95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1536


 
Introduced 2/9/2007, by Sen. Christine Radogno
 
SYNOPSIS AS INTRODUCED:
 		













20 ILCS 3005/7.1 new






20 ILCS 3005/7.2 new










    Amends the Governor's Office of Management and Budget Act. Requires the Office to provide to the legislative leaders and the Comptroller and Treasurer copies of all State financial information submitted to persons not employed by the State and to post the information on its website. Requires the Office to submit quarterly financial reports and to post the reports on its website. Sets forth requirements for disclosure and reporting. Effective immediately.
















LRB095 08176 RCE 28341 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB1536

LRB095 08176 RCE 28341 b






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    AN ACT concerning State government.

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


 
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    Section 5. The Governor's Office of Management and Budget 
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Act is amended  by adding Sections 7.1 and 7.2 as follows:
 
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    (20 ILCS 3005/7.1  new)
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    Sec. 7.1. Transparency in finance. The Office shall provide 
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copies to the President of the Senate, the Speaker of the House 
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of Representatives, the Minority Leaders of the Senate and 
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House of Representatives, the Comptroller, and the Treasurer of 
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all State financial information submitted by the Office or 
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others on behalf of the Governor or representing the State to 
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persons not employed by the State, including credit rating 
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agencies and potential investors in State bonds.  State 
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financial information includes all reports, summaries, 
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presentations, projections, and other information on the 
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State's revenues and expenditures, historical data, and 
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projections.  Within 3 business days after the submission of 
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State financial information to persons not employed by the 
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State, complete copies of the submitted State financial 
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information shall be provided to the legislative leaders and a 
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summary of the information shall be posted on the Office's 
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website, with a complete copy provided upon request to any 
 


 






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person.
 
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    (20 ILCS 3005/7.2  new)
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    Sec. 7.2. Quarterly financial reports.   The Office shall 
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prepare and
publish a quarterly financial report to update the 
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public and the General
Assembly on the status of the State's 
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finances on a quarterly basis.  At a
minimum, each report shall 
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include the following information:
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        (1)  A review of the economic outlook, both nationally 
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    and in Illinois.

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        (2)  A review of general funds revenue performance, 
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    both quarterly and
year-to-date, and an evaluation of that 
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    performance and how it compares to
projections.

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        (3)  The outlook for future general funds revenue 
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    performance, including
projections of future general funds 
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    revenues.

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In addition, the fourth quarter report for each fiscal year 
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must include a
review of General Assembly action and the 
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financial plan for the completed
fiscal year and the upcoming 
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fiscal year.  The financial plan must include the
Governor's 
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projections for revenues, spending, and end-of-year
balances.

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    Each report shall be posted on the Office's website and 
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provided to the President of the Senate, Speaker of the House 
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of Representatives, Minority Leaders of the Senate and House of 
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Representatives, Comptroller, and Treasurer within 30 calendar 
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days after the end of each fiscal year quarter.

 

 


 






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