Synopsis As Introduced Amends the State Budget Law of the Civil Administrative Code of Illinois. With respect to fiscal year appropriations, requires the General Assembly to take into account (i) whether the previous fiscal year's revenues were sufficient to pay for all obligations incurred during that fiscal year or whether those obligations were shifted to future years and (ii) whether revenues for the budgeted fiscal year can be reasonably projected to meet appropriations for the budgeted fiscal year. For each budgeted fiscal year, requires the General Assembly, by the same joint resolution adopted by record vote, to declare that the budget is balanced. Makes revisory changes.
Replaces everything after the enacting clause. Creates the Commission on Taxpayer Oversight and Reduction of State Spending Act. Creates the Commission on Taxpayer Oversight and Reduction of State Spending in the Governor's Office of Management and Budget. Provides that the Commission shall conduct investigations, review the budget submitted by the Governor in order to make recommendations for reducing expenditures set forth in the budget, review activities of agencies and grant recipients, and consider State and local budgetary reductions by reduction or elimination of mandated expenditures or the consolidation of agencies and instrumentalities to eliminate waste and inefficiency. Sets forth the membership of the Commission. Provides that the Commission shall conduct at least one public hearing and may issue reports. Provides that the Governor shall respond, in writing, within 30 calendar days after the submission of the reports. Contains other provisions. Effective immediately.