KRS 48.115: Preliminary revenue estimates and official revenue estimates required by

KRS 48.120 to be developed by consensus forecasting group -- Revision of

official revenue estimates -- Threshold for implementation of enacted budget

reduction plan.

(1) The revenue estimates for the general fund and the road fund required by KRS

48.120 shall be based on a consensus revenue forecast. The preliminary revenue

estimates and official revenue estimates required by KRS 48.120 shall be developed

by the consensus fore casting group. The members of the consensus forecasting

group shall be jointly selected by the state budget director and the Legislative

Research Commission. The members shall be knowledgeable about the state and

national economy and the revenue and financial conditions of the Commonwealth.

(2) If the Legislative Research Commission or state budget director determines that a

revision to the official revenue estimates is needed, the Legislative Research

Commission or state budget director shall request a rev ision from the consensus

forecasting group. The revised revenue estimates shall become the official revenue

estimates.

(3) The enacted budget reduction plan required by KRS 48.130 shall be implemented

only:

(a) Upon the issuance of an official revenue esti mate from the consensus

forecasting group reflecting a revenue shortfall of five percent (5%) or less; or

(b) At the end of a fiscal year, upon the existence of an actual revenue shortfall of

five percent (5%) or less, as determined by the Office of State Budget

Director.

(4) The state budget director shall coordinate with the Department of Revenue and the

Transportation Cabinet to ensure that the financial and revenue data required for the

forecasting process is made available to the consensus forecasting group.

(5) Staff for the consensus forecasting group shall be provided by the Legislative

Research Commission.