63J-1-205 - Revenue volatility report.
63J-1-205. Revenue volatility report.
(1) Beginning in 2011 and continuing every three years after 2011, the Legislative FiscalAnalyst and the Governor's Office of Planning and Budget shall, by December 20, submit a jointrevenue volatility report to the Executive Appropriations Committee and Tax ReviewCommission.
(2) The Legislative Fiscal Analyst and the Governor's Office of Planning and Budgetshall ensure that the report:
(a) discusses the tax base and the tax revenue volatility of the revenue streams thatprovide the source of funding for the state budget;
(b) identifies the balances in the General Fund Budget Reserve Account and theEducation Fund Budget Reserve Account; and
(c) analyzes the adequacy of the balances in the General Fund Budget Reserve Accountand the Education Fund Budget Reserve Account in relation to the volatility of the revenuestreams.
Enacted by Chapter 138, 2008 General Session