Requires the legislature to prepare and publish: (1) For enacted bills that make appropriations from the state general fund or related funds, a balance sheet that demonstrates that total proposed appropriations from the state general fund and related funds for that biennium will leave, in total, a positive ending fund balance; and

(2) When either house of the legislature approves or reports from committee any bills that make appropriations from the general fund or related funds, an updated legislative budget outlook for the ensuing fiscal biennium.

Requires the economic and revenue forecast council to: (1) Prepare and publish on its web site a multibiennium budget outlook for state operating budget revenues and expenditures;

(2) Update the outlook to reflect the enacted budget and other relevant enacted legislation;

(3) Develop and report on a proposed methodology for preparing the operating budget outlook; and

(4) Prepare and present to the legislature for its consideration a proposed methodology for determining whether state operating and related funds appropriations and revenues are balanced for the ensuing as well as the current fiscal biennium.

Requires state agencies to provide the council with immediate access to all information relating to revenues, caseload forecasts, and expenditures.

Requires the governor, when submitting operating budget documents to the legislature, to also submit an operating budget outlook based on the governor's operating budget proposal.

Creates the budget outlook work group to provide technical support to the economic and revenue forecast council in preparing the budget outlook.

Requires the joint legislative audit and review committee to review and report on the implementation and effectiveness of the budget outlook process.

Adds the state treasurer as a member of the economic and revenue forecast council.

Expires July 1, 2023.