OH HB368

Creates the Long-range Financial Outlook Council consisting of 15-21 members appointed by the Ohio Legislative Service Commission chairperson, Director of Budget and Management, Speaker of the House, and President of the Senate, with required expertise in accounting, financial analysis, economics, and banking.

Council must annually review the state's fiscal position, debt and debt service, integrate budget projections with revenue estimates, analyze economic forecasts and demographics, and request four-year financial projections from state agencies.

Council shall issue an annual long-range financial outlook report by September 1 each year (first report by September 1, 2012) projecting financial needs and resources for the next four fiscal years and reviewing major state-funded programs.

Report must be published on state websites and submitted to the General Assembly; the General Assembly shall meet in joint convention by January 31 annually beginning in 2013 to receive the report.

Governor shall include a review of the most recent long-range financial outlook report and recommendations for revisions in the executive budget proposal submitted biennially to the General Assembly.