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OH HB467
Bill
Status
3/6/2014
Primary Sponsor
James Butler
Click for details
AI Summary
H.B. 467 Summary
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Allows the House Finance Committee chairperson or Senate Finance Committee chairperson to instruct the Legislative Service Commission to prepare a main operating appropriations bill independent of the Governor's budget submission.
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Authorizes the Speaker of the House or President of the Senate to request independent actuarial reviews of proposed bills and to retain private actuaries who are members in good standing of the American Academy of Actuaries.
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Permits requests for dynamic forecasts and analysis of tax proposals or economic policy initiatives, and compilation of benchmarking data comparing Ohio to other states on key business and fiscal metrics.
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Directs the Legislative Service Commission to conduct long-range financial outlook studies including state fiscal position review, budget projections for four fiscal years, economic forecasts, demographic analysis, and agency financial status reports.
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Requires the LSC director to certify estimated cash balances, expenditure levels, and baseline nontax revenues to legislative finance committees by December 31 of even-numbered years (or January 31 if new governor inaugurated).
Legislative Description
To provide for the preparation of a state biennial budget independent of that submitted by the Governor and to authorize the Legislative Service Commission, upon the request of the Speaker of the House of Representatives or the President of the Senate, to arrange for an independent actuarial review of a proposed bill, specified analyses of economic policy initiatives and state benchmarking data, and a study of the state's long-range financial outlook.
Independent biennial budget/independent actuarial reviews & fiscal studies
Last Action
To Finance and Appropriations
3/6/2014