AN ACT CONCERNING THE FISCAL ACCOUNTABILITY REPORT.

2025 Regular Session Introduced by Tim Ackert and 7 co-sponsors

The bill requires the state to produce a Fiscal Accountability Report detailing current and projected revenues, deficits, liabilities, and fiscal risks to improve budget transparen

SIGNED BY GOVERNOR

#fiscalanalysis #officeof #policyandmanagement #reports #statebudget

Purpose / Intent

HB 7267 concerns the state's Fiscal Accountability Report. Based on the bill title and classification (subjects: Fiscal Analysis; Office of Policy and Management; Reports; State Budget), the bill is intended to strengthen transparency and oversight of Connecticut’s fiscal condition by directing reporting and analysis related to the state budget and long‑term liabilities.

Note: the full enrolled bill text or Public Act 25‑140 should be consulted for precise statutory language and any technical reporting requirements. The summary below describes the bill’s apparent purpose and the likely substantive elements typically associated with such legislation.

Key provisions (inferred from bill title and subject)

Although the bill text is not provided here, bills of this type commonly include some or all of the following provisions:
- Directs the Office of Policy and Management (OPM) to prepare and submit a Fiscal Accountability Report to the Governor and General Assembly.
- Specifies the contents of the report (e.g., current year revenue and expenditure estimates, multi‑year revenue projections, reserve and cash balance status, debt and short‑/long‑term liabilities including pension and OPEB, contingent liabilities, and variance analysis versus prior projections).
- Requires recommendations for addressing structural deficits, debt management, and fiscal sustainability.
- Establishes a regular reporting schedule (annual or quarterly) and deadlines for submission to relevant legislative committees.
- May require public posting of the report and supporting data to improve transparency.

Who is affected

Office of Policy and Management: primary reporting responsibility and staff time to compile analyses.

Governor’s Office and General Assembly: recipients of the report; will use the report for budget deliberations.

State agencies: may be required to provide data to OPM.

Policymakers, researchers, and the public: improved access to standardized fiscal information and analysis.

Procedural & timeline highlights

Introduced: March 27, 2025 (ref. to Joint Committee on Finance, Revenue and Bonding).

Public hearing: April 2, 2025.

Committee action: Joint Favorable Substitute filed April 24; reported out of LCO May 8.

House passed: May 20, 2025 (House Calendar No. 557; File No. 866).

Senate passed: June 4, 2025 (Senate Calendar No. 532).

Transmitted to Secretary of the State / to Governor: June 25, 2025.

Enactment: Listed as Public Act 25‑140; Signed by Governor: July 8, 2025.

Next steps / where to find the full text

For the exact statutory changes, reporting deadlines, required contents, and any fiscal or staffing impacts, consult:
- The enrolled bill and Public Act No. 25‑140 on the Connecticut General Assembly website.
- Office of Legislative Research (OLR) and Office of Fiscal Analysis (OFA) reports for bill analyses and fiscal notes.

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