Relating to local budget law; and prescribing an effective date.

Authorizes municipal corporation to budget for estimated debt service payments when general obligation bonds are approved by voters at May election. Authorizes municipal corporation to make supplemental budget if original budget did not include estimated requirements to pay debt service for general obligation bonds approved at May election or actual requirements are different from estimated requirements in original budget or previous supplemental budget. Provides that historic ghost towns do not have to comply with Local Budget Law. Creates consistency in methods by which community college districts budget and make appropriations. Makes nonsubstantive housekeeping changes to Local Budget Law statutes. Takes effect on 91st day following adjournment sine die.