LOCAL ACCUMULATION OF FUNDS
Summary
Creates the Local Accumulation of Funds Act. Provides that a unit of local government's funds, excluding the capital fund, shall not exceed an amount equal to or greater than 2.5 times the annual average expenditure of the previous 3 fiscal years of the unit of local government. Defines "capital fund" as a capital fund of a township or a similar fund of another unit of local government established to dedicate funds toward capital improvement as a part of the unit of local government's annual budget. Amends the Township Code repealing a Section about accumulation of funds. Effective immediately.
Bill status
failed
3 of 5 stages cleared
Introduction
Apr 2021
Committee Review
Apr 2021
House Passage
Apr 2021
Senate Passage
Governor
Introduced Apr 19, 2021
Last action Jan 10, 2023
Floor votes · House Apr 15, 2021
How they voted
100–2
Passed · 3 other
Total votes 105
Apr 15, 2021
D
Democratic63
92% Yea
R
Republican42
100% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
15
Key actions
2
Committee
4
Apr 19, 2021
Committee
Referred to Assignments
upper
Apr 19, 2021
Introduced
Arrive in Senate
upper
Apr 15, 2021
Lower · Passed
Third Reading - Short Debate - Passed 112-000-000
lower
Mar 16, 2021
Lower · Passed
Do Pass / Short Debate Cities & Villages Committee; 010-000-000
lower
Mar 9, 2021
Committee
Assigned to Cities & Villages Committee
lower
Feb 19, 2021
Committee
Referred to Rules Committee
lower
2 primary · 0 co-sponsors
Sponsors
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