Sec. 7. If:

(1) the bureau revises the state personal income figure it has previously reported for the twelve (12) month period preceding the current reporting period; and

Terms Used In Indiana Code 4-10-18-7

  • Budget director: refers to the director of the budget agency established under IC 4-12-1. See Indiana Code 4-10-18-1
  • Bureau: means the Bureau of Economic Analysis of the United States Department of Commerce or its successor agency. See Indiana Code 4-10-18-1
  • Current calendar year: means a calendar year during which a transfer to or from the fund is initially determined under sections 4 and 5 of this chapter. See Indiana Code 4-10-18-1
  • Current reporting period: means the most recent reporting period for which the following information is published by the bureau:

    Indiana Code 4-10-18-1

  • 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 the counter-cyclical revenue and economic stabilization fund established under this chapter. See Indiana Code 4-10-18-1
  • Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
  • State personal income: means state personal income as that term is defined by the bureau. See Indiana Code 4-10-18-1
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) the revision is made after the transfer for the state fiscal year that begins in the current calendar year has initially been determined under section 5 of this chapter;

then the budget director shall adjust the transfer to reflect any increase or decrease in the growth rate used in initially determining that transfer. However, the total adjustments made under this section may not increase or decrease the initially determined transfer by an amount which exceeds one percent (1%) of the total general fund revenue used in determining the transfer. In addition, the last report of state personal income that the bureau makes before April 30 of the calendar year immediately following the current calendar year determines the final adjustment that may be made under this section with respect to that transfer.

As added by Acts 1982, P.L.22, SEC.1. Amended by P.L.205-2013, SEC.59.

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