SB 739 - This act establishes the Legislative Budget Office within the Committee on Legislative Research. The Office shall be responsible for the preparation of fiscal notes as well as preparing and presenting budgetary projections and budget alternatives to members of the General Assembly. A subcommittee of not less than six members may be formed to oversee the Legislative Budget Office. The Office shall be headed by a director who may employ staff as necessary. The term of office for the director shall be four years. At least annually, beginning January 1, 2009, the Office shall provide a cash basis financial projection to every member of the General Assembly. Such projection may be similar to the general revenue summary of the executive branch. Any member of the General Assembly may request budgetary projections, including estimating the fiscal effects of the Governor's budget proposals. The Office assumes the duty of preparing fiscal notes. Currently, the Oversight Division of the Committee on Legislative Research is responsible for preparing fiscal notes. Modifications to the content of the fiscal note are made, as detailed in the act. The fiscal note for a bill is required to be completed upon being reported by a committee with jurisdiction over matters contained in the bill. The act repeals provisions of current law that prohibit members of the General Assembly, lobbyists and other persons of interest from participating in the preparation of fiscal notes as well as provisions that authorized appeals to revise or substitute a fiscal note. Current law requires the Oversight Division to management audits and program audits. The act repeals provisions regarding management audits and renames program audits as "program evaluations" and modifies the requirements for program evaluations. The provisions of this act regarding preparation of fiscal notes shall become effective on July 1, 2009. JIM ERTLE