Arizona Laws 41-562. Powers and duties of the commission; definition
A. The economic estimates commission shall determine and report to the legislature prior to January 15 of each year the following:
Terms Used In Arizona Laws 41-562
- 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
- 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.
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. The estimated total personal income in Arizona for the next fiscal year.
2. The estimated total personal income in Arizona for the current fiscal year.
3. The estimated percentage change per capita of estimated total personal income in Arizona for the next fiscal year.
4. The estimated per capita personal income in Arizona for the current fiscal year.
B. Other state agencies shall assist the economic estimates commission in furnishing available data and information necessary for development of the required estimates. In no event shall the commission authorize an independent study or employ consultants in the performance of its duties.
C. The economic estimates commission shall determine and publish prior to November 15 of each year the maximum dollar amount which is expected to be available for legislative appropriation from state tax revenues pursuant to article IX, section 17 of the constitution for the succeeding fiscal year. The dollar amount available for appropriation from state tax revenues shall be computed by multiplying together the appropriation percentage limitation for the succeeding fiscal year and the estimated total personal income of the state of Arizona for the succeeding fiscal year.
D. For the purposes of this section, "total personal income" means the dollar amount that will be reported as total income received by persons in the state of Arizona by the United States department of commerce or its successor agency.