CHAPTER 157
S.P. 62 - L.D. 172
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 5 MRSA §§1710-F and 1710-G, as enacted by PL 1995, c. 368, Pt. J, §1, are amended to read:
1. Duties; use of economic assumptions. The committee shall develop current fiscal biennium and 2 ensuing fiscal biennium biennia revenue projections using the economic assumptions recommended by the Consensus Economic Forecasting Commission.
2. Biennial revenue projections. The committee shall submit recommendations for state revenue projections for the next 2 fiscal biennium biennia and analyze revenue projections for the current fiscal biennium, which must be approved by a majority of the committee members. No later than December 1st of each even-numbered year, the committee shall submit to the Governor, the Legislative Council, the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs and the State Budget Officer a report that presents the analyses, findings and recommendations for General Fund and Highway Fund revenue projections for the next 2 fiscal biennium biennia. In its report the committee shall fully describe the methodology employed in reaching its recommendations. Revenue projections for other funds of the State may be included in the report at the discretion of the committee.
3. Current and ensuing biennium adjustments. No later than March 1st and December 1st annually the committee shall submit to the Governor, the Legislative Council, the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs and the State Budget Officer a report that presents the analyses, findings and recommendations for adjustments to General Fund revenue and Highway Fund revenue for the current and ensuing fiscal biennium biennia. In each report the committee shall fully describe the methodology employed in reaching its recommendations. Revenue adjustments for other funds of the State may be included in the report at the discretion of the committee.
§1710-G. Use of revenue forecasts
The State Budget Officer shall consider the revenue projections recommended by the committee in setting revenue estimates in accordance with section 1665, subsection 3. The State Budget Officer shall use the revenue projections of the committee in preparing General Fund and Highway Fund revenue and expenditure forecasts in accordance with section 1664 and section 1665, subsection 7. If the State Budget Officer adjusts the revenue projections recommended by the committee in setting revenue estimates in accordance with section 1665, subsection 3, the State Budget Officer shall submit to the Governor, the Legislative Council and the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs a report that presents the analyses, findings and recommendations by revenue line and explains the variances from the revenue projections recommended by the committee.
See title page for effective date.
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