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General Assembly Substitute Bill No. 7403
January Session, 2019
AN ACT CONCERNING TH E DATE FOR SUBMITTAL OF THE FISCAL
ACCOUNTABILITY REPOR T AND ELIMINATING THE NOVEMBER
HEARING ON PROJECTED STATE AGENCY DEFICIE NCIES.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. Subsection (b) of section 2-36b of the general statutes is 1
repealed and the following is substituted in lieu thereof (Effective 2
October 1, 2019): 3
(b) On or before November [fifteenth] twentieth, annually, the 4
Secretary of the Office of Policy and Management and the director of 5
the legislative Office of Fiscal Analysis shall each submit the following 6
to the joint standing committees of the General Assembly having 7
cognizance of matters relating to appropriations and the budgets of 8
state agencies and finance, revenue and bonding: (1) For the current 9
biennium and the next ensuing three fiscal years, a consensus estimate 10
of state revenues developed in accordance with subsection (a) of 11
section 2-36c, an estimate of the level of expenditure change from 12
current year expenditures allowable by consensus revenue estimates in 13
each fund, any changes to current year expenditures necessitated by 14
fixed cost drivers, and the aggregate changes to current year 15
expenditures required to accommodate fixed cost drivers without 16
exceeding current revenue estimates; (2) the projected tax credits to be 17
used in the current biennium and the next ensuing three fiscal years, 18 Substitute Bill No. 7403
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and the assumptions on which such projections are based; (3) a 19
summary of any estimated deficiencies in the current fiscal year, the 20
reasons for such deficiencies, and the assumptions upon which such 21
estimates are based; (4) the projected balance in the Budget Reserve 22
Fund at the end of each uncompleted fiscal year of the current 23
biennium and the next ensuing three fiscal years; (5) the projected 24
bond authorizations, allocations and issuances in each of the next 25
ensuing five fiscal years and their impact on the debt service of the 26
major funds of the state; (6) an analysis of revenue and expenditure 27
trends and of the major cost drivers affecting state spending, including 28
identification of any areas of concern and efforts undertaken to 29
address such areas, including, but not limited to, efforts to obtain 30
federal funds; and (7) an analysis of possible uses of surplus funds, 31
including, but not limited to, the Budget Reserve Fund, debt retirement 32
and funding of pension liabilities. For purposes of this section, "fixed 33
cost drivers" may include costs related to debt service, pension 34
contributions, retiree health care, entitlement programs and federal 35
mandates. 36
Sec. 2. Section 2-36a of the general statutes is repealed. (Effective 37
October 1, 2019) 38
This act shall take effect as follows and shall amend the following
sections:
Section 1 October 1, 2019 2-36b(b)
Sec. 2 October 1, 2019 Repealer section
APP Joint Favorable Subst.