HB3436

Illinois HB3436 amends budget laws to adjust fund transfers and reporting requirements.

HB3436 amends the State Budget Law of the Civil Administrative Code of Illinois and the Balanced Budget Note Act. It modifies the definition of "general funds" to include the Pension Stabilization Fund. The bill also adjusts the monthly transfer of funds from the General Revenue Fund to the Budget Stabilization Fund, setting it at $3,750,000 starting July 1, 2023. Additionally, it changes the transfer amount to the Pension Stabilization Fund, setting it at 0.5% of estimated general funds revenues for fiscal years through 2026, and 1% for fiscal years 2027 and beyond.