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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB3436

Introduced 2/18/2025, by Rep. Natalie A. Manley

SYNOPSIS AS INTRODUCED:

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

A BILL FOR

HB3436
LRB104 08420 HLH 18472 b
1

AN ACT concerning finance.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The State Budget Law of the Civil
5
Administrative Code of Illinois is amended by changing Section
6
50-40 as follows:

7

(15 ILCS 20/50-40)
8

Sec. 50-40.
General funds defined.
"General funds" or
9
"State general funds" means the General Revenue Fund, the
10
Common School Fund, the General Revenue Common School Special
11
Account Fund, the Education Assistance Fund, the Fund for the
12
Advancement of Education, the Commitment to Human Services
13
Fund,
and
the Budget Stabilization Fund
, and the Pension
14
Stabilization Fund
.
15
(Source: P.A. 100-23, eff. 7-6-17.)

16

Section 6.
The Balanced Budget Note Act is amended by
17
changing Section 5 as follows:

18

(25 ILCS 80/5)

(from Ch. 63, par. 42.93-5)
19

Sec. 5.
Supplemental appropriation bill defined.
For
20
purposes of this Act, "supplemental appropriation bill" means
21
any appropriation bill that is (a) introduced or amended

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1
(including any changes to legislation by means of the
2
submission of a conference committee report) on or after July
3
1 of a fiscal year and (b) proposes (as introduced or as
4
amended as the case may be) to authorize, increase, decrease,
5
or reallocate any general funds appropriation for that same
6
fiscal year. The general funds consist of the General Revenue
7
Fund, the Common School Fund, the General Revenue Common
8
School Special Account Fund, the Education Assistance Fund,
9
the Fund for the Advancement of Education, the Commitment to
10
Human Services Fund,
and
the Budget Stabilization Fund
, and
11
the Pension Stabilization Fund
.
12
(Source: P.A. 100-587, eff. 6-4-18.)

13

Section 10.
The State Finance Act is amended by changing
14
Sections 6z-51 and 9.08 as follows:

15

(30 ILCS 105/6z-51)
16

Sec. 6z-51.
Budget Stabilization Fund.
17

(a) The Budget Stabilization Fund, a special fund in the
18
State Treasury, shall consist of moneys appropriated or
19
transferred to that Fund, as provided in Section 6z-43 and as
20
otherwise provided by law. All earnings on Budget
21
Stabilization Fund investments shall be deposited into that
22
Fund.
23

(b) The State Comptroller may direct the State Treasurer
24
to transfer moneys from the Budget Stabilization Fund to the

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1
General Revenue Fund in order to meet cash flow deficits
2
resulting from timing variations between disbursements and the
3
receipt of funds within a fiscal year.
Except as provided in
4
subsection (b-5), any

Any
moneys so borrowed in any fiscal
5
year
other than Fiscal Year 2011
shall be repaid by June 30 of
6
the fiscal year in which they were borrowed.
Any moneys so
7
borrowed in Fiscal Year 2011 shall be repaid no later than July
8
15, 2011.

9

(b-5) For Fiscal Year 2027 and each fiscal year
10
thereafter, any moneys transferred into the Budget
11
Stabilization Fund pursuant to Section 15 of the Budget
12
Stabilization Act may be transferred into the General Revenue
13
Fund in order for the Comptroller to address outstanding
14
vouchers and shall not be subject to repayment into the Budget
15
Stabilization Fund if the amount of accounts payable, as
16
determined by the Comptroller on June 30 of the fiscal year in
17
which the transfer into the General Revenue Fund is made,
18
exceeds $4,000,000,000.

19

(c)
(Blank).

During Fiscal Year 2017 only, amounts may be
20
expended from the Budget Stabilization Fund only pursuant to
21
specific authorization by appropriation. Any moneys expended
22
pursuant to appropriation shall not be subject to repayment.
23

(d)
(Blank).

For Fiscal Years 2020 through 2022, any
24
transfers into the Fund pursuant to the Cannabis Regulation
25
and Tax Act may be transferred to the General Revenue Fund in
26
order for the Comptroller to address outstanding vouchers and

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shall not be subject to repayment back into the Budget
2
Stabilization Fund.

3

(e) Beginning July 1, 2023, on the first day of each month,
4
or as soon thereafter as practical, the State Comptroller
5
shall direct and the State Treasurer shall transfer $3,750,000
6
from the General Revenue Fund to the Budget Stabilization
7
Fund.
8
(Source: P.A. 101-10, eff. 6-5-19; 102-699, eff. 4-19-22.)

9

(30 ILCS 105/9.08)
10

Sec. 9.08.
State agency reports; bills held by the agency.
11

(a) Each State agency shall provide a report to the State
12
Comptroller identifying: (i) current State liabilities held at
13
the agency, by fund source; (ii) whether the liabilities are
14
appropriated; and (iii) an estimate of interest penalties
15
accrued under the State Prompt Payment Act under criteria
16
prescribed by the State Comptroller. The report shall be
17
provided monthly in a time and form prescribed by the State
18
Comptroller in which the State Comptroller may provide a
19
waiver to the monthly reporting requirement if a State agency
20
does not have State liabilities.
In the monthly reports under
21
this subsection (a) for January 2026, and in the monthly
22
reports under this subsection (a) for each January thereafter:
23

(1) the Department on Aging, the Department of
24

Healthcare and Family Services, and the Department of
25

Human Services shall include the total number and

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aggregate dollar value of the invoices submitted by that
2

agency that may be paid from appropriations in a future
3

fiscal year under Section 25 because appropriations in the
4

current fiscal year are insufficient;
5

(2) the Department of Central Management Services
6

shall include the total number and aggregate dollar value
7

of the invoices that may be paid from appropriations in
8

future fiscal years under Section 25 due to insufficient
9

resources in the Health Insurance Reserve Fund; and
10

(3) the Department of Revenue shall include an
11

estimate of the amount of individual and corporate income
12

tax overpayments that will not be refunded before the
13

close of the current fiscal year because deposits into the
14

Income Tax Refund Fund are insufficient to pay those
15

refunds.
16

(b) As soon as possible after receiving a report from a
17
State agency under subsection (a) of this Section, the State
18
Comptroller shall post on his or her public-facing website the
19
information

amount
reported by the State agency
under
20
subsection (a)
.
The Comptroller shall also include on that
21
website the liabilities reported to the Comptroller as of the
22
close of business on December 31 of the previous calendar
23
year.

24

(c) For purposes of this Section, "State agency" means:
25
all executive branch officers, boards, commissions and
26
agencies created by the Constitution; all officers,

HB3436
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1
departments, boards, commissions, agencies, institutions,
2
authorities, universities, bodies politic and corporate of the
3
State; and administrative units or corporate outgrowths of the
4
State government which are created by or pursuant to statute,
5
other than units of local government and their officers,
6
school districts and boards of election commissioners; and all
7
administrative units and corporate outgrowths of the above and
8
as may be created by executive order of the Governor. "State
9
agency" does not include any officer, department, board,
10
commission, agency, unit, or authority of the legislative or
11
judicial branch.
12
(Source: P.A. 100-552, eff. 1-1-18
.)

13

Section 15.
The Budget Stabilization Act is amended by
14
changing Sections 10, 15 and 20 as follows:

15

(30 ILCS 122/10)
16

Sec. 10.
Budget limitations.
17

(a)
Through Fiscal Year 2026, except

Except
as provided in
18
subsection (b-5), in addition to Section 50-5 of the State
19
Budget Law of the Civil Administrative Code of Illinois, the
20
General Assembly's appropriations and transfers or diversions
21
as required by law from general funds shall not exceed 99% of
22
the estimated general funds revenues for the fiscal year when
23
revenue estimates of the State's general funds revenues exceed
24
the prior fiscal year's estimated general funds revenues by

HB3436
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LRB104 08420 HLH 18472 b
1
more than 4%.
Beginning in Fiscal Year 2027, in addition to
2
complying with the requirements of Section 50-5 of the State
3
Budget Law of the Civil Administrative Code of Illinois, the
4
General Assembly's appropriations and transfers or diversions
5
as required by law from general funds shall not exceed 99% of
6
the estimated general funds revenues for the fiscal year if
7
(i) revenue estimates of the State's general funds revenues
8
for the fiscal year exceed the prior fiscal year's estimated
9
general funds revenues by more than 4% and (ii) projected
10
accounts payable are estimated by the Comptroller to be less
11
than $3,000,000,000 for the fiscal year.

12

(b)
Through Fiscal Year 2026, except

Except
as provided in
13
subsection (b-5), the General Assembly's appropriations and
14
transfers or diversions as required by law from general funds
15
shall not exceed 98% of the estimated general funds revenues
16
for the fiscal year when revenue estimates of the State's
17
general funds revenues exceed the prior fiscal year's
18
estimated general funds revenues by more than 4% for 2 or more
19
consecutive fiscal years.
20

(b-5) The limitations on appropriations and transfers or
21
diversions set forth under subsections (a) and (b) do not
22
apply for State fiscal year 2008.
23

(c) For the purpose of this Act,
through Fiscal Year 2026,

24
"estimated general funds revenues" include, for each budget
25
year, all taxes, fees, and other revenues expected to be
26
deposited into the State's general funds, including recurring

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LRB104 08420 HLH 18472 b
1
transfers from other State funds into the general funds.
2
Beginning in Fiscal Year 2027, "estimated general funds
3
revenues" means the estimate from the Governor's Office of
4
Management and Budget under Section 50-5 of the State Budget
5
Law of the Civil Administrative Code of Illinois of all the
6
taxes, fees, and other revenues expected to be deposited into
7
the State's general funds, including recurring transfers from
8
other State funds into the general funds, but excluding any
9
federal revenue sources.

10

Through Fiscal Year 2026, year-over-year

Year-over-year

11
comparisons used to determine the percentage growth factor of
12
estimated general funds revenues shall exclude the sum of the
13
following: (i) expected revenues resulting from new taxes or
14
fees or from tax or fee increases during the first year of the
15
change, (ii) expected revenues resulting from one-time
16
receipts or non-recurring transfers in, (iii) expected
17
proceeds resulting from borrowing, and (iv) increases in
18
federal grants that must be completely appropriated based on
19
the terms of the grants.
20
(Source: P.A. 94-839, eff. 6-6-06; 95-707, eff. 1-11-08.)

21

(30 ILCS 122/15)
22

Sec. 15.
Transfers to Budget Stabilization Fund.
In
23
furtherance of the State's objective for the Budget
24
Stabilization Fund to have resources representing
10%

7.5%
of
25
the State's annual general funds revenues:

HB3436
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1

(a) For each fiscal year when the General Assembly's
2
appropriations and transfers or diversions as required by law
3
from general funds do not exceed 99% of the estimated general
4
funds revenues pursuant to subsection (a) of Section 10, the
5
Comptroller shall transfer from the General Revenue Fund as
6
provided by this Section a total amount equal to 0.5% of the
7
estimated general funds revenues to the Budget Stabilization
8
Fund.
9

(b)
Through the Fiscal Year 2026,

For each fiscal year

10
when the General Assembly's appropriations and transfers or
11
diversions as required by law from general funds do not exceed
12
98% of the estimated general funds revenues pursuant to
13
subsection (b) of Section 10, the Comptroller shall transfer
14
from the General Revenue Fund as provided by this Section a
15
total amount equal to 1% of the estimated general funds
16
revenues to the Budget Stabilization Fund.
17

(c) The Comptroller shall transfer 1/12 of the total
18
amount to be transferred each fiscal year under this Section
19
into the Budget Stabilization Fund on the first day of each
20
month of that fiscal year or as soon thereafter as possible.
21

The balance of the Budget Stabilization Fund shall not
22
exceed
10%

7.5%
of the total of general funds revenues
23
estimated for that fiscal year
. Beginning in Fiscal Year 2026,
24
once the balance of the Budget Stabilization Fund is equal to
25
10% of the total general funds revenues of the prior fiscal
26
year, no further transfers shall be made into the Budget

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1
Stabilization Fund in that fiscal year. If any of the reports
2
submitted under Section 9.08 by the Department on Aging, the
3
Department of Central Management Services, the Department of
4
Healthcare and Family Services, the Department of Human
5
Services, or the Department of Revenue indicate that there are
6
invoices that have been submitted by that agency that may be
7
paid from appropriations in future fiscal years because
8
appropriations in the then current fiscal year are
9
insufficient to pay those invoices, then the Comptroller shall
10
order transferred and the Treasurer shall transfer from the
11
General Revenue Fund into the Health Insurance Reserve Fund,
12
the Healthcare Provider Relief Fund, or the Income Tax Refund
13
Fund, as applicable, an amount necessary to reduce those
14
amounts to zero, but not to exceed a monthly aggregate
15
combined total for all funds of 1/12 of the total amount
16
identified for transfer into those funds.

except as provided
17
by subsection (d) of this Section.

18

(d)
Upon written notice from the Governor to the Clerk of
19
the House of Representatives, the Secretary of the Senate, and
20
the Secretary of State pursuant to Section 1.1 of the Short
21
Term Borrowing Act, the Comptroller may cease the order of any
22
further transfers into the Budget Stabilization Fund and may
23
order the transfer, and the Treasurer shall transfer, from the
24
Budget Stabilization Fund into the General Revenue Fund an
25
amount deemed necessary to maintain the State's accounts
26
payable at an amount less than $3,000,000,000. If the written

HB3436
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1
notice has been provided, the General Assembly may make
2
transfers or appropriations from the Budget Stabilization Fund
3
for the upcoming fiscal year as necessary to provide for the
4
health, safety, and welfare of the people of the State of
5
Illinois.

If the balance of the Budget Stabilization Fund
6
exceeds 7.5% of the total general funds revenues estimated for
7
that fiscal year, the additional transfers are not required
8
unless there are outstanding liabilities under Section 25 of
9
the State Finance Act from prior fiscal years. If there are
10
such outstanding Section 25 liabilities, then the Comptroller
11
shall continue to transfer 1/12 of the total amount identified
12
for transfer to the Budget Stabilization Fund on the first day
13
of each month of that fiscal year or as soon thereafter as
14
possible to be reserved for those Section 25 liabilities.

15
Nothing in this Act prohibits the General Assembly from
16
appropriating additional moneys into the Budget Stabilization
17
Fund.
18

(e)
(Blank).

On or before August 31 of each fiscal year,
19
the amount determined to be transferred to the Budget
20
Stabilization Fund shall be reconciled to actual general funds
21
revenues for that fiscal year. The final transfer for each
22
fiscal year shall be adjusted so that the total amount
23
transferred under this Section is equal to the percentage
24
specified in subsection (a) or (b) of this Section, as
25
applicable, based on actual general funds revenues calculated
26
consistently with subsection (c) of Section 10 of this Act for

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1
each fiscal year.

2

(f) For the fiscal year beginning July 1, 2006 and for each
3
fiscal year thereafter, the budget proposal to the General
4
Assembly shall identify liabilities incurred in a prior fiscal
5
year under Section 25 of the State Finance Act and the budget
6
proposal shall provide funding as allowable pursuant to
7
subsection (d) of this Section, if applicable.
8

(g) Beginning in Fiscal Year 2027, the Commission on
9
Government Forecasting and Accountability shall provide in a
10
report to the General Assembly, the Governor, and the
11
Comptroller, by January 10 of every year, a review of the first
12
6 months of revenue for the current fiscal year. If the general
13
funds revenues for the first 6 months of the then current
14
fiscal year exceed 4% growth over the first 6 months of the
15
previous fiscal year and the Comptroller has reported accounts
16
payable of less than $3,000,000,000, then, by the end of the
17
fiscal year, the Comptroller shall order the transfer and the
18
Treasurer shall transfer 0.5% of the updated estimated
19
revenues for that fiscal year into the Budget Stabilization
20
Fund and 0.5% of the updated estimated revenues for that
21
fiscal year into the Pension Stabilization Fund.
22
(Source: P.A. 102-1115, eff. 1-9-23.)

23

(30 ILCS 122/20)
24

(Text of Section WITH the changes made by P.A. 98-599,
25
which has been held unconstitutional)

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LRB104 08420 HLH 18472 b
1

Sec. 20.
Pension Stabilization Fund.
2

(a) The Pension Stabilization Fund is hereby created as a
3
special fund in the State treasury. Moneys in the fund shall be
4
used for the sole purpose of making payments to the designated
5
retirement systems as provided in Section 25.
6

(b) For each fiscal year through State fiscal year 2014,
7
when the General Assembly's appropriations and transfers or
8
diversions as required by law from general funds do not exceed
9
99% of the estimated general funds revenues pursuant to
10
subsection (a) of Section 10, the Comptroller shall transfer
11
from the General Revenue Fund as provided by this Section a
12
total amount equal to 0.5% of the estimated general funds
13
revenues to the Pension Stabilization Fund.
14

(c) For each fiscal year through State fiscal year 2014,
15
when the General Assembly's appropriations and transfers or
16
diversions as required by law from general funds do not exceed
17
98% of the estimated general funds revenues pursuant to
18
subsection (b) of Section 10, the Comptroller shall transfer
19
from the General Revenue Fund as provided by this Section a
20
total amount equal to 1.0% of the estimated general funds
21
revenues to the Pension Stabilization Fund.
22

(c-5) In addition to any other amounts required to be
23
transferred under this Section, in State fiscal year 2016 and
24
each fiscal year thereafter through State fiscal year 2045, or
25
when each of the designated retirement systems, as defined in
26
Section 25, has achieved 100% funding, whichever occurs first,

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LRB104 08420 HLH 18472 b
1
the State Comptroller shall order transferred and the State
2
Treasurer shall transfer from the General Revenue Fund to the
3
Pension Stabilization Fund an amount equal to 10% of (1) the
4
sum of the amounts certified by the designated retirement
5
systems under subsection (a-5) of Section 2-134, subsection
6
(a-10) of Section 14-135.08, subsection (a-10) of Section
7
15-165, and subsection (a-10) of Section 16-158 of this Code
8
for that fiscal year minus (2) the sum of (i) the transfer
9
required under subsection (c-10) of this Section for that
10
fiscal year and (ii) the sum of the required State
11
contributions certified by the retirement systems under
12
subsection (a) of Section 2-134, subsection (a-5) of Section
13
14-135.08, subsection (a-5) of Section 15-165, and subsection
14
(a-5) of Section 16-158 of this Code for that fiscal year. The
15
transferred amount is intended to represent one-tenth of the
16
annual savings to the State resulting from the enactment of
17
this amendatory Act of the 98th General Assembly.
18

(c-10) In State fiscal year 2019, the State Comptroller
19
shall order transferred and the State Treasurer shall transfer
20
$364,000,000 from the General Revenue Fund to the Pension
21
Stabilization Fund. In State fiscal year 2020 and each fiscal
22
year thereafter until terminated under subsection (c-15), the
23
State Comptroller shall order transferred and the State
24
Treasurer shall transfer $1,000,000,000 from the General
25
Revenue Fund to the Pension Stabilization Fund.
26

(c-15) The transfers made beginning in State fiscal year

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1
2020 pursuant to subsection (c-10) of this Section shall
2
terminate at the end of State fiscal year 2045 or when each of
3
the designated retirement systems, as defined in Section 25,
4
has achieved 100% funding, whichever occurs first.
5

(d) The Comptroller shall transfer 1/12 of the total
6
amount to be transferred each fiscal year under this Section
7
into the Pension Stabilization Fund on the first day of each
8
month of that fiscal year or as soon thereafter as possible;
9
except that the final transfer of the fiscal year shall be made
10
as soon as practical after the August 31 following the end of
11
the fiscal year.
12

Until State fiscal year 2015, before the final transfer
13
for a fiscal year is made, the Comptroller shall reconcile the
14
estimated general funds revenues used in calculating the other
15
transfers under this Section for that fiscal year with the
16
actual general funds revenues for that fiscal year. The final
17
transfer for the fiscal year shall be adjusted so that the
18
total amount transferred under this Section for that fiscal
19
year is equal to the percentage specified in subsection (b) or
20
(c) of this Section, whichever is applicable, of the actual
21
general funds revenues for that fiscal year. The actual
22
general funds revenues for the fiscal year shall be calculated
23
in a manner consistent with subsection (c) of Section 10 of
24
this Act.
25
(Source: P.A. 98-599, eff. 6-1-14
.)

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(Text of Section WITHOUT the changes made by P.A. 98-599,
2
which has been held unconstitutional)
3

Sec. 20.
Pension Stabilization Fund.
4

(a) The Pension Stabilization Fund is hereby created as a
5
special fund in the State treasury. Moneys in the fund shall be
6
used for the sole purpose of making payments to the designated
7
retirement systems as provided in Section 25.
8

(b) For each fiscal year when the General Assembly's
9
appropriations and transfers or diversions as required by law
10
from general funds do not exceed 99% of the estimated general
11
funds revenues pursuant to subsection (a) of Section 10, the
12
Comptroller shall transfer from the General Revenue Fund as
13
provided by this Section a total amount equal to 0.5% of the
14
estimated general funds revenues to the Pension Stabilization
15
Fund.
Beginning in Fiscal Year 2027, for each fiscal year when
16
the General Assembly's appropriations and transfers or
17
diversions as required by law from general funds do not exceed
18
99% of the estimated general funds revenues pursuant to
19
subsection (a) of Section 10 and the Budget Stabilization Fund
20
is equal to 10% of general funds revenues, the Comptroller
21
shall transfer from the General Revenue Fund as provided by
22
this Section a total amount equal to 1% of the estimated
23
general funds revenues into the Pension Stabilization Fund.

24

(c)
Through Fiscal Year 2026,

For each fiscal year
when
25
the General Assembly's appropriations and transfers or
26
diversions as required by law from general funds do not exceed

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1
98% of the estimated general funds revenues pursuant to
2
subsection (b) of Section 10, the Comptroller shall transfer
3
from the General Revenue Fund as provided by this Section a
4
total amount equal to 1.0% of the estimated general funds
5
revenues to the Pension Stabilization Fund.
6

(d) The Comptroller shall transfer 1/12 of the total
7
amount to be transferred each fiscal year under this Section
8
into the Pension Stabilization Fund on the first day of each
9
month of that fiscal year or as soon thereafter as possible;
10
except that the final transfer of the fiscal year shall be made
11
as soon as practical after the August 31 following the end of
12
the fiscal year.
13

Before the final transfer for a fiscal year is made, the
14
Comptroller shall reconcile the estimated general funds
15
revenues used in calculating the other transfers under this
16
Section for that fiscal year with the actual general funds
17
revenues for that fiscal year. The final transfer for the
18
fiscal year shall be adjusted so that the total amount
19
transferred under this Section for that fiscal year is equal
20
to the percentage specified in subsection (b) or (c) of this
21
Section, whichever is applicable, of the actual general funds
22
revenues for that fiscal year. The actual general funds
23
revenues for the fiscal year shall be calculated in a manner
24
consistent with subsection (c) of Section 10 of this Act.
25
(Source: P.A. 94-839, eff. 6-6-06.)

26

Section 99.
Effective date.
This Act takes effect upon

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becoming law.

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