agencies to the Comptroller. Amends the Budget Stabilization Act. Provides that, beginning in Fiscal Year 2027, the General Assembly's appropriations and transfers or diversions as required by law from general funds shall not exceed 99% of the estimated general funds revenues for the fiscal year if (i) revenue estimates of the State's general funds revenues for the fiscal year exceed the prior fiscal year's estimated general funds revenues by more than 4% and (ii) projected accounts payable are estimated by the Comptroller to be less than $3,000,000,000 for the fiscal year. Makes other changes concerning transfers from the Budget Stabilization Fund. Effective immediately.
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14	14	A BILL FOR
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17	17	1 AN ACT concerning finance.
18	18	2 Be it enacted by the People of the State of Illinois,
19	19	3 represented in the General Assembly:
20	20	4 Section 5. The State Budget Law of the Civil
21	21	5 Administrative Code of Illinois is amended by changing Section
22	22	6 50-40 as follows:
23	23	7 (15 ILCS 20/50-40)
24	24	8 Sec. 50-40. General funds defined. "General funds" or
25	25	9 "State general funds" means the General Revenue Fund, the
26	26	10 Common School Fund, the General Revenue Common School Special
27	27	11 Account Fund, the Education Assistance Fund, the Fund for the
28	28	12 Advancement of Education, the Commitment to Human Services
29	29	13 Fund, and the Budget Stabilization Fund, and the Pension
30	30	14 Stabilization Fund.
31	31	15 (Source: P.A. 100-23, eff. 7-6-17.)
32	32	16 Section 6. The Balanced Budget Note Act is amended by
33	33	17 changing Section 5 as follows:
34	34	18 (25 ILCS 80/5) (from Ch. 63, par. 42.93-5)
35	35	19 Sec. 5. Supplemental appropriation bill defined. For
36	36	20 purposes of this Act, "supplemental appropriation bill" means
37	37	21 any appropriation bill that is (a) introduced or amended
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41	41	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3436 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED:
42	42	15 ILCS 20/50-4025 ILCS 80/5 from Ch. 63, par. 42.93-530 ILCS 105/6z-5130 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.08 30 ILCS 122/10 30 ILCS 122/15 30 ILCS 122/20
43	43	15 ILCS 20/50-40
44	44	25 ILCS 80/5 from Ch. 63, par. 42.93-5
45	45	30 ILCS 105/6z-51
46	46	30 ILCS 105/9.08
47	47	30 ILCS 122/10
48	48	30 ILCS 122/15
49	49	30 ILCS 122/20
50	50	Amends the State Budget Law of the Civil Administrative Code of Illinois and the Balanced Budget Note Act. Provides that the Pension Stabilization Fund is considered a general fund or a State general fund for the purposes of those Acts. Amends the State Finance Act. Provides that certain amounts transferred from the Budget Stabilization Fund to the General Revenue Fund are not required to be repaid into the Budget Stabilization Fund if the amount of accounts payable exceeds $4,000,000,000. Makes changes concerning monthly reports from State agencies to the Comptroller. Amends the Budget Stabilization Act. Provides that, beginning in Fiscal Year 2027, the General Assembly's appropriations and transfers or diversions as required by law from general funds shall not exceed 99% of the estimated general funds revenues for the fiscal year if (i) revenue estimates of the State's general funds revenues for the fiscal year exceed the prior fiscal year's estimated general funds revenues by more than 4% and (ii) projected accounts payable are estimated by the Comptroller to be less than $3,000,000,000 for the fiscal year. Makes other changes concerning transfers from the Budget Stabilization Fund. Effective immediately.
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52	52	LRB104 08420 HLH 18472 b
53	53	A BILL FOR
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59	59	15 ILCS 20/50-40
60	60	25 ILCS 80/5 from Ch. 63, par. 42.93-5
61	61	30 ILCS 105/6z-51
62	62	30 ILCS 105/9.08
63	63	30 ILCS 122/10
64	64	30 ILCS 122/15
65	65	30 ILCS 122/20
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84	84	1 (including any changes to legislation by means of the
85	85	2 submission of a conference committee report) on or after July
86	86	3 1 of a fiscal year and (b) proposes (as introduced or as
87	87	4 amended as the case may be) to authorize, increase, decrease,
88	88	5 or reallocate any general funds appropriation for that same
89	89	6 fiscal year. The general funds consist of the General Revenue
90	90	7 Fund, the Common School Fund, the General Revenue Common
91	91	8 School Special Account Fund, the Education Assistance Fund,
92	92	9 the Fund for the Advancement of Education, the Commitment to
93	93	10 Human Services Fund, and the Budget Stabilization Fund, and
94	94	11 the Pension Stabilization Fund.
95	95	12 (Source: P.A. 100-587, eff. 6-4-18.)
96	96	13 Section 10. The State Finance Act is amended by changing
97	97	14 Sections 6z-51 and 9.08 as follows:
98	98	15 (30 ILCS 105/6z-51)
99	99	16 Sec. 6z-51. Budget Stabilization Fund.
100	100	17 (a) The Budget Stabilization Fund, a special fund in the
101	101	18 State Treasury, shall consist of moneys appropriated or
102	102	19 transferred to that Fund, as provided in Section 6z-43 and as
103	103	20 otherwise provided by law. All earnings on Budget
104	104	21 Stabilization Fund investments shall be deposited into that
105	105	22 Fund.
106	106	23 (b) The State Comptroller may direct the State Treasurer
107	107	24 to transfer moneys from the Budget Stabilization Fund to the
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118	118	1 General Revenue Fund in order to meet cash flow deficits
119	119	2 resulting from timing variations between disbursements and the
120	120	3 receipt of funds within a fiscal year. Except as provided in
121	121	4 subsection (b-5), any Any moneys so borrowed in any fiscal
122	122	5 year other than Fiscal Year 2011 shall be repaid by June 30 of
123	123	6 the fiscal year in which they were borrowed. Any moneys so
124	124	7 borrowed in Fiscal Year 2011 shall be repaid no later than July
125	125	8 15, 2011.
126	126	9 (b-5) For Fiscal Year 2027 and each fiscal year
127	127	10 thereafter, any moneys transferred into the Budget
128	128	11 Stabilization Fund pursuant to Section 15 of the Budget
129	129	12 Stabilization Act may be transferred into the General Revenue
130	130	13 Fund in order for the Comptroller to address outstanding
131	131	14 vouchers and shall not be subject to repayment into the Budget
132	132	15 Stabilization Fund if the amount of accounts payable, as
133	133	16 determined by the Comptroller on June 30 of the fiscal year in
134	134	17 which the transfer into the General Revenue Fund is made,
135	135	18 exceeds $4,000,000,000.
136	136	19 (c)(Blank). During Fiscal Year 2017 only, amounts may be
137	137	20 expended from the Budget Stabilization Fund only pursuant to
138	138	21 specific authorization by appropriation. Any moneys expended
139	139	22 pursuant to appropriation shall not be subject to repayment.
140	140	23 (d) (Blank). For Fiscal Years 2020 through 2022, any
141	141	24 transfers into the Fund pursuant to the Cannabis Regulation
142	142	25 and Tax Act may be transferred to the General Revenue Fund in
143	143	26 order for the Comptroller to address outstanding vouchers and
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154	154	1 shall not be subject to repayment back into the Budget
155	155	2 Stabilization Fund.
156	156	3 (e) Beginning July 1, 2023, on the first day of each month,
157	157	4 or as soon thereafter as practical, the State Comptroller
158	158	5 shall direct and the State Treasurer shall transfer $3,750,000
159	159	6 from the General Revenue Fund to the Budget Stabilization
160	160	7 Fund.
161	161	8 (Source: P.A. 101-10, eff. 6-5-19; 102-699, eff. 4-19-22.)
162	162	9 (30 ILCS 105/9.08)
163	163	10 Sec. 9.08. State agency reports; bills held by the agency.
164	164	11 (a) Each State agency shall provide a report to the State
165	165	12 Comptroller identifying: (i) current State liabilities held at
166	166	13 the agency, by fund source; (ii) whether the liabilities are
167	167	14 appropriated; and (iii) an estimate of interest penalties
168	168	15 accrued under the State Prompt Payment Act under criteria
169	169	16 prescribed by the State Comptroller. The report shall be
170	170	17 provided monthly in a time and form prescribed by the State
171	171	18 Comptroller in which the State Comptroller may provide a
172	172	19 waiver to the monthly reporting requirement if a State agency
173	173	20 does not have State liabilities. In the monthly reports under
174	174	21 this subsection (a) for January 2026, and in the monthly
175	175	22 reports under this subsection (a) for each January thereafter:
176	176	23 (1) the Department on Aging, the Department of
177	177	24 Healthcare and Family Services, and the Department of
178	178	25 Human Services shall include the total number and
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189	189	1 aggregate dollar value of the invoices submitted by that
190	190	2 agency that may be paid from appropriations in a future
191	191	3 fiscal year under Section 25 because appropriations in the
192	192	4 current fiscal year are insufficient;
193	193	5 (2) the Department of Central Management Services
194	194	6 shall include the total number and aggregate dollar value
195	195	7 of the invoices that may be paid from appropriations in
196	196	8 future fiscal years under Section 25 due to insufficient
197	197	9 resources in the Health Insurance Reserve Fund; and
198	198	10 (3) the Department of Revenue shall include an
199	199	11 estimate of the amount of individual and corporate income
200	200	12 tax overpayments that will not be refunded before the
201	201	13 close of the current fiscal year because deposits into the
202	202	14 Income Tax Refund Fund are insufficient to pay those
203	203	15 refunds.
204	204	16 (b) As soon as possible after receiving a report from a
205	205	17 State agency under subsection (a) of this Section, the State
206	206	18 Comptroller shall post on his or her public-facing website the
207	207	19 information amount reported by the State agency under
208	208	20 subsection (a). The Comptroller shall also include on that
209	209	21 website the liabilities reported to the Comptroller as of the
210	210	22 close of business on December 31 of the previous calendar
211	211	23 year.
212	212	24 (c) For purposes of this Section, "State agency" means:
213	213	25 all executive branch officers, boards, commissions and
214	214	26 agencies created by the Constitution; all officers,
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225	225	1 departments, boards, commissions, agencies, institutions,
226	226	2 authorities, universities, bodies politic and corporate of the
227	227	3 State; and administrative units or corporate outgrowths of the
228	228	4 State government which are created by or pursuant to statute,
229	229	5 other than units of local government and their officers,
230	230	6 school districts and boards of election commissioners; and all
231	231	7 administrative units and corporate outgrowths of the above and
232	232	8 as may be created by executive order of the Governor. "State
233	233	9 agency" does not include any officer, department, board,
234	234	10 commission, agency, unit, or authority of the legislative or
235	235	11 judicial branch.
236	236	12 (Source: P.A. 100-552, eff. 1-1-18.)
237	237	13 Section 15. The Budget Stabilization Act is amended by
238	238	14 changing Sections 10, 15 and 20 as follows:
239	239	15 (30 ILCS 122/10)
240	240	16 Sec. 10. Budget limitations.
241	241	17 (a) Through Fiscal Year 2026, except Except as provided in
242	242	18 subsection (b-5), in addition to Section 50-5 of the State
243	243	19 Budget Law of the Civil Administrative Code of Illinois, the
244	244	20 General Assembly's appropriations and transfers or diversions
245	245	21 as required by law from general funds shall not exceed 99% of
246	246	22 the estimated general funds revenues for the fiscal year when
247	247	23 revenue estimates of the State's general funds revenues exceed
248	248	24 the prior fiscal year's estimated general funds revenues by
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259	259	1 more than 4%. Beginning in Fiscal Year 2027, in addition to
260	260	2 complying with the requirements of Section 50-5 of the State
261	261	3 Budget Law of the Civil Administrative Code of Illinois, the
262	262	4 General Assembly's appropriations and transfers or diversions
263	263	5 as required by law from general funds shall not exceed 99% of
264	264	6 the estimated general funds revenues for the fiscal year if
265	265	7 (i) revenue estimates of the State's general funds revenues
266	266	8 for the fiscal year exceed the prior fiscal year's estimated
267	267	9 general funds revenues by more than 4% and (ii) projected
268	268	10 accounts payable are estimated by the Comptroller to be less
269	269	11 than $3,000,000,000 for the fiscal year.
270	270	12 (b) Through Fiscal Year 2026, except Except as provided in
271	271	13 subsection (b-5), the General Assembly's appropriations and
272	272	14 transfers or diversions as required by law from general funds
273	273	15 shall not exceed 98% of the estimated general funds revenues
274	274	16 for the fiscal year when revenue estimates of the State's
275	275	17 general funds revenues exceed the prior fiscal year's
276	276	18 estimated general funds revenues by more than 4% for 2 or more
277	277	19 consecutive fiscal years.
278	278	20 (b-5) The limitations on appropriations and transfers or
279	279	21 diversions set forth under subsections (a) and (b) do not
280	280	22 apply for State fiscal year 2008.
281	281	23 (c) For the purpose of this Act, through Fiscal Year 2026,
282	282	24 "estimated general funds revenues" include, for each budget
283	283	25 year, all taxes, fees, and other revenues expected to be
284	284	26 deposited into the State's general funds, including recurring
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295	295	1 transfers from other State funds into the general funds.
296	296	2 Beginning in Fiscal Year 2027, "estimated general funds
297	297	3 revenues" means the estimate from the Governor's Office of
298	298	4 Management and Budget under Section 50-5 of the State Budget
299	299	5 Law of the Civil Administrative Code of Illinois of all the
300	300	6 taxes, fees, and other revenues expected to be deposited into
301	301	7 the State's general funds, including recurring transfers from
302	302	8 other State funds into the general funds, but excluding any
303	303	9 federal revenue sources.
304	304	10 Through Fiscal Year 2026, year-over-year Year-over-year
305	305	11 comparisons used to determine the percentage growth factor of
306	306	12 estimated general funds revenues shall exclude the sum of the
307	307	13 following: (i) expected revenues resulting from new taxes or
308	308	14 fees or from tax or fee increases during the first year of the
309	309	15 change, (ii) expected revenues resulting from one-time
310	310	16 receipts or non-recurring transfers in, (iii) expected
311	311	17 proceeds resulting from borrowing, and (iv) increases in
312	312	18 federal grants that must be completely appropriated based on
313	313	19 the terms of the grants.
314	314	20 (Source: P.A. 94-839, eff. 6-6-06; 95-707, eff. 1-11-08.)
315	315	21 (30 ILCS 122/15)
316	316	22 Sec. 15. Transfers to Budget Stabilization Fund. In
317	317	23 furtherance of the State's objective for the Budget
318	318	24 Stabilization Fund to have resources representing 10% 7.5% of
319	319	25 the State's annual general funds revenues:
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330	330	1 (a) For each fiscal year when the General Assembly's
331	331	2 appropriations and transfers or diversions as required by law
332	332	3 from general funds do not exceed 99% of the estimated general
333	333	4 funds revenues pursuant to subsection (a) of Section 10, the
334	334	5 Comptroller shall transfer from the General Revenue Fund as
335	335	6 provided by this Section a total amount equal to 0.5% of the
336	336	7 estimated general funds revenues to the Budget Stabilization
337	337	8 Fund.
338	338	9 (b) Through the Fiscal Year 2026, For each fiscal year
339	339	10 when the General Assembly's appropriations and transfers or
340	340	11 diversions as required by law from general funds do not exceed
341	341	12 98% of the estimated general funds revenues pursuant to
342	342	13 subsection (b) of Section 10, the Comptroller shall transfer
343	343	14 from the General Revenue Fund as provided by this Section a
344	344	15 total amount equal to 1% of the estimated general funds
345	345	16 revenues to the Budget Stabilization Fund.
346	346	17 (c) The Comptroller shall transfer 1/12 of the total
347	347	18 amount to be transferred each fiscal year under this Section
348	348	19 into the Budget Stabilization Fund on the first day of each
349	349	20 month of that fiscal year or as soon thereafter as possible.
350	350	21 The balance of the Budget Stabilization Fund shall not
351	351	22 exceed 10% 7.5% of the total of general funds revenues
352	352	23 estimated for that fiscal year. Beginning in Fiscal Year 2026,
353	353	24 once the balance of the Budget Stabilization Fund is equal to
354	354	25 10% of the total general funds revenues of the prior fiscal
355	355	26 year, no further transfers shall be made into the Budget
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366	366	1 Stabilization Fund in that fiscal year. If any of the reports
367	367	2 submitted under Section 9.08 by the Department on Aging, the
368	368	3 Department of Central Management Services, the Department of
369	369	4 Healthcare and Family Services, the Department of Human
370	370	5 Services, or the Department of Revenue indicate that there are
371	371	6 invoices that have been submitted by that agency that may be
372	372	7 paid from appropriations in future fiscal years because
373	373	8 appropriations in the then current fiscal year are
374	374	9 insufficient to pay those invoices, then the Comptroller shall
375	375	10 order transferred and the Treasurer shall transfer from the
376	376	11 General Revenue Fund into the Health Insurance Reserve Fund,
377	377	12 the Healthcare Provider Relief Fund, or the Income Tax Refund
378	378	13 Fund, as applicable, an amount necessary to reduce those
379	379	14 amounts to zero, but not to exceed a monthly aggregate
380	380	15 combined total for all funds of 1/12 of the total amount
381	381	16 identified for transfer into those funds. except as provided
382	382	17 by subsection (d) of this Section.
383	383	18 (d) Upon written notice from the Governor to the Clerk of
384	384	19 the House of Representatives, the Secretary of the Senate, and
385	385	20 the Secretary of State pursuant to Section 1.1 of the Short
386	386	21 Term Borrowing Act, the Comptroller may cease the order of any
387	387	22 further transfers into the Budget Stabilization Fund and may
388	388	23 order the transfer, and the Treasurer shall transfer, from the
389	389	24 Budget Stabilization Fund into the General Revenue Fund an
390	390	25 amount deemed necessary to maintain the State's accounts
391	391	26 payable at an amount less than $3,000,000,000. If the written
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402	402	1 notice has been provided, the General Assembly may make
403	403	2 transfers or appropriations from the Budget Stabilization Fund
404	404	3 for the upcoming fiscal year as necessary to provide for the
405	405	4 health, safety, and welfare of the people of the State of
406	406	5 Illinois. If the balance of the Budget Stabilization Fund
407	407	6 exceeds 7.5% of the total general funds revenues estimated for
408	408	7 that fiscal year, the additional transfers are not required
409	409	8 unless there are outstanding liabilities under Section 25 of
410	410	9 the State Finance Act from prior fiscal years. If there are
411	411	10 such outstanding Section 25 liabilities, then the Comptroller
412	412	11 shall continue to transfer 1/12 of the total amount identified
413	413	12 for transfer to the Budget Stabilization Fund on the first day
414	414	13 of each month of that fiscal year or as soon thereafter as
415	415	14 possible to be reserved for those Section 25 liabilities.
416	416	15 Nothing in this Act prohibits the General Assembly from
417	417	16 appropriating additional moneys into the Budget Stabilization
418	418	17 Fund.
419	419	18 (e) (Blank). On or before August 31 of each fiscal year,
420	420	19 the amount determined to be transferred to the Budget
421	421	20 Stabilization Fund shall be reconciled to actual general funds
422	422	21 revenues for that fiscal year. The final transfer for each
423	423	22 fiscal year shall be adjusted so that the total amount
424	424	23 transferred under this Section is equal to the percentage
425	425	24 specified in subsection (a) or (b) of this Section, as
426	426	25 applicable, based on actual general funds revenues calculated
427	427	26 consistently with subsection (c) of Section 10 of this Act for
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438	438	1 each fiscal year.
439	439	2 (f) For the fiscal year beginning July 1, 2006 and for each
440	440	3 fiscal year thereafter, the budget proposal to the General
441	441	4 Assembly shall identify liabilities incurred in a prior fiscal
442	442	5 year under Section 25 of the State Finance Act and the budget
443	443	6 proposal shall provide funding as allowable pursuant to
444	444	7 subsection (d) of this Section, if applicable.
445	445	8 (g) Beginning in Fiscal Year 2027, the Commission on
446	446	9 Government Forecasting and Accountability shall provide in a
447	447	10 report to the General Assembly, the Governor, and the
448	448	11 Comptroller, by January 10 of every year, a review of the first
449	449	12 6 months of revenue for the current fiscal year. If the general
450	450	13 funds revenues for the first 6 months of the then current
451	451	14 fiscal year exceed 4% growth over the first 6 months of the
452	452	15 previous fiscal year and the Comptroller has reported accounts
453	453	16 payable of less than $3,000,000,000, then, by the end of the
454	454	17 fiscal year, the Comptroller shall order the transfer and the
455	455	18 Treasurer shall transfer 0.5% of the updated estimated
456	456	19 revenues for that fiscal year into the Budget Stabilization
457	457	20 Fund and 0.5% of the updated estimated revenues for that
458	458	21 fiscal year into the Pension Stabilization Fund.
459	459	22 (Source: P.A. 102-1115, eff. 1-9-23.)
460	460	23 (30 ILCS 122/20)
461	461	24 (Text of Section WITH the changes made by P.A. 98-599,
462	462	25 which has been held unconstitutional)
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473	473	1 Sec. 20. Pension Stabilization Fund.
474	474	2 (a) The Pension Stabilization Fund is hereby created as a
475	475	3 special fund in the State treasury. Moneys in the fund shall be
476	476	4 used for the sole purpose of making payments to the designated
477	477	5 retirement systems as provided in Section 25.
478	478	6 (b) For each fiscal year through State fiscal year 2014,
479	479	7 when the General Assembly's appropriations and transfers or
480	480	8 diversions as required by law from general funds do not exceed
481	481	9 99% of the estimated general funds revenues pursuant to
482	482	10 subsection (a) of Section 10, the Comptroller shall transfer
483	483	11 from the General Revenue Fund as provided by this Section a
484	484	12 total amount equal to 0.5% of the estimated general funds
485	485	13 revenues to the Pension Stabilization Fund.
486	486	14 (c) For each fiscal year through State fiscal year 2014,
487	487	15 when the General Assembly's appropriations and transfers or
488	488	16 diversions as required by law from general funds do not exceed
489	489	17 98% of the estimated general funds revenues pursuant to
490	490	18 subsection (b) of Section 10, the Comptroller shall transfer
491	491	19 from the General Revenue Fund as provided by this Section a
492	492	20 total amount equal to 1.0% of the estimated general funds
493	493	21 revenues to the Pension Stabilization Fund.
494	494	22 (c-5) In addition to any other amounts required to be
495	495	23 transferred under this Section, in State fiscal year 2016 and
496	496	24 each fiscal year thereafter through State fiscal year 2045, or
497	497	25 when each of the designated retirement systems, as defined in
498	498	26 Section 25, has achieved 100% funding, whichever occurs first,
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509	509	1 the State Comptroller shall order transferred and the State
510	510	2 Treasurer shall transfer from the General Revenue Fund to the
511	511	3 Pension Stabilization Fund an amount equal to 10% of (1) the
512	512	4 sum of the amounts certified by the designated retirement
513	513	5 systems under subsection (a-5) of Section 2-134, subsection
514	514	6 (a-10) of Section 14-135.08, subsection (a-10) of Section
515	515	7 15-165, and subsection (a-10) of Section 16-158 of this Code
516	516	8 for that fiscal year minus (2) the sum of (i) the transfer
517	517	9 required under subsection (c-10) of this Section for that
518	518	10 fiscal year and (ii) the sum of the required State
519	519	11 contributions certified by the retirement systems under
520	520	12 subsection (a) of Section 2-134, subsection (a-5) of Section
521	521	13 14-135.08, subsection (a-5) of Section 15-165, and subsection
522	522	14 (a-5) of Section 16-158 of this Code for that fiscal year. The
523	523	15 transferred amount is intended to represent one-tenth of the
524	524	16 annual savings to the State resulting from the enactment of
525	525	17 this amendatory Act of the 98th General Assembly.
526	526	18 (c-10) In State fiscal year 2019, the State Comptroller
527	527	19 shall order transferred and the State Treasurer shall transfer
528	528	20 $364,000,000 from the General Revenue Fund to the Pension
529	529	21 Stabilization Fund. In State fiscal year 2020 and each fiscal
530	530	22 year thereafter until terminated under subsection (c-15), the
531	531	23 State Comptroller shall order transferred and the State
532	532	24 Treasurer shall transfer $1,000,000,000 from the General
533	533	25 Revenue Fund to the Pension Stabilization Fund.
534	534	26 (c-15) The transfers made beginning in State fiscal year
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545	545	1 2020 pursuant to subsection (c-10) of this Section shall
546	546	2 terminate at the end of State fiscal year 2045 or when each of
547	547	3 the designated retirement systems, as defined in Section 25,
548	548	4 has achieved 100% funding, whichever occurs first.
549	549	5 (d) The Comptroller shall transfer 1/12 of the total
550	550	6 amount to be transferred each fiscal year under this Section
551	551	7 into the Pension Stabilization Fund on the first day of each
552	552	8 month of that fiscal year or as soon thereafter as possible;
553	553	9 except that the final transfer of the fiscal year shall be made
554	554	10 as soon as practical after the August 31 following the end of
555	555	11 the fiscal year.
556	556	12 Until State fiscal year 2015, before the final transfer
557	557	13 for a fiscal year is made, the Comptroller shall reconcile the
558	558	14 estimated general funds revenues used in calculating the other
559	559	15 transfers under this Section for that fiscal year with the
560	560	16 actual general funds revenues for that fiscal year. The final
561	561	17 transfer for the fiscal year shall be adjusted so that the
562	562	18 total amount transferred under this Section for that fiscal
563	563	19 year is equal to the percentage specified in subsection (b) or
564	564	20 (c) of this Section, whichever is applicable, of the actual
565	565	21 general funds revenues for that fiscal year. The actual
566	566	22 general funds revenues for the fiscal year shall be calculated
567	567	23 in a manner consistent with subsection (c) of Section 10 of
568	568	24 this Act.
569	569	25 (Source: P.A. 98-599, eff. 6-1-14.)
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580	580	1 (Text of Section WITHOUT the changes made by P.A. 98-599,
581	581	2 which has been held unconstitutional)
582	582	3 Sec. 20. Pension Stabilization Fund.
583	583	4 (a) The Pension Stabilization Fund is hereby created as a
584	584	5 special fund in the State treasury. Moneys in the fund shall be
585	585	6 used for the sole purpose of making payments to the designated
586	586	7 retirement systems as provided in Section 25.
587	587	8 (b) For each fiscal year when the General Assembly's
588	588	9 appropriations and transfers or diversions as required by law
589	589	10 from general funds do not exceed 99% of the estimated general
590	590	11 funds revenues pursuant to subsection (a) of Section 10, the
591	591	12 Comptroller shall transfer from the General Revenue Fund as
592	592	13 provided by this Section a total amount equal to 0.5% of the
593	593	14 estimated general funds revenues to the Pension Stabilization
594	594	15 Fund. Beginning in Fiscal Year 2027, for each fiscal year when
595	595	16 the General Assembly's appropriations and transfers or
596	596	17 diversions as required by law from general funds do not exceed
597	597	18 99% of the estimated general funds revenues pursuant to
598	598	19 subsection (a) of Section 10 and the Budget Stabilization Fund
599	599	20 is equal to 10% of general funds revenues, the Comptroller
600	600	21 shall transfer from the General Revenue Fund as provided by
601	601	22 this Section a total amount equal to 1% of the estimated
602	602	23 general funds revenues into the Pension Stabilization Fund.
603	603	24 (c) Through Fiscal Year 2026, For each fiscal year when
604	604	25 the General Assembly's appropriations and transfers or
605	605	26 diversions as required by law from general funds do not exceed
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616	616	1 98% of the estimated general funds revenues pursuant to
617	617	2 subsection (b) of Section 10, the Comptroller shall transfer
618	618	3 from the General Revenue Fund as provided by this Section a
619	619	4 total amount equal to 1.0% of the estimated general funds
620	620	5 revenues to the Pension Stabilization Fund.
621	621	6 (d) The Comptroller shall transfer 1/12 of the total
622	622	7 amount to be transferred each fiscal year under this Section
623	623	8 into the Pension Stabilization Fund on the first day of each
624	624	9 month of that fiscal year or as soon thereafter as possible;
625	625	10 except that the final transfer of the fiscal year shall be made
626	626	11 as soon as practical after the August 31 following the end of
627	627	12 the fiscal year.
628	628	13 Before the final transfer for a fiscal year is made, the
629	629	14 Comptroller shall reconcile the estimated general funds
630	630	15 revenues used in calculating the other transfers under this
631	631	16 Section for that fiscal year with the actual general funds
632	632	17 revenues for that fiscal year. The final transfer for the
633	633	18 fiscal year shall be adjusted so that the total amount
634	634	19 transferred under this Section for that fiscal year is equal
635	635	20 to the percentage specified in subsection (b) or (c) of this
636	636	21 Section, whichever is applicable, of the actual general funds
637	637	22 revenues for that fiscal year. The actual general funds
638	638	23 revenues for the fiscal year shall be calculated in a manner
639	639	24 consistent with subsection (c) of Section 10 of this Act.
640	640	25 (Source: P.A. 94-839, eff. 6-6-06.)
641	641	26 Section 99. Effective date. This Act takes effect upon
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