ECONOMIC STABILIZATION FUND

Creates the Budget Economic Stabilization Fund Act. Provides that the Comptroller and the Departments of Healthcare and Family Services, Central Management Services, Human Services, Revenue, and Aging shall report to the Governor no later than January 10th of each year the amount of unpaid bills as of the preceding December 31st. Provides that if unpaid bills total more than $1,000,000,000, the Governor shall include in his or her budget for the next fiscal year an amount to pay off unpaid bills equal to the lesser of (i) 50% of above-trend revenues that the Governor projects to be received by the State in the next fiscal year or (ii) the amount of above-trend revenues needed to reduce the unpaid bills to $1,000,000,000. Provides that the Governor shall include in the budget paying unpaid bills equal to the lesser of (i) 50% of above-trend revenues that the Governor projects to be received by the State in the next fiscal year or (ii) the amount of above-trend revenues needed to reduce the unpaid bills to $1,000,000,000 if unpaid bills total more than $1,000,000,000. Creates the Budget Economic Stabilization Fund and provides for transfers into and withdrawals from the Fund. Creates the Bill Backlog Payment Fund and provides for transfers into and withdrawals from the Fund. Amends the State Finance Act to list the Budget Economic Stabilization Fund and Bill Backlog Payment Fund. Effective immediately.