Illinois General Assembly - Bill Status for HB2947

Amends the State Budget Law of the Civil Administrative Code of Illinois. Provides that the budget shall contain a Section indicating whether there was a budget surplus or a budget deficit for the previous fiscal year, or whether the previous fiscal year's budget was balanced, based on estimates prepared by the Governor's Office of Management and Budget using actual figures available on the date the current fiscal year's budget is submitted. Provides that those estimates shall not include payments that are made from a future fiscal year's appropriations.

Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Requires the budget to contain a provision indicating whether there is a projected budget surplus or a projected budget deficit for the current fiscal year, or whether the current fiscal year's budget is projected to be balanced (rather than a provision indicating whether there was a budget surplus or a budget deficit for the previous fiscal year, or whether the previous fiscal year's budget was balanced). Prohibits these estimates from including as assets any monies borrowed or swept during the current (rather than previous) fiscal year from funds other than budgeted funds. Requires these estimates to include all liabilities actually incurred during the current (rather than previous) fiscal year regardless of whether the liability is to be paid out of a future fiscal year's appropriation.

Replaces everything after the enacting clause. Amends the State Budget Law of the Civil Administrative Code of Illinois. Requires the budget to contain a section indicating whether there is a projected budget surplus or a projected budget deficit for general funds in the current fiscal year, or whether the current fiscal year's general funds budget is projected to be balanced, based on estimates prepared by the Governor's Office of Management and Budget using actual figures available on the date the budget is submitted. Requires that section to present this information in both a numerical table format and by way of a narrative description, and to cover the proposed upcoming fiscal year, the current fiscal year, and the 2 years prior to the current fiscal year. Requires these estimates to specifically and separately identify any non-recurring revenues, including, but not limited to, borrowed money, money derived by borrowing or transferring from other funds, or any non-operating financial source. Prohibits these specifically and separately identified non-recurring revenues from including any revenue that cannot be realized without a change to law. Requires the table to show accounts payable at the end of the fiscal year in a manner that specifically and separately identifies any general funds liabilities accrued during the current and prior fiscal years that may be paid from future fiscal years' appropriations.

×