Public Act 099-0854
 
SB2585 EnrolledLRB099 20523 HLH 45063 b

    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 changing Section 7.3 as follows:
 
    (20 ILCS 3005/7.3)
    Sec. 7.3. Annual economic and fiscal policy report. No
later than November 15 the 3rd business day in January of each
year, the Governor's Office of Management and Budget shall
submit an economic and fiscal policy report to the General
Assembly. The report must outline the long-term economic and
fiscal policy objectives of the State, the economic and fiscal
policy intentions for the upcoming fiscal year, and the
economic and fiscal policy intentions for the following 4 2
fiscal years. The report must highlight the total level of
revenue, expenditure, deficit or surplus, and debt with respect
to each of the reporting categories. The report must include
any assumptions concerning tax rates and fees used to determine
revenue and expenditures for future fiscal years. The report
must include a comparison of the enacted current fiscal year
budget to the current fiscal year outlook, and, if applicable,
must outline any budgetary shortfalls and fiscal and policy
options that the Office will pursue to remedy those budgetary
shortfalls. If the projected expenditures for any of the
following 4 fiscal years exceeds the corresponding fiscal year
projected revenues, then the report must outline fiscal and
policy options that the Office will pursue to remedy the
budgetary shortfall. The report must include an agency
categorization key for the reporting categories. The report
must be posted on the Office's Internet website and allow
members of the public to post comments concerning the report.
(Source: P.A. 98-692, eff. 7-1-14.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/19/2016