State Representatives Christina Hagan (R-Marlboro Township) and Kristina Roegner (R-Hudson) this week gave sponsor testimony on House Bill 320, legislation that establishes the Long-Range Financial Outlook Council, which would research and report on the long-term fiscal outlook of Ohio.

With the goal of ensuring a stable economic landscape in the state, the bill would help provide necessary and accurate information in a transparent way to aid in making commonsense economic decisions. This non-partisan, fact-based forecasting resource would submit an annual report to the General Assembly and an executive summary of the report to the Clerk of the House of Representatives.

The council would project fiscal trends such as projected expenditures and expected tax revenues based on current law, demographics, debt, Medicaid loads and other factors. The report submitted would project the future financial needs of Ohio for the next four years, project state revenue estimates for the next four years and review revenue estimates and budget projections for all major state-funded programs.

"A transparent approach to government, such as our financial outlook, is paramount to creating financial stability and success for our great state. Our generation's future depends on responsible policy today,” Rep. Hagan said. “This is a non-partisan step in the direction of long-term success and in the best interest of all Ohioans. Efficiency, effectiveness and transparency is the key to success and opportunity for the next generation."

“To be able to make sound decisions today, it is important to be able to project what will happen tomorrow,” said Rep. Roegner. “House Bill 320 would provide the necessary framework so that we could look beyond our two-year budget cycle; this will help us as we strive to be the best possible stewards of the resources, entrusted to us by Ohio taxpayers.”

The council membership would include:

  • A member appointed by the Legislative Service Commission to serve as council chairperson

  • Two members appointed by the Director of Budget and Management

  • Six to nine members appointed by each the Speaker of the House and Senate President (must include at least one certified public accountant, one certified financial analyst, one economist and one banker)

House Bill 320 is being vetted in the House Financial Institutions, Housing, and Urban Development Committee. 

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