SB1981 101ST GENERAL ASSEMBLY

LRB101 08057 HLH 56238 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1981

Introduced 2/15/2019, by Sen. Dan McConchie

SYNOPSIS AS INTRODUCED:

20 ILCS 3005/7.3

Amends the Governor's Office of Management and Budget Act. Provides that the annual economic and fiscal policy report must include a projection of fund balances for each fund held in the State treasury, outlining for each fund revenues, expenditures, and the estimated end of year fund balance for the current fiscal year, the upcoming fiscal year, and the 4 previous years. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

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

Section 5. The Governor's Office of Management and Budget Act is amended by changing Section 7.3 as follows:

(20 ILCS 3005/7.3)

Sec. 7.3. Annual economic and fiscal policy report. No later than November 15 of each year, the Governor's Office of Management and Budget shall submit an economic and fiscal policy report to the General Assembly. The report must outline the long-term economic and fiscal policy objectives of the State, the economic and fiscal policy intentions for the upcoming fiscal year, and the economic and fiscal policy intentions for the following 4 fiscal years. The report must highlight the total level of revenue, expenditure, deficit or surplus, and debt with respect to each of the reporting categories. The report must include any assumptions concerning tax rates and fees used to determine revenue and expenditures for future fiscal years. The report must include a comparison of the enacted current fiscal year budget to the current fiscal year outlook, and, if applicable, must outline any budgetary shortfalls and fiscal and policy options that the Office will pursue to remedy those budgetary shortfalls. If the projected expenditures for any of the following 4 fiscal years exceeds the corresponding fiscal year projected revenues, then the report must outline fiscal and policy options that the Office will pursue to remedy the budgetary shortfall. The report must include: (1) an estimate of Late Interest Penalties under the State Prompt Payment Act for the upcoming fiscal year and projections of the same for each of the following 4 fiscal years; and (2) an estimate of interest penalties under Sections 368a and 370a of the Illinois Insurance Code for the upcoming fiscal year and projections of the same for each of the following 4 fiscal years. The report must include a projection of fund balances for each fund held in the State treasury, outlining for each fund revenues, expenditures, and the estimated end of year fund balance for the current fiscal year, the upcoming fiscal year, and the 4 previous fiscal years. The report must include an agency categorization key for the reporting categories. The report must be posted on the Office's Internet website and allow members of the public to post comments concerning the report.

(Source: P.A. 99-854, eff. 8-19-16; 100-1064, eff. 8-24-18.)

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