Louisiana Revised Statutes 39:24 – Official forecast
Terms Used In Louisiana Revised Statutes 39:24
- Appropriation: means an authorization by the legislature to a budget unit for a program to expend from public funds a sum of money, for purposes designated, under the procedure prescribed in this Chapter. See Louisiana Revised Statutes 39:2
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means an independent fiscal and accounting entity with a self-balancing set of accounts recording cash or other resources together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with regulations, restrictions, and limitations. See Louisiana Revised Statutes 39:2
- Money available for appropriation: means the amount of money to be received for a fiscal year by the state general fund and dedicated funds, exclusive of federal funds and those amounts appropriated or allocated by the Constitution of Louisiana. See Louisiana Revised Statutes 39:2
- Official forecast: means the most recently adopted estimate of money available for appropriation by the Revenue Estimating Conference as provided in La. See Louisiana Revised Statutes 39:2
A. The Revenue Estimating Conference shall establish an official forecast for each fiscal year which shall be derived and revised only as provided in this Part. The official forecast shall include a forecast of all funds as defined in La. Const. Art. VII, § 10(J) , and shall include an estimate of money available for appropriation from each dedicated fund. Each such official forecast shall contain a designation of all money which is nonrecurring. The conference shall designate all other money in each official forecast as recurring. In addition, the conference may designate as nonrecurring any money available for appropriation from any source that is defined as nonrecurring in La. Rev. Stat. 39:2(27).
B. The Revenue Estimating Conference may utilize whatever staff, information, and technical expertise which it may determine is required to derive or revise the official forecast. The conference may request and shall receive from all public officers, departments, agencies, and authorities of the state and its political subdivisions such assistance and data as will enable the conference to fulfill its duties.
C. The official forecast shall be published in the Louisiana Register and the official state journal and shall contain a statement of the economic assumptions and any other factors upon which it is based.
D. The official forecast shall be derived and based upon the assumption that the current law and current administrative procedures will remain in effect for the forecast period.
E.(1) The official forecast shall be determined by the Revenue Estimating Conference through a process to be decided by the conference except that any final action establishing an official forecast shall be taken only pursuant to a unanimous decision by all of the conference principals.
(2) Notwithstanding the provisions of Paragraph (1) of this Subsection, any final action taken after May 1, 1995, as to the nature of revenues derived from the initial payment and any revenues from the operation of the temporary land-based casino for FY 1994-1995, including interest earnings under the terms of the casino operating contract, shall be taken only pursuant to a favorable vote by three-fourths of the conference principals. In the event that said revenues are determined to be recurring pursuant to that vote, the official forecast may be adopted by a favorable vote of three-fourths of the conference principals for the applicable fiscal year to incorporate such recurring revenue.
F. The Revenue Estimating Conference shall include a designated amount of the Budget Stabilization Fund in the official forecast of the appropriate fiscal year in accordance with the following:
(1) The secretary of the Senate and the clerk of the House of Representatives shall notify the Revenue Estimating Conference in writing of the results of a ballot proposition, processed in accordance with La. Rev. Stat. 39:87, which approves the use of a designated amount of the fund as money available for appropriation for the specified fiscal year.
(2) A copy of an approved concurrent resolution directing the Revenue Estimating Conference to incorporate the designated amount of the fund as money available for appropriation for the specified fiscal year.
Acts 1989, No. 836, §1, eff. July 1, 1989; Acts 1993, No. 668, §1; Acts 1993, No. 809, §1, eff. June 22, 1993; Acts 1995, No. 48, §1, eff. June 8, 1995; Acts 1997, No. 1149, §1, eff. June 1, 1997; Acts 2013, No. 419, §1, eff. July 1, 2013.
{{NOTE: SEE ACTS 1993, NO. 809, §2.}}