In Commonwealth budget procedures, further providing for revenue estimates.
Impact
The potential impact of HB1142 on state laws could be significant, especially as it promotes more rigorous fiscal discipline within governmental agencies. By enhancing revenue estimation processes, this legislation aims to mitigate the risk of budget shortfalls or overly optimistic forecasts that could lead to financial crises. Through these improvements, it is expected to foster a culture of accountability and transparency in how revenue is reported and handled across various state departments.
Summary
House Bill 1142 seeks to amend existing Commonwealth budget procedures, specifically regarding the provision for revenue estimates. This bill is essential in creating a structured approach to managing fiscal strategies, ensuring that the budget is based on accurate and detailed revenue projections. Proponents of HB1142 argue that reliable revenue estimates are vital for state financial planning and aid in maintaining a balanced budget, which is often a requirement for state governance.
Sentiment
The general sentiment around HB1142 is largely supportive, especially among fiscal conservatives and those advocating for improved government accountability. However, there are concerns from critics regarding the effectiveness of such measures if the enforcement and methodologies employed for revenue estimations are not robust enough. These critics worry that without proper oversight and checks in place, the bill may not achieve its intended effect, leading to potential abuses or mismanagement.
Contention
Notable points of contention surrounding HB1142 include discussions about comprehensive involvement from various sectors in the revenue estimation process. Some stakeholders highlight the need for inclusion of expert opinions and public input to ensure that the estimates reflect real-world economic conditions. Furthermore, a fear persists that increased governmental control over revenue estimates might lead to restrictive policies that could hinder economic growth and innovation.
Providing for preliminary provisions, for taxation, for fiscal affairs and for Commonwealth budget procedures; establishing the Joint Revenue Estimation Committee and the Performance-based Incentive Account; and making repeals.
In Commonwealth budget procedures, further providing for submission of budget to General Assembly and for transmission of budget information to the General Assembly.
In Commonwealth budget procedures, providing for definitions and further providing for budget implementation data, for electronic access of information and for lapsing of funds.
To provide appropriations from the General Fund for the expenses of the Executive, Legislative and Judicial Departments of the Commonwealth, the public debt and the public schools for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide appropriations from special funds and accounts to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide for the appropriation of Federal funds to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; and to provide for the additional appropriation of Federal and State funds to the Executive and Legislative Departments for the fiscal year July 1, 2022, to June 30, 2023, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2022.