Bill Amendment: IL SB2585 | 2015-2016 | 99th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: GOMB-ECONOMIC/FISCAL REPORT
Status: 2016-08-19 - Public Act . . . . . . . . . 99-0854 [SB2585 Detail]
Download: Illinois-2015-SB2585-House_Amendment_002.html
Bill Title: GOMB-ECONOMIC/FISCAL REPORT
Status: 2016-08-19 - Public Act . . . . . . . . . 99-0854 [SB2585 Detail]
Download: Illinois-2015-SB2585-House_Amendment_002.html
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1 | AMENDMENT TO SENATE BILL 2585
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2 | AMENDMENT NO. ______. Amend Senate Bill 2585, AS AMENDED, | ||||||
3 | by replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Governor's Office of Management and Budget | ||||||
6 | Act is amended by changing Section 7.3 as follows:
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7 | (20 ILCS 3005/7.3) | ||||||
8 | Sec. 7.3. Annual economic and fiscal policy report. No | ||||||
9 | later than November 15 the 3rd business day in January of each | ||||||
10 | year, the Governor's Office of Management and Budget shall | ||||||
11 | submit an economic and fiscal policy report to the General | ||||||
12 | Assembly. The report must outline the long-term economic and | ||||||
13 | fiscal policy objectives of the State, the economic and fiscal | ||||||
14 | policy intentions for the upcoming fiscal year, and the | ||||||
15 | economic and fiscal policy intentions for the following 4 2 | ||||||
16 | fiscal years. The report must highlight the total level of |
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1 | revenue, expenditure, deficit or surplus, and debt with respect | ||||||
2 | to each of the reporting categories. The report must include | ||||||
3 | any assumptions concerning tax rates and fees used to determine | ||||||
4 | revenue and expenditures for future fiscal years. The report | ||||||
5 | must include a comparison of the enacted current fiscal year | ||||||
6 | budget to the current fiscal year outlook, and, if applicable, | ||||||
7 | must outline any budgetary shortfalls and fiscal and policy | ||||||
8 | options that the Office will pursue to remedy those budgetary | ||||||
9 | shortfalls. If the projected expenditures for any of the | ||||||
10 | following 4 fiscal years exceeds the corresponding fiscal year | ||||||
11 | projected revenues, then the report must outline fiscal and | ||||||
12 | policy options that the Office will pursue to remedy the | ||||||
13 | budgetary shortfall. The report must include an agency | ||||||
14 | categorization key for the reporting categories. The report | ||||||
15 | must be posted on the Office's Internet website and allow | ||||||
16 | members of the public to post comments concerning the report.
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17 | (Source: P.A. 98-692, eff. 7-1-14.)
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18 | Section 99. Effective date. This Act takes effect upon | ||||||
19 | becoming law.".
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