.115   Use of consensus revenue forecasting for estimates required by KRS 48.120 -- Procedures.

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48.115 Use of consensus revenue forecasting for estimates required by KRS 48.120
-- Procedures.
(1)
Except as provided for in subsection (4) of this section, the detailed revenue
estimates for the general fund and the road fund required by KRS 48.120 shall be
based on a consensus revenue forecast. The consensus revenue forecast shall be
developed by the consensus forecasting group. The members of the consensus
forecasting group shall be jointly selected by the state budget director and the
Legislative Research Commission. The members shall be knowledgeable about the
state and national economy and the revenue and financial conditions of the
Commonwealth.
(2)
If, after the revenue estimates made as required under KRS 48.120, the Legislative
Research Commission or state budget director determines that a revision to the
revenue estimates is needed, the Legislative Research Commission or state budget
director shall request a revision from the consensus forecasting group. The revised
revenue estimates shall become the official revenue estimates.
(3)
The state budget director shall coordinate with the Department of Revenue and the
Transportation Cabinet to ensure that the financial and revenue data required for the
forecasting process is made available to the consensus forecasting group.
(4)
Staff for the consensus forecasting group shall be provided by the Legislative
Research Commission.
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 77, effective June 20, 2005. -- Amended
2003 Ky. Acts ch. 151, sec. 1, effective June 24, 2003. -- Amended 2000 Ky. Acts
ch. 46, sec. 14, effective July 14, 2000. -- Created 1996 Ky. Acts ch. 14, sec. 1,
effective July 15, 1996.
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