§ 10-3-1404 - Forecast of general revenues. - Arkansas Statutes

10-3-1404. Forecast of general revenues.

(a) (1) The Chief Fiscal Officer of the State shall on or before the first Wednesday in May prior to the beginning of each fiscal year submit to the Joint Committee on Economic and Tax Policy the official forecast of general revenues to be available for distribution under the provisions of the Revenue Stabilization Law, 19-5-101 et seq., for the fiscal year.

(2) (A) The Joint Committee on Economic and Tax Policy may hold meetings and hearings and request such information, data, or studies as it deems necessary.

(B) Upon hearing evidence and information regarding the outlook for state revenues, the members of the Joint Committee on Economic and Tax Policy shall make its findings on the forecast of general revenues available for distribution.

(3) A report of the Joint Committee on Economic and Tax Policy's findings shall be sent to the Chief Fiscal Officer of the State.

(b) In the event the Chief Fiscal Officer of the State determines it has become necessary to change the forecast of general revenues available for distribution, the Chief Fiscal Officer of the State shall report the expected change in forecast to the Office of Economic and Tax Policy and the Joint Committee on Economic and Tax Policy with an explanation of the need for the change.