Kentucky Statutes 48.120 – Preliminary and official revenue estimates to be provided by Office of State Budget Director — Appropriations to be based on official revenue estimates
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(1) By September 30 of each odd-numbered year, the Office of State Budget Director, in conjunction with the consensus forecasting group, shall provide to each branch of government preliminary revenue estimates. The preliminary revenue estimates shall include:
(a) A baseline analysis and projections of economic conditions and outlook;
(b) Any potential consequences of the analysis and projections for the
Commonwealth’s fiscal condition;
(c) The revenue estimates and implications for the general fund and road fund for the current fiscal year and next two (2) fiscal years; and
(d) Projections of personal income, employment, and economic indicators that reflect economic conditions.
(2) By December 20 of each odd-numbered year, the Office of State Budget Director shall certify and present to the Legislative Research Commission the official revenue estimates made by the consensus forecasting group for the general fund and road fund for the current and next two (2) fiscal years.
(3) Appropriations made in the branch budget bills enacted for each branch of government shall be based upon the official revenue estimates presented to the Legislative Research Commission by the Office of State Budget Director under subsection (2) of this section, as modified by the General Assembly.
(4) The enacted estimates shall become the official revenue estimates of the Commonwealth upon the branch budget bills becoming law, and shall remain the official revenue estimates of the Commonwealth until revised by the consensus forecasting group as provided in KRS § 48.115.
Effective: March 24, 2023
History: Amended 2023 Ky. Acts ch. 92, secs. 2 and 39, effective March 24, 2023. — Amended 2009 Ky. Acts ch. 78, sec. 5, effective June 25, 2009. — Amended 2000
Ky. Acts ch. 46, sec. 16, effective July 14, 2000. — Amended 1996 Ky. Acts ch. 14, sec. 2, effective July 15, 1996. — Amended 1990 Ky. Acts ch. 507, sec. 8, effective July 13, 1990. — Amended 1988 Ky. Acts ch. 273, sec. 4, effective July 15, 1988. — Created 1982 Ky. Acts ch. 450, sec. 12, effective July 1, 1983., (1) at 948.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. III, 30 at 1751.
Legislative Research Commission Note (3/24/2023). This statute was amended by 2023
Ky. Acts ch. 92, secs. 2 and 39, which do not appear to be in conflict and have been codified together.
(a) A baseline analysis and projections of economic conditions and outlook;
Terms Used In Kentucky Statutes 48.120
- Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
- branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
- Budget: means the complete financial plan for each fiscal year contained in a branch budget bill provided for by this chapter. See Kentucky Statutes 48.010
- Consensus forecasting group: means the group established by KRS §. See Kentucky Statutes 48.010
- Enacted estimates: means the revenue estimates used by the General Assembly as the basis for appropriations made in the enacted branch budget bills. See Kentucky Statutes 48.010
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means an independent fiscal and accounting entity with a self-balancing set of accounts recording cash or other resources or both together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities in accordance with legal restrictions or other limitations, to include:
(a) "General Fund. See Kentucky Statutes 48.010 - State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Year: means calendar year. See Kentucky Statutes 446.010
(b) Any potential consequences of the analysis and projections for the
Commonwealth’s fiscal condition;
(c) The revenue estimates and implications for the general fund and road fund for the current fiscal year and next two (2) fiscal years; and
(d) Projections of personal income, employment, and economic indicators that reflect economic conditions.
(2) By December 20 of each odd-numbered year, the Office of State Budget Director shall certify and present to the Legislative Research Commission the official revenue estimates made by the consensus forecasting group for the general fund and road fund for the current and next two (2) fiscal years.
(3) Appropriations made in the branch budget bills enacted for each branch of government shall be based upon the official revenue estimates presented to the Legislative Research Commission by the Office of State Budget Director under subsection (2) of this section, as modified by the General Assembly.
(4) The enacted estimates shall become the official revenue estimates of the Commonwealth upon the branch budget bills becoming law, and shall remain the official revenue estimates of the Commonwealth until revised by the consensus forecasting group as provided in KRS § 48.115.
Effective: March 24, 2023
History: Amended 2023 Ky. Acts ch. 92, secs. 2 and 39, effective March 24, 2023. — Amended 2009 Ky. Acts ch. 78, sec. 5, effective June 25, 2009. — Amended 2000
Ky. Acts ch. 46, sec. 16, effective July 14, 2000. — Amended 1996 Ky. Acts ch. 14, sec. 2, effective July 15, 1996. — Amended 1990 Ky. Acts ch. 507, sec. 8, effective July 13, 1990. — Amended 1988 Ky. Acts ch. 273, sec. 4, effective July 15, 1988. — Created 1982 Ky. Acts ch. 450, sec. 12, effective July 1, 1983., (1) at 948.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. III, 30 at 1751.
Legislative Research Commission Note (3/24/2023). This statute was amended by 2023
Ky. Acts ch. 92, secs. 2 and 39, which do not appear to be in conflict and have been codified together.