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REVENUE FORECAST AND BUDGET OUTLOOK

FRD_ConsensusRevenueBudgetOutlook

Consensus Revenue

Consensus Revenue Process • Statutory Guidelines do not address the budget revenue forecast • Fiscal Research and the Office of State Budget and Management develop independent forecasts • Prior to release of Governor’s biennial budget, forecasters meet to develop a consensus forecast 4

Consensus Revenue Process • In early May, after April receipts have been recorded, the legislature and/or the Governor can request a revised consensus forecast • In even-numbered years there is a revision to the forecast for the second year of the biennium. The revised forecast usually takes place in early May 5

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