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| 1 | AN ACT concerning State government.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Governor's Office of Management and Budget | ||||||
| 5 | Act is amended by adding Sections 7.1 and 7.2 as follows: | ||||||
| 6 | (20 ILCS 3005/7.1 new) | ||||||
| 7 | Sec. 7.1. Transparency in finance. The Office shall provide | ||||||
| 8 | copies to the President of the Senate, the Speaker of the House | ||||||
| 9 | of Representatives, the Minority Leaders of the Senate and | ||||||
| 10 | House of Representatives, the Comptroller, and the Treasurer of | ||||||
| 11 | all State financial information submitted by the Office or | ||||||
| 12 | others on behalf of the Governor or representing the State to | ||||||
| 13 | persons not employed by the State, including credit rating | ||||||
| 14 | agencies and potential investors in State bonds. State | ||||||
| 15 | financial information includes all reports, summaries, | ||||||
| 16 | presentations, projections, and other information on the | ||||||
| 17 | State's revenues and expenditures, historical data, and | ||||||
| 18 | projections. Within 3 business days after the submission of | ||||||
| 19 | State financial information to persons not employed by the | ||||||
| 20 | State, complete copies of the submitted State financial | ||||||
| 21 | information shall be provided to the legislative leaders and a | ||||||
| 22 | summary of the information shall be posted on the Office's | ||||||
| 23 | website, with a complete copy provided upon request to any | ||||||
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| 1 | person. | ||||||
| 2 | (20 ILCS 3005/7.2 new) | ||||||
| 3 | Sec. 7.2. Quarterly financial reports. The Office shall | ||||||
| 4 | prepare and
publish a quarterly financial report to update the | ||||||
| 5 | public and the General
Assembly on the status of the State's | ||||||
| 6 | finances on a quarterly basis. In addition, for the months of | ||||||
| 7 | March, April, and May, the Office shall prepare and publish a | ||||||
| 8 | monthly financial report. At a
minimum, each report shall | ||||||
| 9 | include the following information: | ||||||
| 10 | (1) A review of the economic outlook, both nationally | ||||||
| 11 | and in Illinois. | ||||||
| 12 | (2) A review of general funds revenue performance, both | ||||||
| 13 | quarterly and
year-to-date, and an evaluation of that | ||||||
| 14 | performance and how it compares to
projections. | ||||||
| 15 | (3) The outlook for future general funds revenue | ||||||
| 16 | performance, including
projections of future general funds | ||||||
| 17 | revenues. | ||||||
| 18 | In addition, the fourth quarter report for each fiscal year | ||||||
| 19 | must include a
review of General Assembly action and the | ||||||
| 20 | financial plan for the completed
fiscal year and the upcoming | ||||||
| 21 | fiscal year. The financial plan must include the
Governor's | ||||||
| 22 | projections for revenues, spending, and end-of-year
balances. | ||||||
| 23 | Each report shall be posted on the Office's website and | ||||||
| 24 | provided to the President of the Senate, Speaker of the House | ||||||
| 25 | of Representatives, Minority Leaders of the Senate and House of | ||||||
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| 1 | Representatives, Comptroller, and Treasurer within 30 calendar | ||||||
| 2 | days after the end of each fiscal year quarter.
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| 3 | Section 99. Effective date. This Act takes effect upon | ||||||
| 4 | becoming law.
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