HB2532 - Long-Term Accounting Act

• Creates the Long-Term Accounting Act to improve transparency and accountability in the State budget process by requiring comprehensive disclosure of debt, obligations, and long-term financial implications of budgetary decisions.

• Requires the General Assembly to publish appropriation bills electronically with time stamps and prohibits amendments from being considered on second reading or bills from passing on third reading until 72 hours after electronic publication.

• Requires the General Assembly to adopt a joint resolution reflecting estimated available funds before passing any appropriations bills for a fiscal year.

• Mandates the Commission on Governmental Forecasting and Accountability to publish fiscal budget statements including estimated balance sheets, statements of activities, statements of fiscal balance and deficit, and estimates of pension and healthcare benefit liabilities using Government-Wide GAAP accounting standards.

• Amends the State Comptroller Act to require accounting standards compatible with Governmental Accounting Standards Board (GASB) guidelines and mandates the State Comptroller to consult with other officials and publish draft standards for public review 90 days before adoption.