HB5815 Summary

• Requires the General Assembly to consider whether previous fiscal year revenues were sufficient to pay all obligations incurred or whether obligations were shifted to future years, and whether budgeted fiscal year revenues can reasonably meet appropriations.

• Mandates that the General Assembly adopt a joint resolution by record vote for each budgeted fiscal year declaring that the budget is balanced.

• Requires revenue estimates for fiscal year 2012 and beyond to be based solely on existing revenue sources and rates, plus those authorized by the General Assembly as of the budget submission date.

• Establishes quarterly financial reporting requirements beginning fiscal year 2011, with reports due within 45 days after each quarter end and posted to the Governor's Office of Management and Budget website.

• Requires zero-based budgeting method for all executive branch state agencies beginning fiscal year 2013, where each priority must be justified annually on merit rather than based on prior year appropriations.