To amend sections 101.82 and 103.13 and to enact sections 103.35 to 103.39 and 107.036 of the Revised Code to create the Long-range Financial Outlook Council for the purpose of informing the public and the General Assembly about the financial status of the state by studying financial and other conditions and issuing an annual long-range financial outlook report.

Section 1. That sections 101.82 and 103.13 be amended and sections 103.35, 103.36, 103.37, 103.38, 103.39, and 107.036 of the Revised Code be enacted to read as follows:

Sec. 101.82.  As used in sections 101.82 to 101.87 of the Revised Code:

(A) "Agency" means any board, commission, committee, or council, or any other similar state public body required to be established pursuant to state statutes for the exercise of any function of state government and to which members are appointed or elected. "Agency" does not include the following:

(1) The general assembly, or any commission, committee, or other body composed entirely of members of the general assembly;

(2) Any court;

(3) Any public body created by or directly pursuant to the constitution of this state;

(4) The board of trustees of any institution of higher education financially supported in whole or in part by the state;

(5) Any public body that has the authority to issue bonds or notes or that has issued bonds or notes that have not been fully repaid;

(6) The public utilities commission of Ohio;

(7) The consumers' counsel governing board;

(8) The Ohio board of regents;

(9) Any state board or commission that has the authority to issue any final adjudicatory order that may be appealed to the court of common pleas under Chapter 119. of the Revised Code;

(10) Any board of elections;

(11) The board of directors of the Ohio insurance guaranty association and the board of governors of the Ohio fair plan underwriting association;

(12) The Ohio public employees deferred compensation board;

(13) The Ohio retirement study council;

(14) The board of trustees of the Ohio police and fire pension fund, public employees retirement board, school employees retirement board, state highway patrol retirement board, and state teachers retirement board;

(15) The industrial commission;

(16) The parole board;

(17) The board of tax appeals;

(18) The controlling board;

(19) The release authority of department of youth services;

(20) The environmental review appeals commission;

(21) The Ohio ethics commission;

(22) The Ohio public works commission;

(23) The self-insuring employers evaluation board;

(24) The state board of deposit;

(25) The state employment relations board;

(26) The long-range financial outlook council.

(B) "Abolish" means to repeal the statutes creating and empowering an agency, remove its personnel, and transfer its records to the department of administrative services pursuant to division (E) of section 149.331 of the Revised Code.

(C) "Terminate" means to amend or repeal the statutes creating and empowering an agency, remove its personnel, and reassign its functions and records to another agency or officer designated by the general assembly.

(D) "Transfer" means to amend the statutes creating and empowering an agency so that its functions, records, and personnel are conveyed to another agency or officer.

(E) "Renew" means to continue an agency, and may include amendment of the statutes creating and empowering the agency, or recommendations for changes in agency operation or personnel.

Sec. 103.13.  The Ohio legislative service commission shall:

(A) Conduct research, make investigations, and secure information or data on any subject and make reports thereon to the general assembly;

(B) Ascertain facts and make reports concerning the state budget, the revenues and expenditures of the state, and of the organization and functions of the state, its departments, subdivisions, and agencies;

(C) Make surveys, investigations, and studies, and compile data, information, and records on any question which may be referred to it by either house of the general assembly or any standing committee of the general assembly;

(D) Assist and cooperate with any interim legislative committee or other agency created by the general assembly;

(E) Prepare or advise in the preparation of any bill or resolution, when requested by any member of the general assembly;

(F) Collect, classify, and index the documents of the state which shall include executive and legislative documents and departmental reports and keep on file all bills, resolutions, and official journals printed by order of either house of the general assembly;

(G) Provide members of the general assembly with impartial and accurate information and reports concerning legislative problems in accordance with rules prescribed by the commission;

(H) Annually collect the reports required by section 4743.01 of the Revised Code and prepare a report evaluating the extent to which state boards and commissions which regulate occupations are financially self-supporting. The report shall be presented to the speaker and the minority leader of the house of representatives, the president and the minority leader of the senate, and the chairperson and ranking minority member of the finance committees of both houses, on or before the thirty-first day of December each year.

(I) Codify the rules of administrative agencies of the state in accordance with the provisions of section 103.05 of the Revised Code;

(J) Publish the register of Ohio under section 103.051 of the Revised Code;

(K) Operate the electronic rule-filing system under section 103.0511 of the Revised Code;

(L) Conduct research and provide staffing and technical assistance to the long-range financial outlook council under sections 103.35 to 103.39 of the Revised Code.

Sec. 103.35. (A) There is hereby created the long-range financial outlook council consisting of at least fifteen but not more than twenty-one members. The members of the council shall be residents of the state and shall include individuals with expertise in financial institutions and financial services. Not more than one-half plus one of the members shall be members of the same political party. No member of the general assembly shall serve as a member of the council. Members shall be appointed as follows:

(1) One member appointed by the chairperson of the Ohio legislative service commission, who shall serve as the council chairperson;

(2) Two members appointed by the director of budget and management;

(3) At least six, but not more than nine, members appointed by the speaker of the house of representatives, which appointments shall include at least one certified public accountant, at least one certified financial analyst, at least one economist, and at least one banker;

(4) At least six, but not more than nine, members appointed by the president of the senate, which appointments shall include at least one certified public accountant, at least one certified financial analyst, at least one economist, and at least one banker.

(B) Appointments to the council shall be made not later than March 1, 2012. Of the initial appointments made by the speaker of the house of representatives, at least two, but not more than three, shall be for terms ending March 1, 2013, at least one, but not more than two, shall be for terms ending March 1, 2014, at least one, but not more than two, shall be for terms ending March 1, 2015, and two shall be for terms ending March 1, 2016. Of the initial appointments made by the president of the senate, at least two, but not more than three, shall be for terms ending March 1, 2013, at least one, but not more than two, shall be for terms ending March 1, 2014, at least one, but not more than two, shall be for terms ending March 1, 2015, and two shall be for terms ending March 1, 2016. The initial appointments made by the director shall be for terms ending March 1, 2016. The initial appointment made by the commission chairperson shall be for a term ending March 1, 2014. Thereafter, except for the term of office for the council chairperson, terms of office shall be for four years, with each term ending on the same day of the same month as the term that it succeeds. The term of office for the council chairperson shall be for two years, with the term ending on the same day of the same month as the term it succeeds.

Each member of the council shall hold office from the date of appointment until the end of the term for which the member was appointed. Members may be reappointed. Vacancies shall be filled in the manner provided for original appointments. Any member appointed to fill a vacancy occurring prior to the expiration date of the term for which the member's predecessor was appointed shall hold office as a member for the remainder of that term. A member shall continue in office subsequent to the expiration date of the term until the member's successor takes office or until a period of sixty days has elapsed, whichever occurs first.

(C) Members of the council shall serve without compensation but shall be reimbursed for the actual and necessary expenses incurred in the performance of their official duties.

Sec. 103.36. (A) The long-range financial outlook council annually shall:

(1) Conduct regular reviews of the current fiscal position of the state, including the state debt and debt service, and establish a method for a long-range financial projection at the state level in order to help maintain the state's financial stability between fiscal years and avoid future budget problems;

(2) Integrate baseline projections of the budget requirements of the major programs comprising the state's budget with revenue estimates for the state based on current law;

(3) Analyze the state's long-range financial outlook for the purpose of providing impartial, accurate information to assist the general assembly in establishing the state's biennial budget;

(4) Study economic forecasts for the state;

(5) Review the demographics of the state;

(6) Request information from state agencies about their financial status and projections for the next four fiscal years;

(7) Determine the accuracy of financial projections in previous long-range financial outlook reports issued pursuant to section 103.38 of the Revised Code.

(B) State agencies, including the office of budget and management, shall cooperate with the council and provide information based on current law to the council as requested.

(C) The council may study other issues that the council determines have the potential to temporarily or permanently affect the financial outlook of the state.

Sec. 103.37.  The long-range financial outlook council shall meet at the call of the chairperson and shall conduct public hearings at which interested parties, including state agency representatives, may submit testimony about the financial outlook of the state.

Sec. 103.38.  (A) Upon completion of the review and analysis required under section 103.36 of the Revised Code, but not later than September 1, 2012, and the first of September annually thereafter, the long-range financial outlook council shall issue a long-range financial outlook report, including an executive summary, of its findings. The report shall include, but shall not be limited to, the following information agreed to by council consensus and based on current law and demographic and other factors as specified by the council:

(1) Projections of future financial needs of the state for the next four fiscal years;

(2) Projections of future resources of the state;

(3) Actual revenues for the previous three fiscal years and revenue estimates for the next four fiscal years;

(4) A review of both revenue estimates and projections for the budget requirements and expenditures of major state-funded programs;

(5) Per agency workload estimates for state agencies.

(B) The Ohio legislative service commission shall conduct research and provide staffing and technical assistance for the council.

(C) Upon request of the commission, the office of budget and management and all other state agencies shall provide all readily available information based on current law to the commission.

(D) Each year upon the adoption of the report by a majority of the council members, the council shall do the following:

(1) Publish the latest report on the web sites of the general assembly, the commission, and the office of budget and management;

(2) Submit the report to the general assembly and the executive summary of the report to the clerk of the house of representatives.

Sec. 103.39. Beginning in 2013 and annually thereafter, the general assembly shall meet in joint convention, not later than January 31, for the purpose of receiving the most recent long-range financial outlook report issued by the long-range financial outlook council pursuant to section 103.38 of the Revised Code. The clerk of the house of representatives or a person designated by the clerk shall read the executive summary of the report at the joint convention.

Sec. 107.036.  As part of the governor's executive budget proposal submitted biennially to the general assembly pursuant to section 107.03 of the Revised Code, the governor shall include a review of the most recent long-range financial outlook report adopted by the long-range financial outlook council along with recommendations for revisions to the report.

Section 2. That existing sections 101.82 and 103.13 are hereby repealed.