Bill > SB1415

This bill makes several changes to Illinois state financial management, primarily focusing on budget stabilization and pension funding. The legislation amends multiple state acts to modify how the Pension Stabilization Fund and Budget Stabilization Fund are managed. Starting in Fiscal Year 2027, the bill introduces new rules for state appropriations, stipulating that if general funds revenues grow by more than 4% and projected accounts payable are less than $3 billion, the General Assembly's appropriations cannot exceed 99% of estimated revenues. The bill also changes transfer rules for the Budget Stabilization Fund, allowing transfers to the General Revenue Fund without repayment if accounts payable exceed $4 billion. Additionally, the Pension Stabilization Fund is now considered a general fund for budgeting purposes, and beginning in Fiscal Year 2027, when certain conditions are met, the Comptroller will transfer 1% of estimated revenues into the Pension Stabilization Fund. The bill also requires state agencies to provide more detailed monthly reports about potential future liabilities, including invoices that might need to be paid in future fiscal years. These changes aim to improve the state's fiscal management, provide more transparency about potential financial obligations, and create more robust mechanisms for managing state funds.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1415&GAID=18&DocTypeID=SB&SessionID=114&GA=104