{"data":{"id":"us-ky/krs-48.115","jurisdiction":"us-ky","citation":"KRS 48.115","heading":"Preliminary revenue estimates and official revenue estimates required by","body":"KRS 48.120 to be developed by consensus forecasting group -- Revision of\nofficial revenue estimates -- Threshold for implementation of enacted budget\nreduction plan.\n(1) The revenue estimates for the general fund and the road fund required by KRS\n48.120 shall be based on a consensus revenue forecast. The preliminary revenue\nestimates and official revenue estimates required by KRS 48.120 shall be developed\nby the consensus fore casting group. The members of the consensus forecasting\ngroup shall be jointly selected by the state budget director and the Legislative\nResearch Commission. The members shall be knowledgeable about the state and\nnational economy and the revenue and financial conditions of the Commonwealth.\n(2) If the Legislative Research Commission or state budget director determines that a\nrevision to the official revenue estimates is needed, the Legislative Research\nCommission or state budget director shall request a rev ision from the consensus\nforecasting group. The revised revenue estimates shall become the official revenue\nestimates.\n(3) The enacted budget reduction plan required by KRS 48.130 shall be implemented\nonly:\n(a) Upon the issuance of an official revenue esti mate from the consensus\nforecasting group reflecting a revenue shortfall of five percent (5%) or less; or\n(b) At the end of a fiscal year, upon the existence of an actual revenue shortfall of\nfive percent (5%) or less, as determined by the Office of State Budget\nDirector.\n(4) The state budget director shall coordinate with the Department of Revenue and the\nTransportation Cabinet to ensure that the financial and revenue data required for the\nforecasting process is made available to the consensus forecasting group.\n(5) Staff for the consensus forecasting group shall be provided by the Legislative\nResearch Commission.","path":["KRS Chapter 48"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53482","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:09Z","sha256":"bf5f4526968ec820c59676f6181a67701d615005b85cadf87401a1b8a4b562df","source_id":"us-ky","stale":false,"prev":"us-ky/krs-48.112","next":"us-ky/krs-48.117"},"notice":"GroundRules: Original legal text. Not legal advice."}