SB2585 EngrossedLRB099 20523 HLH 45063 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Governor's Office of Management and Budget
5Act is amended by changing Section 7.3 as follows:
 
6    (20 ILCS 3005/7.3)
7    Sec. 7.3. Annual economic and fiscal policy report. No
8later than August 15 the 3rd business day in January of each
9year, the Governor's Office of Management and Budget shall
10submit an economic and fiscal policy report to the General
11Assembly. The report must outline the long-term economic and
12fiscal policy objectives of the State, the economic and fiscal
13policy intentions for the upcoming fiscal year, and the
14economic and fiscal policy intentions for the following 4 2
15fiscal years. The report must highlight the total level of
16revenue, expenditure, deficit or surplus, and debt with respect
17to each of the reporting categories. The report must include
18any assumptions concerning tax rates and fees used to determine
19revenue and expenditures for future fiscal years. The report
20must include a comparison of the enacted current fiscal year
21budget to the current fiscal year outlook, and, if applicable,
22must outline any budgetary shortfalls and fiscal and policy
23options that the Office will pursue to remedy those budgetary

 

 

SB2585 Engrossed- 2 -LRB099 20523 HLH 45063 b

1shortfalls. If the projected expenditures for any of the
2following 4 fiscal years exceeds the corresponding fiscal year
3projected revenues, then the report must outline fiscal and
4policy options that the Office will pursue to remedy the
5budgetary shortfall. The report must include an agency
6categorization key for the reporting categories. The report
7must be posted on the Office's Internet website and allow
8members of the public to post comments concerning the report.
9(Source: P.A. 98-692, eff. 7-1-14.)
 
10    Section 99. Effective date. This Act takes effect upon
11becoming law.