(a) (1) On or before the third Wednesday in May before the beginning of each fiscal year, the Chief Fiscal Officer of the State shall submit to the Joint Committee on Economic and Tax Policy the following forecasts of general revenues to be available under the Revenue Stabilization Law, § 19-5-101 et seq.:
(A) The official forecast for the upcoming fiscal year, including any revisions necessitated by the revised forecast required under subdivision (a)(1)(B) of this section; and
(B) A revised forecast for the current fiscal year.
(2)
(A) The Joint Committee on Economic and Tax Policy may hold meetings and hearings and request such information, data, or studies as it deems necessary.
(B) Upon hearing evidence and information regarding the outlook for state revenues, the Joint Committee on Economic and Tax Policy shall make its findings on the forecasts of general revenues available for distribution.
(3) A report of the Joint Committee on Economic and Tax Policy's findings shall be sent to the Chief Fiscal Officer of the State.
(b) If the Chief Fiscal Officer of the State determines it has become necessary to change either forecast of general revenues available for distribution, the Chief Fiscal Officer of the State shall report the expected change in forecast to the Office of Economic and Tax Policy and the Joint Committee on Economic and Tax Policy with an explanation of the need for the change.
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