Bill Text: IL SB2585 | 2015-2016 | 99th General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Enrolled.html
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-Enrolled.html
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| 1 | AN ACT concerning State government.
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| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Governor's Office of Management and Budget | ||||||
| 5 | Act is amended by changing Section 7.3 as follows:
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| 6 | (20 ILCS 3005/7.3) | ||||||
| 7 | Sec. 7.3. Annual economic and fiscal policy report. No | ||||||
| 8 | later than November 15 the 3rd business day in January of each | ||||||
| 9 | year, the Governor's Office of Management and Budget shall | ||||||
| 10 | submit an economic and fiscal policy report to the General | ||||||
| 11 | Assembly. The report must outline the long-term economic and | ||||||
| 12 | fiscal policy objectives of the State, the economic and fiscal | ||||||
| 13 | policy intentions for the upcoming fiscal year, and the | ||||||
| 14 | economic and fiscal policy intentions for the following 4 2 | ||||||
| 15 | fiscal years. The report must highlight the total level of | ||||||
| 16 | revenue, expenditure, deficit or surplus, and debt with respect | ||||||
| 17 | to each of the reporting categories. The report must include | ||||||
| 18 | any assumptions concerning tax rates and fees used to determine | ||||||
| 19 | revenue and expenditures for future fiscal years. The report | ||||||
| 20 | must include a comparison of the enacted current fiscal year | ||||||
| 21 | budget to the current fiscal year outlook, and, if applicable, | ||||||
| 22 | must outline any budgetary shortfalls and fiscal and policy | ||||||
| 23 | options that the Office will pursue to remedy those budgetary | ||||||
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| 1 | shortfalls. If the projected expenditures for any of the | ||||||
| 2 | following 4 fiscal years exceeds the corresponding fiscal year | ||||||
| 3 | projected revenues, then the report must outline fiscal and | ||||||
| 4 | policy options that the Office will pursue to remedy the | ||||||
| 5 | budgetary shortfall. The report must include an agency | ||||||
| 6 | categorization key for the reporting categories. The report | ||||||
| 7 | must be posted on the Office's Internet website and allow | ||||||
| 8 | members of the public to post comments concerning the report.
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| 9 | (Source: P.A. 98-692, eff. 7-1-14.)
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