The bill requires each state agency to develop a long-range financial plan on or before November 1, 2019, and to update the plan each of the next 4 years thereafter. The department of state, the department of treasury, the department of law, and the judicial branch shall each publish the required components of the plan for their respective state agencies. The office of state planning and budgeting shall publish the required components of the plan in its annual budget instructions for all other state agencies.
The state agency is required to submit its long-range financial plan to the joint budget committee, along with its annual budget request, and post the plan on its official website.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)