2006 Kentucky Revised Statutes - .115   Use of consensus revenue forecasting for estimates required by KRS 48.120 -- Procedures.

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. Page 1 of 1