SB2612 95TH GENERAL ASSEMBLY

LRB095 19121 RCE 45332 b

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.

FISCAL NOTE ACT MAY APPLY

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 Governor's Office of Management and Budget Act is amended by adding Sections 7.1 and 7.2 as follows:

(20 ILCS 3005/7.1 new)

Sec. 7.1. Transparency in finance. The Office shall provide copies to the President of the Senate, the Speaker of the House of Representatives, the Minority Leaders of the Senate and House of Representatives, the Comptroller, and the Treasurer of all State financial information submitted by the Office or others on behalf of the Governor or representing the State to persons not employed by the State, including credit rating agencies and potential investors in State bonds. State financial information includes all reports, summaries, presentations, projections, and other information on the State's revenues and expenditures, historical data, and projections. Within 3 business days after the submission of State financial information to persons not employed by the State, complete copies of the submitted State financial information shall be provided to the legislative leaders and a summary of the information shall be posted on the Office's website, with a complete copy provided upon request to any person.

(20 ILCS 3005/7.2 new)

Sec. 7.2. Quarterly financial reports. The Office shall prepare and publish a quarterly financial report to update the public and the General Assembly on the status of the State's finances on a quarterly basis. At a minimum, each report shall include the following information:

(1) A review of the economic outlook, both nationally and in Illinois.

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

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

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

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

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