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 with key officials, including the Secretary of the Office of Policy and Management and the director of the legislative Office of Fiscal Analysis, by December 15 each year. It requires these officials to submit a comprehensive report by November 20 each year, which includes a consensus estimate of state revenues, projected tax credits, summaries of estimated deficiencies, and analyses of revenue and expenditure trends.

Key changes in the bill include the replacement of the phrase "No" with "Not" at the beginning of the reporting requirement, and the addition of new elements such as estimates of material and likely changes to nonfixed costs, assessments of the state's preparedness for recession scenarios, and an analysis of the sufficiency of the Budget Reserve Fund. The bill also clarifies the definition of "fixed cost drivers" and mandates the Secretary of the Office of Policy and Management to provide an annual summary of nonappropriated moneys held by budgeted agencies starting from November 15, 2010.

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