Sen. Laura M. Murphy

Filed: 4/7/2016

 

 


 

 


 
09900SB2585sam001LRB099 20523 HLH 45218 a

1
AMENDMENT TO SENATE BILL 2585

2    AMENDMENT NO. ______. Amend Senate Bill 2585 by replacing
3everything after the enacting clause with the following:
 
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 the 3rd business day in January of each year, the
9Governor's Office of Management and Budget shall submit an
10economic and fiscal policy report to the General Assembly. The
11report must outline the long-term economic and fiscal policy
12objectives of the State, the economic and fiscal policy
13intentions for the upcoming fiscal year, and the economic and
14fiscal policy intentions for the following 4 2 fiscal years.
15The report must highlight the total level of revenue,
16expenditure, deficit or surplus, and debt with respect to each

 

 

09900SB2585sam001- 2 -LRB099 20523 HLH 45218 a

1of the reporting categories. The report must include any
2assumptions concerning tax rates and fees used to determine
3revenue and expenditures for future fiscal years. The report
4must include a comparison of the enacted current fiscal year
5budget to the current fiscal year outlook, and, if applicable,
6must outline any budgetary shortfalls and fiscal and policy
7options that the Office will pursue to remedy those budgetary
8shortfalls. If the projected expenditures for any of the
9following 4 fiscal years exceeds the corresponding fiscal year
10projected revenues, then the report must outline fiscal and
11policy options that the Office will pursue to remedy the
12budgetary shortfall. The report must include an agency
13categorization key for the reporting categories. The report
14must be posted on the Office's Internet website and allow
15members of the public to post comments concerning the report.
16(Source: P.A. 98-692, eff. 7-1-14.)
 
17    Section 99. Effective date. This Act takes effect upon
18becoming law.".