HB3174: BUDGET SPENDING

Legislative Summary

Amends the State Budget Law of the Civil Administrative Code. Provides that, beginning with the budget prepared for Fiscal Year 2025, the rate of growth of appropriations from the State general funds over the preceding fiscal year appropriations from the State general funds shall not exceed the rate of growth of the Illinois economy. Provides that the rate of growth of the Illinois economy is the compound annual growth rate of the gross domestic product in the State over the preceding 10 calendar years, calculated using data reported by the United States Bureau of Economic Analysis or its successor agency before December 31 immediately preceding the beginning of the applicable fiscal year.