Illinois Compiled Statutes 25 ILCS 155/4 – (a) The Commission shall publish, during each regular session of the …
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(a) The Commission shall publish, during each regular session of the General Assembly, a report on the estimated income of the State from all applicable revenue sources for the next ensuing fiscal year and of any other funds estimated to be available for such fiscal year. The Commission, in its discretion, may consult with the Governor’s Office of Management and Budget in preparing the report. By the third Wednesday in March after the session convenes, the Commission shall issue the report required by this Section containing the revenue figures reflecting the latest available information. The House and Senate by joint resolution shall adopt or modify such estimates as may be appropriate. The joint resolution shall constitute the General Assembly’s estimate, under paragraph (b) of Section 2 of Article VIII of the Constitution, of the funds estimated to be available during the next fiscal year.
(b) On the third Wednesday in March or within 14 days after the Governor’s budget address, whichever is later, the Commission shall issue estimated:
(1) pension funding requirements under P.A. 86-273;
(b) On the third Wednesday in March or within 14 days after the Governor’s budget address, whichever is later, the Commission shall issue estimated:
Terms Used In Illinois Compiled Statutes 25 ILCS 155/4
- 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.
- Joint resolution: A legislative measure which requires the approval of both chambers.
- 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
(1) pension funding requirements under P.A. 86-273;
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and
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(2) liabilities of the State employee group health
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insurance program.
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These estimated costs shall be for the fiscal year beginning the following July 1.
(c) The requirement for reporting to the General Assembly shall be satisfied by filing copies of the report as required by § 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.
(c) The requirement for reporting to the General Assembly shall be satisfied by filing copies of the report as required by § 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.