§172. Revenues
A. The Revenue Estimating Conference shall determine the revenues to be used in the base-line projection by establishing the following:
(1) The official forecast for the current year.
(2) The official forecast for the ensuing fiscal year.
(3) A projection of money available for appropriation in each fiscal year for the three-year period following the ensuing fiscal year.
B. The revenues to be used in the base-line projection shall be determined by the Revenue Estimating Conference through a process to be decided by the conference except that any final action establishing these revenues shall be taken only pursuant to a unanimous decision by all of the conference principals.
C. The Economic Estimating Conference shall prepare and revise, as necessary, the projections of money available for appropriation in each fiscal year for the three-year period following the ensuing fiscal year. This estimate shall be submitted to the Revenue Estimating Conference each time it meets to establish or revise an official forecast for the current or ensuing fiscal year. The Revenue Estimating Conference shall consider this forecast in determining the base-line projection as provided by this Section.
D. The official forecasts for the current and ensuing fiscal years and the most recently adopted projections of money available for appropriation in each fiscal year for the three-year period following the ensuing fiscal year shall be the revenue figures used in the base-line projection.
Acts 1992, No. 827, §1, eff. Aug. 1, 1992.
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