Sec. 2-36b. Legislative committees to meet with Secretary of Office of Policy and Management re report on various state revenue and expenditure issues.
Sec. 2-36b. Legislative committees to meet with Secretary of Office of Policy
and Management re report on various state revenue and expenditure issues. (a)
No later than November thirtieth each year, the joint standing committees of the General
Assembly having cognizance of matters relating to appropriations and the budgets of
state agencies and finance, revenue and bonding shall meet with the Secretary of the
Office of Policy and Management, the director of the legislative Office of Fiscal Analysis, and such other persons as they deem appropriate, to consider the items submitted
pursuant to subsection (b) of this section.
(b) On or before November fifteenth, annually, the Secretary of the Office of Policy
and Management and the director of the legislative Office of Fiscal Analysis shall each
submit the following to the joint standing committees of the General Assembly having
cognizance of matters relating to appropriations and the budgets of state agencies and
finance, revenue and bonding: (1) An estimate of state revenues, expenditures and ending balance for each fund, for the current biennium and the next ensuing three fiscal
years, and the assumptions on which such estimates are based; (2) the projected tax
credits to be used in the current biennium and the next ensuing three fiscal years, and
the assumptions on which such projections are based; (3) a summary of any estimated
deficiencies in the current fiscal year, the reasons for such deficiencies, and the assumptions upon which such estimates are based; (4) the projected balance in the Budget
Reserve Fund at the end of each uncompleted fiscal year of the current biennium and
the next ensuing three fiscal years; (5) the projected bond authorizations, allocations
and issuances in each of the next ensuing five fiscal years and their impact on the debt
service of the major funds of the state; (6) an analysis of revenue and expenditure trends
and of the major cost drivers affecting state spending, including identification of any
areas of concern and efforts undertaken to address such areas, including, but not limited
to, efforts to obtain federal funds; and (7) an analysis of possible uses of surplus funds,
including, but not limited to, the Budget Reserve Fund, debt retirement and funding of
pension liabilities.
(P.A. 05-262, S. 1.)
History: P.A. 05-262 effective July 1, 2005.