Public Finance

Revenue Estimating Conferences

SECTION 35-16-5

§ 35-16-5. Staff support for meetings.

(a) The R.E.C. chairperson and his or her staff will be responsible for preparing and distributing work papers before each conference. Each participant and principal will be responsible for providing the chairperson with the appropriate materials for the work papers on a schedule determined by the chairperson. Failure to meet this schedule shall be grounds, at the chairperson's option, to delay the conference.

(b) Work papers will include a side by side comparison of the revenue scenarios advocated by each of the principals. This analysis and its side by side presentation will be completed in time to distribute to each R.E.C. party at least one full day prior to the scheduled meeting date.

(c) The principals may request each participant to provide the R.E.C. chairperson and the remaining principals an independent revenue estimate and supporting information for each revenue source under the responsibility of the participant's agency. This information should be provided on a schedule provided by the conference chairperson and will be included in the conference comparison report.

(d) The principals may request that each participant shall notify the R.E.C. chairperson of any prospective administrative changes contemplated by their respective agency which will affect the cash flow of any revenue source under consideration.

(e) For general revenue conferences, the principals shall adopt a consensus economic forecast upon which to base revenue estimates. The principals shall obtain the services of economists and economic forecast services as required for this purpose. The consensus economic forecast shall be available to each principal in a timely fashion for each principal to prepare revenue estimates.

History of Section.
(P.L. 1990, ch. 65, art. 49, § 1; P.L. 1990, ch. 407, § 1; P.L. 1998, ch. 31, art. 19, § 1.)