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48.115 Planning report, preliminary revenue estimates, and official revenue estimates required by KRS 48.120 to be developed by consensus forecasting group -- Revision of official revenue estimates --

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Page 1 of 1 48.115 Planning report, preliminary revenue estimates, and official revenue estimates required by KRS 48.120 to be developed by consensus forecasting <br>group -- Revision of official revenue estimates -- Threshold for implementation <br>of enacted budget reduction plan. (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 planning report, <br>preliminary revenue estimates, and official revenue estimates required by KRS <br>48.120 shall be developed by the consensus forecasting group. The members of the <br>consensus forecasting group shall be jointly selected by the state budget director and <br>the Legislative Research Commission. The members shall be knowledgeable about <br>the state and national economy and the revenue and financial conditions of the <br>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 <br>Commission or state budget director shall request a revision from the consensus <br>forecasting group. The revised revenue estimates shall become the official revenue <br>estimates. (3) The enacted budget reduction plan required by KRS 48.130 shall be implemented only: <br>(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 <br>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 <br>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: June 25, 2009 <br>History: 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 <br>ch. 151, sec. 1, effective June 24, 2003. -- Amended 2000 Ky. Acts ch. 46, sec. 14, <br>effective July 14, 2000. -- Created 1996 Ky. Acts ch. 14, sec. 1, effective July 15, <br>1996.