Nebraska Statutes 50-419. Fiscal analyst; powers and duties
(1) The Legislative Fiscal Analyst shall provide fiscal and budgetary information and assistance to the Legislature and the Appropriations Committee. During sessions of the Legislature he or she shall work under the direction of the Appropriations Committee of the Legislature. During the interim between legislative sessions he or she shall work under the direction of the Executive Board of the Legislative Council.
Terms Used In Nebraska Statutes 50-419
- Appraisal: A determination of property value.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Year: shall mean calendar year. See Nebraska Statutes 49-801
The Legislative Fiscal Analyst shall provide:
(a) Factual information and recommendations concerning the financial operations of state government;
(b) Evaluation of the requests for appropriations contained in the executive budget and recommendations thereon;
(c) Studies of capital outlay needs for the orderly and coordinated development of state institutions and institutional programs authorized, if not otherwise provided by law;
(d) Plans for legislative appropriation and control of funds, with presession analysis of budgetary requirements; and
(e) The following cycle of analyses of long-term fiscal sustainability, beginning in FY2020-21:
(i) In even-numbered years, the joint revenue volatility report required under section 50-419.02 ;
(ii) In odd-numbered years, a budget stress test comparing estimated future revenue to and expenditure from major funds and tax types under various potential economic conditions; and
(iii) Every four years, a long-term budget for programs appropriated for major funds and tax types.
(2) His or her duties shall also include examining or auditing functions or services authorized by the Legislature to determine if funds are expended according to legislative intent and whether improvements in organization and performance are possible. The examining function shall also include the appraisal of functions for needed reforms.
(3) His or her duties shall be to coordinate his or her activities with the budget officer of the Department of Administrative Services.
(4) All information and reports of the fiscal analyst and Appropriations Committee shall be available to any and all members of the Legislature.
(5) The Legislative Fiscal Analyst shall provide revenue-forecasting information and assistance to the Legislature, the Revenue Committee of the Legislature, and the Appropriations Committee of the Legislature. For the purposes of this subsection, he or she shall work under the direction of the Revenue Committee of the Legislature and the Appropriations Committee of the Legislature. The revenue-forecasting information provided under this subsection shall include:
(a) The estimated revenue receipts for each year of the following biennium, including comparisons of current estimates for:
(i) Each major tax type to long-term trends for that tax type;
(ii) Federal fund receipts to long-term federal fund trends; and
(iii) Tax collections and federal fund receipts to long-term trends;
(b) General Fund reserve requirements;
(c) A list of express obligations; and
(d) A summary of economic conditions affecting the State of Nebraska.