IL SB1983

Changes the Commission on Government Forecasting and Accountability reporting requirement from once per regular session to quarterly reports on estimated state revenue sources and available funds for the next fiscal year.

Requires the Commission to issue revised and updated revenue figures reflecting the latest available information with each quarterly report, instead of only on the third Wednesday in March.

Maintains the Commission's discretionary ability to consult with the Governor's Office of Management and Budget when preparing reports.

Preserves the requirement that the House and Senate adopt or modify revenue estimates by joint resolution, which constitutes the General Assembly's official estimate under the Illinois Constitution.

Retains separate requirements for the Commission to issue estimated pension funding requirements and state employee health insurance liabilities on the third Wednesday in March each year.