IL HB4949

Beginning with fiscal year 2026 budgets, revenue estimates shall be based solely on receipts from taxes, fees, and federal transfers, excluding debt incurred, refinanced debt, or funds transferred from other sources.

Appropriations for any fiscal year cannot exceed revenue estimated by the General Assembly to be available that year, except the General Assembly may use Budget Stabilization Fund appropriations exceeding estimated revenue if approved by a three-fifths record vote in both chambers.

All appropriations (except deficiency or emergency appropriations) are expendable only during the fiscal year for which appropriated, and expenditures cannot exceed the state's revenues and reserves in general funds.

No public money may be expended except pursuant to appropriations made by law, and no debt obligation for current operations may be authorized except for obligations repaid within the same fiscal year of issuance.

Any law requiring expenditure of funds is null and void unless an appropriation for estimated first year funding is made during the same legislative session in which the law receives final passage.