New Committee Proposed to Improve Accuracy of Predicted Future Revenues
The accuracy of predicted future state revenue needs to be improved, according to a memo issued by a state representative.
December 14, 2017 at 06:39 PM
2 minute read
The accuracy of predicted future state revenue needs to be improved, according to a memo issued by a state representative.
According to state Rep. Seth M. Grove, R-York, forecasting estimated future revenue needs to be improved to help better plan the state's yearly budget. He suggested establishing a Joint Revenue Forecasting Committee.
According to his memo, the committee would consist of a secretary of revenue, secretary of the budget, majority appropriations chairs of the Senate and House, minority appropriations chairs of the Senate and House and one member of the public appointed separately by the governor, president pro tempore of the Senate, speaker of the House, minority leader of the Senate and minority leader of the House. The director of the Independent Fiscal Office would serve as an ex-officio member.
The committee would also be staffed by the Department of Revenue and would be required to form a joint estimate for the state's General Fund by Dec. 16 and May 15 of each year. Grove said his legislation would require the approval of 11 members of the new committee. If 11 members do not approve of the estimate, the governor and General Assembly would use a revenue estimate from the Independent Fiscal Office, according to Grove's memo. The committee can revise an official estimate under the same process with 11 votes.
If the estimate provided by the committee has an error of 3 percent from the collected revenues, the committee would produce a new model for estimating future revenue collections.
— Victoria Hudgins, of the Law Weekly •
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