Public Act 099-0854
 
SB2585 EnrolledLRB099 20523 HLH 45063 b



    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 the 3rd business day in January 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 2 
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 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. 98-692, eff. 7-1-14.)
 

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

Effective Date:  8/19/2016