Bill Text: IL SB2585 | 2015-2016 | 99th General Assembly | Chaptered
Bill Title: Amends the Governor's Office of Management and Budget Act. Makes a technical change in a Section concerning intergovernmental cooperation.
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: (Passed) 2016-08-19 - Public Act . . . . . . . . . 99-0854 [SB2585 Detail]
Download: Illinois-2015-SB2585-Chaptered.html
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Public Act 099-0854 | ||||
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Governor's Office of Management and Budget | ||||
Act is amended by changing Section 7.3 as follows:
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(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.
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(Source: P.A. 98-692, eff. 7-1-14.)
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