Sec. 6z-51. Budget Stabilization Fund.

277 words·~1 min read·/il/chapter-30/act-105/6z-51

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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

(b)The State Comptroller may direct the State Treasurer to transfer moneys from the Budget Stabilization Fund to the General Revenue Fund in order to meet cash flow deficits resulting from timing variations between disbursements and the receipt of funds within a fiscal year. Any moneys so borrowed in any fiscal year other than Fiscal Year 2011 shall be repaid by June 30 of the fiscal year in which they were borrowed. Any moneys so borrowed in Fiscal Year 2011 shall be repaid no later than July 15, 2011.

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

(d)For Fiscal Years 2020 through 2022, any transfers into the Fund pursuant to the Cannabis Regulation and Tax Act may be transferred to the General Revenue Fund in order for the Comptroller to address outstanding vouchers and shall not be subject to repayment back into the Budget Stabilization Fund.

(e)Beginning July 1, 2023, on the first day of each month, or as soon thereafter as practical, the State Comptroller shall direct and the State Treasurer shall transfer $3,750,000 from the General Revenue Fund to the Budget Stabilization Fund. This subsection

(e)is inoperative from July 1, 2025, through June 30, 2026.