New Belt Law Helps Illinois Emergency Management Agency With Economic Efficiency
Senate Bill 3661 creates a separate Federal Aid Disaster Fund Trust so interest earned on unused federal disaster relief money can be reinvested in preparedness, response and recovery activities.
SPRINGFIELD – State Senator Christopher Belt carried a law that allows the Illinois Emergency Management Agency to earn interest on idle funds to help offset program expenses and reduce reliance on budget appropriations.
“Just like any bank account, it is wise to not let funds sit idly by without purpose,” said Belt (D-Swansea). “This law allows the Illinois Emergency Management Agency to generate a modest, passive revenue without increasing fees or state taxes. This is a great move for forwarding government responsibility and efficiency.”
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Senate Bill 3661 creates the Federal Aid Disaster Fund Trust that is kept separate from the state’s regular funds. The funds in the trust will be specifically used for disaster preparedness, response and recovery activities. If the money in the trust earns interest, that interest goes back into the Federal Aid Disaster Fund Trust rather than into the state’s general budget.
The measure ensures that money provided by the federal government for disaster relief is used responsibly, while also allowing unused funds to accrue interest to offset some expenses.
Senate Bill 3661 takes effect Jan. 1.
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