48.120 Budget planning report and preliminary and official revenue estimates to be provided by Office of State Budget Director -- Appropriations to be based on official revenue estimates.
<br><br> <br>Page 1 of 1 <br>48.120 Budget planning report and preliminary and official revenue estimates to be <br>provided by Office of State Budget Director -- Appropriations to be based on <br>official revenue estimates. <br>(1) By August 15 of each odd-numbered year, the Office of State Budget Director, in <br>conjunction with the consensus forecasting group, shall provide to each branch of <br>government a budget planning report. The budget planning report shall include: <br>(a) A baseline analysis and projections of economic conditions and outlook; <br>(b) Any potential consequences of the analysis and projections for the <br>Commonwealth's fiscal condition; <br>(c) The revenue estimates and implications for the general fund and road fund for <br>the current fiscal year and next four (4) fiscal years; and <br>(d) Projections of personal income, employment, and economic indicators that <br>reflect economic conditions. <br>(2) By October 15 of each odd-numbered year, the Office of State Budget Director shall <br>provide to each branch of government preliminary revenue estimates made by the <br>consensus forecast group for the general fund and road fund for the current and next <br>two (2) fiscal years, including explanatory statements, and a comparative record of <br>the actual revenues of these funds for each of the last two (2) years concluded. <br>(3) On or before the fifteenth legislative day, the Office of State Budget Director shall <br>certify and present to the General Assembly the official revenue estimates made by <br>the consensus forecasting group for the general fund and road fund for the current <br>and next two (2) fiscal years. <br>(4) Appropriations made in the branch budget bills enacted for each branch of <br>government shall be based upon the official revenue estimates presented to the <br>General Assembly by the Office of State Budget Director under subsection (3) of <br>this section, as modified by the General Assembly. <br>(5) The enacted estimates shall become the official revenue estimates of the <br>Commonwealth upon the branch budget bills becoming law, and shall remain the <br>official revenue estimates of the Commonwealth until revised by the consensus <br>forecasting group as provided in KRS 48.115. <br>Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 78, sec. 5, effective June 25, 2009. -- Amended <br>2000 Ky. Acts ch. 46, sec. 16, effective July 14, 2000. -- Amended 1996 Ky. Acts <br>ch. 14, sec. 2, effective July 15, 1996. -- Amended 1990 Ky. Acts ch. 507, sec. 8, <br>effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 273, sec. 4, effective July 15, <br>1988. -- Created 1982 Ky. Acts ch. 450, sec. 12, effective July 1, 1983. <br><br>