The proposed legislation, General Assembly Raised Bill No. 7267, seeks to amend the fiscal accountability report requirements outlined in Section 2-36b of the general statutes. Key changes include the replacement of the phrase "No" with "Not" at the beginning of the annual meeting requirement, which mandates that the joint standing committees of the General Assembly meet with relevant officials by December 15 each year. Additionally, the bill introduces new requirements for the Secretary of the Office of Policy and Management and the director of the legislative Office of Fiscal Analysis to provide a consensus estimate of state revenues, an estimate of material and likely changes to nonfixed costs, and a summary of estimated deficiencies, among other financial projections.

The bill also eliminates certain existing requirements, such as the analysis of possible uses of surplus funds, which previously included considerations for the Budget Reserve Fund and debt retirement. Furthermore, it clarifies the definition of "fixed cost drivers" to encompass costs related to debt service, pension contributions, and other mandated expenses. Overall, the bill aims to enhance the fiscal accountability report by incorporating more comprehensive estimates while streamlining the reporting process by removing less relevant analyses.

Statutes affected:
Raised Bill: 2-36b