48.115 Preliminary revenue estimates and official revenue estimates required by
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/ky/48-115A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
KRS 48.120 to be developed by consensus forecasting group -- Revision of
official revenue estimates -- Threshold for implementation of enacted budget
reduction plan.
(1)The revenue estimates for the general fund and the road fund required by KRS
48.120 shall be based on a consensus revenue forecast. The preliminary revenue
estimates and official revenue estimates required by KRS 48.120 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 the Legislative Research Commission or state budget director determines that a
revision to the official 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 enacted budget reduction plan required by KRS 48.130 shall be implemented
only:
(a)Upon the issuance of an official revenue estimate from the consensus
forecasting group reflecting a revenue shortfall of five percent (5%) or less; or
(b)At the end of a fiscal year, upon the existence of an actual revenue shortfall of
five percent (5%) or less, as determined by the Office of State Budget
Director.
(4)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.
(5)Staff for the consensus forecasting group shall be provided by the Legislative
Research Commission.