| 20 | | - | Section 1. Subsection (b) of section 2-36b of the general statutes is 1 |
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| 21 | | - | repealed and the following is substituted in lieu thereof (Effective 2 |
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| 22 | | - | October 1, 2019): 3 |
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| 23 | | - | (b) On or before November [fifteenth] twentieth, annually, the 4 |
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| 24 | | - | Secretary of the Office of Policy and Management and the director of 5 |
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| 25 | | - | the legislative Office of Fiscal Analysis shall each submit the following 6 |
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| 26 | | - | to the joint standing committees of the General Assembly having 7 |
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| 27 | | - | cognizance of matters relating to appropriations and the budgets of 8 |
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| 28 | | - | state agencies and finance, revenue and bonding: (1) For the current 9 |
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| 29 | | - | biennium and the next ensuing three fiscal years, a consensus estimate 10 |
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| 30 | | - | of state revenues developed in accordance with subsection (a) of 11 |
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| 31 | | - | section 2-36c, an estimate of the level of expenditure change from 12 |
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| 32 | | - | current year expenditures allowable by consensus revenue estimates in 13 |
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| 33 | | - | each fund, any changes to current year expenditures necessitated by 14 |
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| 34 | | - | fixed cost drivers, and the aggregate changes to current year 15 |
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| 35 | | - | expenditures required to accommodate fixed cost drivers without 16 |
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| 36 | | - | exceeding current revenue estimates; (2) the projected tax credits to be 17 |
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| 37 | | - | used in the current biennium and the next ensuing three fiscal years, 18 Substitute Bill No. 7403 |
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| 23 | + | Section 1. (Effective from passage) The Secretary of the Office of Policy 1 |
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| 24 | + | and Management shall study issues relating to the state budget 2 |
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| 25 | + | process, including, but not limited to, the date of adoption for portions 3 |
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| 26 | + | of the budget relating to municipal aid, the adoption of revenue 4 |
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| 27 | + | projections in relation to adoption of the budget, the date of deficiency 5 |
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| 28 | + | hearings pursuant to section 2-36a of the general statutes and the dates 6 |
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| 29 | + | of submission for the reports required pursuant to section 2-36b of the 7 |
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| 30 | + | general statutes and consensus revenue estimates pursuant to section 8 |
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| 31 | + | 2-36c of the general statutes. Not later than February 1, 2020, the 9 |
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| 32 | + | secretary shall submit such study, in accordance with section 11-4a of 10 |
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| 33 | + | the general statutes, to the joint standing committee of the General 11 |
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| 34 | + | Assembly having cognizance of matters relating to appropriations and 12 |
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| 35 | + | the budgets of state agencies. 13 |
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| 36 | + | This act shall take effect as follows and shall amend the following |
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| 37 | + | sections: |
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| 38 | + | Raised Bill No. 7403 |
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| 44 | | - | and the assumptions on which such projections are based; (3) a 19 |
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| 45 | | - | summary of any estimated deficiencies in the current fiscal year, the 20 |
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| 46 | | - | reasons for such deficiencies, and the assumptions upon which such 21 |
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| 47 | | - | estimates are based; (4) the projected balance in the Budget Reserve 22 |
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| 48 | | - | Fund at the end of each uncompleted fiscal year of the current 23 |
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| 49 | | - | biennium and the next ensuing three fiscal years; (5) the projected 24 |
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| 50 | | - | bond authorizations, allocations and issuances in each of the next 25 |
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| 51 | | - | ensuing five fiscal years and their impact on the debt service of the 26 |
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| 52 | | - | major funds of the state; (6) an analysis of revenue and expenditure 27 |
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| 53 | | - | trends and of the major cost drivers affecting state spending, including 28 |
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| 54 | | - | identification of any areas of concern and efforts undertaken to 29 |
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| 55 | | - | address such areas, including, but not limited to, efforts to obtain 30 |
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| 56 | | - | federal funds; and (7) an analysis of possible uses of surplus funds, 31 |
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| 57 | | - | including, but not limited to, the Budget Reserve Fund, debt retirement 32 |
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| 58 | | - | and funding of pension liabilities. For purposes of this section, "fixed 33 |
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| 59 | | - | cost drivers" may include costs related to debt service, pension 34 |
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| 60 | | - | contributions, retiree health care, entitlement programs and federal 35 |
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| 61 | | - | mandates. 36 |
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| 62 | | - | Sec. 2. Section 2-36a of the general statutes is repealed. (Effective 37 |
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| 63 | | - | October 1, 2019) 38 |
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| 64 | | - | This act shall take effect as follows and shall amend the following |
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| 65 | | - | sections: |
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| 42 | + | LCO No. 6666 2 of 2 |
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