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 mandates that, not later than December 15 each year, 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, to review submitted fiscal items. The bill also specifies that by November 20 annually, these officials must provide a consensus estimate of state revenues, an analysis of expenditure changes, and projections related to tax credits, deficiencies, and the Budget Reserve Fund, among other financial assessments.

Key changes in the bill include the deletion of certain phrases and the insertion of new language to clarify reporting requirements. For instance, the term "No" is replaced with "Not" to affirm the meeting's necessity, and the language regarding fixed cost drivers is expanded to include "material and likely changes to nonfixed costs." Additionally, the bill introduces a new requirement for an assessment of the state's preparedness for recession scenarios, including potential multiyear budget deficits. The bill also redefines "fixed cost drivers" to encompass various costs such as debt service and pension contributions, ensuring a comprehensive approach to fiscal accountability.

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