The Long-Term Budget Outlook Act mandates that the State Treasurer prepare and submit an annual multi-year fiscal outlook analysis report to both the Governor and the Legislature. This report must be submitted by April 1 or on the date of the Treasurer's first appearance before the Legislature's budget committees following the Governor's budget message, whichever comes first. The analysis will cover the upcoming fiscal year and the subsequent two years, providing distinct projections of any structural deficits based on optimistic, pessimistic, and baseline economic scenarios. It will include an itemized statement of anticipated appropriations, revenues, and fund balances, as well as estimates for principal and interest on capital projects financed through bonds.

Additionally, the State Treasurer is required to submit an updated multi-year fiscal outlook by May 31 or on the date of the Treasurer's second appearance before the budget committees, whichever occurs earlier. This updated report must include all information from the initial analysis and explain any revisions made. The bill emphasizes the use of a current services basis of budgeting, which estimates the costs necessary to maintain existing programs and services, adjusted for various economic metrics and changes in enrollment or population. The overall goal of the bill is to provide transparency regarding the state's fiscal trajectory and to inform decision-making regarding the budget.