Bill > HB4032

This bill creates the Revenue Estimate Act, which establishes a new procedural requirement for the Illinois General Assembly's budgeting process. Specifically, the bill prohibits the legislature from enacting any bill that appropriates funds for a fiscal year until they first adopt a joint resolution that provides an estimated revenue projection for that year. The resolution must be based on the requirements outlined in Section 4 of the Commission on Government Forecasting and Accountability Act, which is a state agency responsible for providing fiscal analysis and research to the Illinois legislature. By mandating this revenue estimate before appropriations can be made, the bill aims to ensure more responsible and transparent financial planning, preventing lawmakers from allocating funds without first understanding the available financial resources. The bill will take effect immediately upon becoming law, meaning the new requirement will be in place for the next budget cycle.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4032&GAID=18&DocTypeID=HB&SessionID=114&GA=104