50-419.02. Legislative Fiscal Analyst; revenue volatility report; contents.

203 words·~1 min read·/ne/chapter-50/50-419-02

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)On November 15, 2016, the Legislative Fiscal Analyst shall prepare and electronically submit a revenue volatility report to the Appropriations Committee of the Legislature. Every two years thereafter the Legislative Fiscal Analyst shall prepare a revenue volatility report to append to the annual report required under section 77-2715.01 . The report shall also be posted on the Legislature's website.

(2)The report shall:

(a)Evaluate the tax base and the tax revenue volatility of revenue streams that provide funding for the state General Fund budget;

(b)Identify federal funding included in the state budget and any projected changes in the amount or value of federal funding or potential areas in which federal funding could be lost;

(c)Identify current and projected balances of the Cash Reserve Fund;

(d)Analyze the adequacy of current and projected balances of the Cash Reserve Fund in relation to the tax revenue volatility and the risk of a reduction in the amount or value of federal funding or potential areas in which federal funding could be lost;

(e)Include revenue projections for the ensuing two fiscal years included in the impending biennial budget; and

(f)Contain any other recommendations that the Legislative Fiscal Analyst determines are necessary.