State of Illinois
92nd General Assembly
Legislation

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92_SB0502eng

 
SB502 Engrossed                                LRB9203374REdv

 1        AN ACT concerning appropriation reporting.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois Economic and  Fiscal  Commission
 5    Act is amended by changing Section 3 as follows:

 6        (25 ILCS 155/3) (from Ch. 63, par. 343)
 7        Sec. 3.  The Commission shall:
 8        (1)  Study  from  time  to time and report to the General
 9    Assembly on economic development and trends in the State.
10        (2)  Make such special economic and fiscal studies as  it
11    deems appropriate or desirable or as the General Assembly may
12    request.
13        (3)  Based  on  its  studies, recommend such State fiscal
14    and economic policies as it deems appropriate or desirable to
15    improve the functioning of State government and  the  economy
16    of the various regions within the State.
17        (4)  Prepare annually a State economic report.
18        (5)  Provide  information for all appropriate legislative
19    organizations and personnel on economic trends in relation to
20    long range planning and budgeting.
21        (6)  Study and make  such  recommendations  as  it  deems
22    appropriate  to  the  General  Assembly on local and regional
23    economic and fiscal policy and on federal fiscal policy as it
24    may affect Illinois.
25        (7)  Review  capital  expenditures,  appropriations   and
26    authorizations  for  both  the State's general obligation and
27    revenue  bonding  authorities.  At  the  direction   of   the
28    Commission, specific reviews may include economic feasibility
29    reviews  of  existing  or  proposed  revenue bond projects to
30    determine the accuracy of the  original  estimate  of  useful
31    life of the projects, maintenance requirements and ability to
 
SB502 Engrossed             -2-                LRB9203374REdv
 1    meet   debt  service  requirements  through  their  operating
 2    expenses.
 3        (8)  Receive and review all executive agency and  revenue
 4    bonding  authority  annual  and 3 year plans.  The Commission
 5    shall prepare  a  consolidated  review  of  these  plans,  an
 6    updated  assessment  of current State agency capital plans, a
 7    report on the outstanding and unissued  bond  authorizations,
 8    an  evaluation  of the State's ability to market further bond
 9    issues and shall submit them as the "Legislative Capital Plan
10    Analysis" to the House and Senate  Appropriations  Committees
11    at  least  once a year.  The Commission shall annually submit
12    to the General Assembly on the first  Wednesday  of  April  a
13    report   on   the   State's  long-term  capital  needs,  with
14    particular emphasis upon and detail of the 5-year  period  in
15    the immediate future.
16        (9)  Study  and make recommendations it deems appropriate
17    to the General Assembly on State bond financing,  bondability
18    guidelines,  and  debt  management.   At the direction of the
19    Commission,  specific  studies  and  reviews  may  take  into
20    consideration  short  and  long-run  implications  of   State
21    bonding and debt management policy.
22        (10)  Comply  with  the  provisions  of  the  "State Debt
23    Impact Note Act" as now or hereafter amended.
24        (11)  Comply with the provisions of  the  Pension  Impact
25    Note Act, as now or hereafter amended.
26        (12)  By  August  1st  of  each year, the Commission must
27    prepare and cause to be published a summary report  of  State
28    appropriations  for  the  State  fiscal  year  beginning  the
29    previous  July  1st.   The  summary report must discuss major
30    categories of appropriations, the issues the General Assembly
31    faced  in   allocating   appropriations,   comparisons   with
32    appropriations  for  previous  State  fiscal years, and other
33    matters helpful in providing the citizens of Illinois with an
34    overall understanding of appropriations for that fiscal year.
 
SB502 Engrossed             -3-                LRB9203374REdv
 1    The summary report must be  written  in  plain  language  and
 2    designed  for readability.  Publication must be in newspapers
 3    of general circulation in the various areas of the  State  to
 4    ensure  distribution statewide.  The summary report must also
 5    be published on the General Assembly's web site.
 6        The requirement for reporting  to  the  General  Assembly
 7    shall  be  satisfied  by filing copies of the report with the
 8    Speaker, the Minority Leader and the Clerk of  the  House  of
 9    Representatives  and  the  President, the Minority Leader and
10    the Secretary of the  Senate  and  the  Legislative  Research
11    Unit, as required by Section 3.1 of "An Act to revise the law
12    in  relation  to the General Assembly", approved February 25,
13    1874, as amended, and filing such additional copies with  the
14    State  Government  Report Distribution Center for the General
15    Assembly as is required under paragraph (t) of Section  7  of
16    the State Library Act.
17    (Source: P.A. 86-192.)

18        Section  99.  Effective date.  This Act takes effect upon
19    becoming law.

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