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| 1 | AMENDMENT TO SENATE BILL 2585
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 2585 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Governor's Office of Management and Budget | ||||||
| 5 | Act 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 | ||||||
| 8 | later than the 3rd business day in January of each year, the | ||||||
| 9 | Governor's Office of Management and Budget shall submit an | ||||||
| 10 | economic and fiscal policy report to the General Assembly. The | ||||||
| 11 | report must outline the long-term economic and fiscal policy | ||||||
| 12 | objectives of the State, the economic and fiscal policy | ||||||
| 13 | intentions for the upcoming fiscal year, and the economic and | ||||||
| 14 | fiscal policy intentions for the following 4 2 fiscal years. | ||||||
| 15 | The report must highlight the total level of revenue, | ||||||
| 16 | expenditure, deficit or surplus, and debt with respect to each | ||||||
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| 1 | of the reporting categories. The report must include any | ||||||
| 2 | assumptions concerning tax rates and fees used to determine | ||||||
| 3 | revenue and expenditures for future fiscal years. The report | ||||||
| 4 | must include a comparison of the enacted current fiscal year | ||||||
| 5 | budget to the current fiscal year outlook, and, if applicable, | ||||||
| 6 | must outline any budgetary shortfalls and fiscal and policy | ||||||
| 7 | options that the Office will pursue to remedy those budgetary | ||||||
| 8 | shortfalls. If the projected expenditures for any of the | ||||||
| 9 | following 4 fiscal years exceeds the corresponding fiscal year | ||||||
| 10 | projected revenues, then the report must outline fiscal and | ||||||
| 11 | policy options that the Office will pursue to remedy the | ||||||
| 12 | budgetary shortfall. The report must include an agency | ||||||
| 13 | categorization key for the reporting categories. The report | ||||||
| 14 | must be posted on the Office's Internet website and allow | ||||||
| 15 | members of the public to post comments concerning the report.
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| 16 | (Source: P.A. 98-692, eff. 7-1-14.)
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| 17 | Section 99. Effective date. This Act takes effect upon | ||||||
| 18 | becoming law.".
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