95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB2612


 
Introduced 2/15/2008, by Sen. Christine Radogno
 
SYNOPSIS AS INTRODUCED:
 		













20 ILCS 3005/7.1 new






20 ILCS 3005/7.2 new










    Amends the Governor's Office of Management and Budget Act. Requires the Office to provide to the legislative leaders and the Comptroller and Treasurer copies of all State financial information submitted to persons not employed by the State and to post the information on its website. Requires the Office to submit quarterly financial reports and to post the reports on its website. Sets forth requirements for disclosure and reporting. Effective immediately.
















LRB095 19121 RCE 45332 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB2612

LRB095 19121 RCE 45332 b






1
    AN ACT concerning State government.

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


 
4
    Section 5. The Governor's Office of Management and Budget 
5
Act is amended  by adding Sections 7.1 and 7.2 as follows:
 
6
    (20 ILCS 3005/7.1  new)
7
    Sec. 7.1. Transparency in finance. The Office shall provide 
8
copies to the President of the Senate, the Speaker of the House 
9
of Representatives, the Minority Leaders of the Senate and 
10
House of Representatives, the Comptroller, and the Treasurer of 
11
all State financial information submitted by the Office or 
12
others on behalf of the Governor or representing the State to 
13
persons not employed by the State, including credit rating 
14
agencies and potential investors in State bonds.  State 
15
financial information includes all reports, summaries, 
16
presentations, projections, and other information on the 
17
State's revenues and expenditures, historical data, and 
18
projections.  Within 3 business days after the submission of 
19
State financial information to persons not employed by the 
20
State, complete copies of the submitted State financial 
21
information shall be provided to the legislative leaders and a 
22
summary of the information shall be posted on the Office's 
23
website, with a complete copy provided upon request to any 
 


 






SB2612
- 2 -
LRB095 19121 RCE 45332 b




1
person.
 
2
    (20 ILCS 3005/7.2  new)
3
    Sec. 7.2. Quarterly financial reports.   The Office shall 
4
prepare and
publish a quarterly financial report to update the 
5
public and the General
Assembly on the status of the State's 
6
finances on a quarterly basis.  At a
minimum, each report shall 
7
include the following information:
8
        (1) A review of the economic outlook, both nationally 
9
    and in Illinois.

10
        (2) A review of general funds revenue performance, both 
11
    quarterly and
year-to-date, and an evaluation of that 
12
    performance and how it compares to
projections.

13
        (3) The outlook for future general funds revenue 
14
    performance, including
projections of future general funds 
15
    revenues.

16
    In addition, the fourth quarter report for each fiscal year 
17
must include a
review of General Assembly action and the 
18
financial plan for the completed
fiscal year and the upcoming 
19
fiscal year.  The financial plan must include the
Governor's 
20
projections for revenues, spending, and end-of-year
balances.

21
    Each report shall be posted on the Office's website and 
22
provided to the President of the Senate, Speaker of the House 
23
of Representatives, Minority Leaders of the Senate and House of 
24
Representatives, Comptroller, and Treasurer within 30 calendar 
25
days after the end of each fiscal year quarter.

 

 


 






SB2612
- 3 -
LRB095 19121 RCE 45332 b




1
    Section 99. Effective date. This Act takes effect upon 
2
becoming law.