Kentucky Statutes 48.115 – Preliminary revenue estimates and official revenue estimates required by KRS 48.120 to be developed by consensus forecasting group — Revision of official revenue estimates — Threshold for implementation of enacted budget …
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(1) The revenue estimates for the general fund and the road fund required by KRS
48.120 shall be based on a consensus revenue forecast. The preliminary revenue estimates and official revenue estimates required by KRS § 48.120 shall be developed by the consensus forecasting group. The members of the consensus forecasting group shall be jointly selected by the state budget director and the Legislative Research Commission. The members shall be knowledgeable about the state and national economy and the revenue and financial conditions of the Commonwealth.
(2) If the Legislative Research Commission or state budget director determines that a revision to the official revenue estimates is needed, the Legislative Research Commission or state budget director shall request a revision from the consensus forecasting group. The revised revenue estimates shall become the official revenue estimates.
(3) The enacted budget reduction plan required by KRS § 48.130 shall be implemented only:
(a) Upon the issuance of an official revenue estimate from the consensus forecasting group reflecting a revenue shortfall of five percent (5%) or less; or
(b) At the end of a fiscal year, upon the existence of an actual revenue shortfall of five percent (5%) or less, as determined by the Office of State Budget Director.
(4) The state budget director shall coordinate with the Department of Revenue and the Transportation Cabinet to ensure that the financial and revenue data required for the forecasting process is made available to the consensus forecasting group.
(5) Staff for the consensus forecasting group shall be provided by the Legislative
Research Commission.
Effective: March 24, 2023
History: Amended 2023 Ky. Acts ch. 92, sec. 1, effective March 24, 2023. — Amended
2009 Ky. Acts ch. 78, sec. 4, effective June 25, 2009. — Amended 2005 Ky. Acts ch.
85, sec. 77, effective June 20, 2005. — Amended 2003 Ky. Acts ch. 151, sec. 1, effective June 24, 2003. — Amended 2000 Ky. Acts ch. 46, sec. 14, effective July 14,
2000. — Created 1996 Ky. Acts ch. 14, sec. 1, effective July 15, 1996.
48.120 shall be based on a consensus revenue forecast. The preliminary revenue estimates and official revenue estimates required by KRS § 48.120 shall be developed by the consensus forecasting group. The members of the consensus forecasting group shall be jointly selected by the state budget director and the Legislative Research Commission. The members shall be knowledgeable about the state and national economy and the revenue and financial conditions of the Commonwealth.
Terms Used In Kentucky Statutes 48.115
- Budget: means the complete financial plan for each fiscal year contained in a branch budget bill provided for by this chapter. See Kentucky Statutes 48.010
- Consensus forecasting group: means the group established by KRS §. See Kentucky Statutes 48.010
- 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 or both together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities in accordance with legal restrictions or other limitations, to include:
(a) "General Fund. See Kentucky Statutes 48.010 - Revenue shortfall: means either:
(a) An official revenue estimate for either the general fund or road fund that is less than the enacted estimates. See Kentucky Statutes 48.010 - State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(2) If the Legislative Research Commission or state budget director determines that a revision to the official revenue estimates is needed, the Legislative Research Commission or state budget director shall request a revision from the consensus forecasting group. The revised revenue estimates shall become the official revenue estimates.
(3) The enacted budget reduction plan required by KRS § 48.130 shall be implemented only:
(a) Upon the issuance of an official revenue estimate from the consensus forecasting group reflecting a revenue shortfall of five percent (5%) or less; or
(b) At the end of a fiscal year, upon the existence of an actual revenue shortfall of five percent (5%) or less, as determined by the Office of State Budget Director.
(4) The state budget director shall coordinate with the Department of Revenue and the Transportation Cabinet to ensure that the financial and revenue data required for the forecasting process is made available to the consensus forecasting group.
(5) Staff for the consensus forecasting group shall be provided by the Legislative
Research Commission.
Effective: March 24, 2023
History: Amended 2023 Ky. Acts ch. 92, sec. 1, effective March 24, 2023. — Amended
2009 Ky. Acts ch. 78, sec. 4, effective June 25, 2009. — Amended 2005 Ky. Acts ch.
85, sec. 77, effective June 20, 2005. — Amended 2003 Ky. Acts ch. 151, sec. 1, effective June 24, 2003. — Amended 2000 Ky. Acts ch. 46, sec. 14, effective July 14,
2000. — Created 1996 Ky. Acts ch. 14, sec. 1, effective July 15, 1996.