093_SB2103

 
                                     LRB093 13417 RCE 18730 b

 1        AN ACT concerning State finances.

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

 4        Section  5.   The  State  Budget   Law   of   the   Civil
 5    Administrative  Code of Illinois is amended by adding Section
 6    50-25 as follows:

 7        (15 ILCS 20/50-25 new)
 8        Sec. 50-25.  Quarterly financial reports.   The  Governor
 9    shall  prepare  and  publish  a quarterly financial report to
10    update the public and the General Assembly on the  status  of
11    the  State's  finances  on  a quarterly basis.  At a minimum,
12    each report shall include the following information:
13             (1)  A  review  of  the   economic   outlook,   both
14        nationally and in Illinois.
15             (2)  A  review of general funds revenue performance,
16        both quarterly and year-to-date,  and  an  evaluation  of
17        that performance and how it compares to projections.
18             (3)  The  outlook  for  future general funds revenue
19        performance,  including  projections  of  future  general
20        funds revenues.
21    In addition, the fourth quarter report for each  fiscal  year
22    must  include  a  review  of  General Assembly action and the
23    financial plan for the completed fiscal year and the upcoming
24    fiscal year.  The financial plan must include the  Governor's
25    projections for revenues, spending, and end-of-year balances.

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