Illinois Commission on Government Forecasting and Accountability
The Commission was created in 1972 on an act of the Illinois General Assembly to first provide research on state and national economic data along with revenue projections, and state government operations. The General Assembly in 1979 added monitoring long-term debt as part of its responsibilities.
The Commission is led by a twelve member committee consisting of elected officials in the General Assembly. The top four legislative leaders appoint the twelve legislators to serve on the commission.
The Commission is mandated to report to the Illinois General Assembly economic trends of the state. This is done through long-range budget planning and forecasting revenues. This is done through five annual publications the Commission publishes in regards to capital projects, the state's bonded indebtedness, and liabilities of the group insurance program for state employees.
Illinois state budget
Preparing the Illinois state budget is one of the key responsibilities of the Commission on Government Forecasting and Accountability. In addition to preparing the budget, the Commission issues the annual Budget Summary publication which highlights the state of Illinois finances.
Monitoring the pensions and the state employee retirement systems is another key responsibility of the Commission. The Commission is responsible for monitoring the practices done by the state to keep the pension program fully funded while evaluating the current laws that govern the system. Also, the Commission can make recommendations of any new legislation that should be introduced to improve or change the pension system. An annual report is also published on the health of the pension system which is required by law.