Substitute House Bill No. 7267, now Public Act No. 25-140, amends Section 2-36b of the general statutes to enhance the fiscal accountability reporting process. The bill specifies that the joint standing committees of the General Assembly responsible for appropriations and finance must meet annually by December 15 to review fiscal items submitted by the Secretary of the Office of Policy and Management and the director of the legislative Office of Fiscal Analysis. Key changes include the replacement of "No" with "Not" in the meeting requirement, and the introduction of new estimates regarding material and likely changes to nonfixed costs, as well as an analysis of the state's preparedness for recession scenarios and potential multiyear budget deficits.

Additionally, the bill modifies the reporting requirements by removing outdated language and inserting new provisions that focus on current fiscal realities. For instance, it replaces references to fixed cost drivers and current year expenditure changes with a broader analysis of revenue and expenditure trends, including the identification of areas of concern and efforts to secure federal funds. The bill also mandates the Secretary of the Office of Policy and Management to provide an annual summary of nonappropriated moneys held by budgeted agencies, ensuring transparency and accountability in state financial management.

Statutes affected:
Raised Bill: 2-36b
FIN Joint Favorable Substitute: 2-36b
File No. 866: 2-36b
Public Act No. 25-140: 2-36b