Okla. Stat. tit. 62, § 62-34.2: Estimate of funds expected to accrue to General Revenue

Fund and Special Revenue Funds - Comprehensive economic report.

A. Agencies responsible for the collection of monies deposited

to the credit of the General Revenue Fund and each of the Special

Revenue Funds shall be subject to the provisions of this act. Upon

request of the Director of the Office of Management and Enterprise

Services, these agencies shall provide the Director of the Office of

Management and Enterprise Services an itemized estimate of funds

expected to accrue to the General Revenue Fund and each of the

Special Revenue Funds for the ensuing fiscal year in the manner and

form established by the Director, in accordance with the duties

assigned to the State Board of Equalization in Section 23 of Article

X of the Oklahoma Constitution. Each of these agencies shall also

provide to the Director, as requested, a written explanation of the

methodology and relevant assumptions used in developing the current

and future revenue estimates submitted, a statement of:

1. The prior year’s actual revenue collections;

2. A projection of the current year’s revenue collections; and

3. Estimated revenue collections for the ensuing fiscal year.

No expenditure shall be made from any General Revenue Fund or

Special Revenue Fund until such fund has been assigned to an agency

by law or by the Director of the Office of Management and Enterprise

Services.

B. In addition to providing the information listed above, the

Oklahoma Tax Commission shall also provide to the Director of the

Office of Management and Enterprise Services a comprehensive

economic report no later than two (2) weeks prior to each of the

meetings of the State Board of Equalization pursuant to paragraphs 1

and 3 of Section 23 of Article X of the Constitution of the State of

Oklahoma. Each report shall include a summary of recent national

and state economic performance and a forecast of national and state

economic performance for the current fiscal year and the ensuing

fiscal year. These reports shall be considered a basis upon which

the itemized revenue estimates of the Commission are developed. The

report shall include an analysis of the relative accuracy of the

economic forecasts on which the previous and current fiscal years’

revenue estimates were based.

C. The Tax Commission shall also provide all estimates,

explanations, statements, projections, reports and other documents

required by this section to the President Pro Tempore of the Senate,

members of the Senate Appropriations and Finance Committees, the

Speaker of the House of Representatives and members of the House

Appropriations and Budget Committee at the same time that such

documents are provided to the Director of the Office of Management

and Enterprise Services.