(25 ILCS 155/3) (from Ch. 63, par. 343)
Sec. 3. The Commission shall:
(1) Study from time to time and report to the General
Assembly on economic development and trends in the State.
(2) Make such special economic and fiscal studies as
it deems appropriate or desirable or as the General Assembly may request.
(3) Based on its studies, recommend such State fiscal
and economic policies as it deems appropriate or desirable to improve the functioning of State government and the economy of the various regions within the State.
(4) Prepare annually a State economic report.
(5) Provide information for all appropriate
legislative organizations and personnel on economic trends in relation to long range planning and budgeting.
(6) Study and make such recommendations as it deems
appropriate to the General Assembly on local and regional economic and fiscal policy and on federal fiscal policy as it may affect Illinois.
(7) Review capital expenditures, appropriations and
authorizations for both the State's general obligation and revenue bonding authorities. At the direction of the Commission, specific reviews may include economic feasibility reviews of existing or proposed revenue bond projects to determine the accuracy of the original estimate of useful life of the projects, maintenance requirements and ability to meet debt service requirements through their operating expenses.
(8) Receive and review all executive agency and
revenue bonding authority annual and 3 year plans. The Commission shall prepare a consolidated review of these plans, an updated assessment of current State agency capital plans, a report on the outstanding and unissued bond authorizations, an evaluation of the State's ability to market further bond issues and shall submit them as the "Legislative Capital Plan Analysis" to the House and Senate Appropriations Committees at least once a year. The Commission shall annually submit to the General Assembly on the first Wednesday of April a report on the State's long-term capital needs, with particular emphasis upon and detail of the 5-year period in the immediate future.
(9) Study and make recommendations it deems
appropriate to the General Assembly on State bond financing, bondability guidelines, and debt management. At the direction of the Commission, specific studies and reviews may take into consideration short and long-run implications of State bonding and debt management policy.
(10) Comply with the provisions of the "State Debt
Impact Note Act" as now or hereafter amended.
(11) Comply with the provisions of the Pension Impact
Note Act, as now or hereafter amended.
(12) By August 1st of each year, the Commission must
prepare and cause to be published a summary report of State appropriations for the State fiscal year beginning the previous July 1st. The summary report must discuss major categories of appropriations, the issues the General Assembly faced in allocating appropriations, comparisons with appropriations for previous State fiscal years, and other matters helpful in providing the citizens of Illinois with an overall understanding of appropriations for that fiscal year. The summary report must be written in plain language and designed for readability. Publication must be in newspapers of general circulation in the various areas of the State to ensure distribution statewide. The summary report must also be published on the General Assembly's web site.
(13) Comply with the provisions of the State
Facilities Closure Act.
(14) For fiscal year 2012 and thereafter, develop a
3-year budget forecast for the State, including opportunities and threats concerning anticipated revenues and expenditures, with an appropriate level of detail.
The requirement for reporting to the General Assembly shall be satisfied by filing copies of the report with the Speaker, the Minority Leader and the Clerk of the House of Representatives and the President, the Minority Leader and the Secretary of the Senate and the Legislative Research Unit, as required by Section 3.1 of the General Assembly Organization Act, and filing such additional copies with the State Government Report Distribution Center for the General Assembly as is required under paragraph (t) of Section 7 of the State Library Act.
(Source: P.A. 96-958, eff. 7-1-10.)
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Last modified: February 18, 2015