Conn. Gen. Stat. § 2-36b: Legislative committees to meet with Secretary of Office of Policy and Management re report on various state revenue and expenditure issues.

(a) Not later than December fifteenth each year, the joint standing committees of the General Assembly having cognizance of matters relating to appropriations and the budgets of state agencies and finance, revenue and bonding shall meet with the Secretary of the Office of Policy and Management, the director of the legislative Office of Fiscal Analysis, and such other persons as they deem appropriate, to consider the items submitted pursuant to subsection (b) of this section.

(b) On or before November twentieth, annually, the Secretary of the Office of Policy and Management and the director of the legislative Office of Fiscal Analysis shall each submit the following to the joint standing committees of the General Assembly having cognizance of matters relating to appropriations and the budgets of state agencies and finance, revenue and bonding:

(1) For the current biennium and the next ensuing three fiscal years, a consensus estimate of state revenues developed in accordance with subsection (a) of section 2-36c, an estimate of the level of expenditure change from current year expenditures allowable by consensus revenue estimates in each fund, any changes to current year expenditures necessitated by fixed cost drivers and an estimate of material and likely changes to nonfixed costs;

(2) The projected tax credits to be used in the current biennium and the next ensuing three fiscal years, and the assumptions on which such projections are based;

(3) A summary of any estimated deficiencies in the current fiscal year, the reasons for such deficiencies, and the assumptions upon which such estimates are based;

(4) The projected balance in the Budget Reserve Fund at the end of each uncompleted fiscal year of the current biennium and the next ensuing three fiscal years;

(5) The projected bond authorizations, allocations and issuances in each of the next ensuing five fiscal years and their impact on the debt service of the major funds of the state;

(6) An analysis of revenue and expenditure trends and of the major cost drivers affecting state spending, including identification of any areas of concern and efforts undertaken to address such areas, including, but not limited to, efforts to obtain federal funds; and

(7) An analysis of the state's preparedness for plausible recession scenarios, including estimates of the size of multiyear budget deficits that may result from revenue declines and other contingencies, and an assessment of the sufficiency of the Budget Reserve Fund and other state resources to address such budget deficits.

(c) For purposes of this section, “fixed cost drivers” may include costs related to debt service, pension contributions, retiree health care, entitlement programs and federal mandates.