Synopsis As Introduced Amends the State Budget Law of the Civil Administrative Code of Illinois and the Commission on Government Forecasting and Accountability Act. Creates a Revenue Estimating Council consisting of the Governor, the State Comptroller, and the co-chairs of the Commission on Government Forecasting and Accountability. Beginning in 2009, requires the Council to estimate the State's revenues and fund availability and to report and update the estimates to the Governor and General Assembly. Effective immediately.
Removes the requirement that the General Assembly approve the Council's report by adoption of a joint resolution. Provides that the General Assembly may disapprove the Council's report by adoption of a resolution in either house. Removes the requirement that a fiscal year's appropriations not exceed the estimates contained in the General Assembly's joint resolution. Requires the Council to issue its report by each February 1 (now, January 1) and to revise its estimates by each May 1 (now, April 15).