SB2770 101ST GENERAL ASSEMBLY

LRB101 17990 RJF 67428 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB2770

Introduced 2/4/2020, by Sen. Dan McConchie

SYNOPSIS AS INTRODUCED:

25 ILCS 155/4

from Ch. 63, par. 344

Amends the Commission on Government Forecasting and Accountability Act. Provides that the Commission on Government Forecasting and Accountability shall publish a quarterly report (currently, one report at the convening of each regular session of the General Assembly) on the estimated income of the State from all applicable revenue sources for the next ensuing fiscal year and of any other funds estimated to be available for such fiscal year. Provides that upon each report, the Commission shall issue a revised and updated set of revenue figures reflecting the latest available information. Makes conforming changes.

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Commission on Government Forecasting and Accountability Act is amended by changing Section 4 as follows:

(25 ILCS 155/4) (from Ch. 63, par. 344)

Sec. 4. (a) The Commission shall publish, at the convening of each regular session of the General Assembly, a quarterly report on the estimated income of the State from all applicable revenue sources for the next ensuing fiscal year and of any other funds estimated to be available for such fiscal year. Upon each report, the Commission shall issue a revised and updated set of revenue figures reflecting the latest available information. The Commission, in its discretion, may consult with the Governor's Office of Management and Budget in preparing each the report. On the third Wednesday in March after the session convenes, the Commission shall issue a revised and updated set of revenue figures reflecting the latest available information. The House and Senate by joint resolution shall adopt or modify such estimates as may be appropriate. The joint resolution shall constitute the General Assembly's estimate, under paragraph (b) of Section 2 of Article VIII of the Constitution, of the funds estimated to be available during the next fiscal year.

(b) On the third Wednesday in March, the Commission shall issue estimated:

(1) pension funding requirements under P.A. 86-273; and

(2) liabilities of the State employee group health insurance program.

These estimated costs shall be for the fiscal year beginning the following July 1.

(c) The requirement for reporting to the General Assembly shall be satisfied by filing copies of the report as required by Section 3.1 of the General Assembly Organization Act, and filing such additional copies with the State Government Report Distribution Center for the General Assembly as is required under paragraph (t) of Section 7 of the State Library Act.

(Source: P.A. 100-1148, eff. 12-10-18.)