48.120 Budget planning report and preliminary and official revenue estimates to be provided by Office of State Budget Director -- Appropriations to be based on official revenue estimates. - Kentucky Statutes

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Page 1 of 1 48.120 Budget planning report and preliminary and official revenue estimates to be provided by Office of State Budget Director -- Appropriations to be based on
official revenue estimates. (1) By August 15 of each odd-numbered year, the Office of State Budget Director, in conjunction with the consensus forecasting group, shall provide to each branch of
government a budget planning report. The budget planning report shall include:
(a) A baseline analysis and projections of economic conditions and outlook;
(b) Any potential consequences of the analysis and projections for the Commonwealth's fiscal condition; (c) The revenue estimates and implications for the general fund and road fund for the current fiscal year and next four (4) fiscal years; and (d) Projections of personal income, employment, and economic indicators that reflect economic conditions. (2) By October 15 of each odd-numbered year, the Office of State Budget Director shall provide to each branch of government preliminary revenue estimates made by the
consensus forecast group for the general fund and road fund for the current and next
two (2) fiscal years, including explanatory statements, and a comparative record of
the actual revenues of these funds for each of the last two (2) years concluded. (3) On or before the fifteenth legislative day, the Office of State Budget Director shall certify and present to the General Assembly the official revenue estimates made by
the consensus forecasting group for the general fund and road fund for the current
and next two (2) fiscal years. (4) Appropriations made in the branch budget bills enacted for each branch of government shall be based upon the official revenue estimates presented to the
General Assembly by the Office of State Budget Director under subsection (3) of
this section, as modified by the General Assembly. (5) The enacted estimates shall become the official revenue estimates of the Commonwealth upon the branch budget bills becoming law, and shall remain the
official revenue estimates of the Commonwealth until revised by the consensus
forecasting group as provided in KRS 48.115. Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 78, sec. 5, effective June 25, 2009. -- Amended 2000 Ky. Acts ch. 46, sec. 16, effective July 14, 2000. -- Amended 1996 Ky. Acts
ch. 14, sec. 2, effective July 15, 1996. -- Amended 1990 Ky. Acts ch. 507, sec. 8,
effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 273, sec. 4, effective July 15,
1988. -- Created 1982 Ky. Acts ch. 450, sec. 12, effective July 1, 1983.