The Office shall prepare and publish a quarterly financial report to update the public and the General Assembly on the status of the State‘s finances. At a minimum, each report shall include the following information:
         (1) A review of the State’s economic outlook.
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Terms Used In Illinois Compiled Statutes 20 ILCS 3005/7.2

  • Balanced budget: A budget in which receipts equal outlays.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

         (2) A review of general funds revenue performance,
    
both quarterly and year to date, and an evaluation of that performance.
        (3) The outlook for future general funds revenue
    
performance, including projections of future general funds revenues.
        (4) An assessment of the State’s financial position,
    
including a summary of general fund receipts, transfers, expenditures, and liabilities.
        (5) A review of Statewide employment statistics.
         (6) Other information necessary to present the status
    
of the State’s finances.
        (7) For the report covering the fourth quarter of
    
State fiscal year 2015 only, the report shall also include the information described in subsection (e) of Section 8.50 of the State Finance Act.
In addition, the fourth quarter report for each fiscal year shall include a summary of fiscal and balanced budget notes issued by the Office to the General Assembly during the prior legislative session. Each report shall be posted on the Office’s website within 45 days.
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