IL HB5079

Requires the General Assembly to consider whether previous fiscal year revenues were sufficient to cover obligations or were shifted to future years when making budget appropriations.

Mandates the General Assembly declare by joint resolution, adopted by record vote, that each budgeted fiscal year's budget is balanced after verifying revenues can reasonably meet appropriations.

Requires revenue estimates for fiscal year 2012 onward to be based solely on existing revenue sources and rates, plus any new sources passed by the General Assembly as of the budget submission date.

Requires the Governor to distribute quarterly financial reports on operating funds to the General Assembly and State Comptroller within 45 days of each quarter-end, posted on the Governor's Office of Management and Budget website.

Mandates zero-based budgeting for executive branch agencies beginning in fiscal year 2013, requiring each priority to be justified annually by merit rather than prior year appropriations.