SB1551 - Long-Term Accounting Act

• Creates the Long-Term Accounting Act to improve transparency and accountability in Illinois state budget processes by requiring accrual-based accounting standards compatible with Governmental Accounting Standards Board principles.

• Requires the General Assembly to publish all appropriations bills electronically with timestamps and prohibits amendments from being considered until 72 hours after electronic publication, and prohibits passage of appropriations bills until 72 hours after final publication.

• Mandates the General Assembly adopt a joint resolution estimating available funds before enacting any appropriations bills, requiring clear separation of applicable revenues and other funds available.

• Requires the Commission on Governmental Forecasting and Accountability to prepare comprehensive fiscal budget statements including estimated balance sheets, statements of activities and cash flow, and statements showing fiscal balance, fiscal deficit, and the State's financial condition.

• Amends the State Comptroller Act to require accounting standards be compatible with Governmental Accounting Standards Board standards and mandates publication of proposed standards for 90-day public comment periods on the Comptroller's website.