Bill Text: AZ HB2060 | 2015 | Fifty-second Legislature 1st Regular | Engrossed
Bill Title: State budget; consensus forecast
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-02-17 - House majority caucus: Do pass [HB2060 Detail]
Download: Arizona-2015-HB2060-Engrossed.html
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House Engrossed |
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State of Arizona House of Representatives Fifty-second Legislature First Regular Session 2015
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HOUSE BILL 2060 |
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AN ACT
amending Title 35, chapter 1, article 2, Arizona Revised Statutes, by adding section 35-110; amending sections 35‑111 and 35‑125, Arizona Revised Statutes; relating to budget preparation.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 35, chapter 1, article 2, Arizona Revised Statutes, is amended by adding section 35-110, to read:
35-110. Consensus revenue forecast
A. On March 1, September 1 and December 1 of each year, the director of the joint legislative budget committee and the director of the governor's office of strategic planning and budgeting shall jointly compile a consensus revenue forecast for the current fiscal year and the next three fiscal years.
B. The consensus revenue forecast shall consist of:
1. The average of the transaction privilege tax, individual income tax and corporate income tax forecasts determined by:
(a) The director of the joint legislative budget committee.
(b) The director of the governor's office of strategic planning and budgeting.
(c) A financial advisory committee appointed by the joint legislative budget committee.
(d) An econometric model developed by the University of Arizona that assumes the most probable economic conditions.
(e) An econometric model developed by the University of Arizona that assumes less favorable economic conditions.
2. An estimate determined jointly by the director of the joint legislative budget committee, the director of the governor's office of strategic planning and budgeting and the financial advisory committee appointed by the joint legislative budget committee of all state revenue not included in the calculation required by paragraph 1 of this subsection.
C. The director of the joint legislative budget committee and the director of the governor's office of strategic planning and budgeting shall jointly transmit the consensus revenue forecast to the governor, the speaker of the house of representatives and the president of the senate.
Sec. 2. Section 35-111, Arizona Revised Statutes, is amended to read:
35-111. Executive budget; consensus revenue forecast; revisions
Every year for annual budget units and biennially in odd‑numbered years for biennial budget units, not later than five days after the regular session of the legislature convenes, the governor shall submit to the legislature a budget containing a complete plan of expenditures proposed to be made before the close of the two ensuing fiscal years for biennial budget units and for the next fiscal year for annual budget units and all monies and revenues estimated to be available therefor as determined by the December 1 consensus revenue forecast pursuant to section 35‑110 as adjusted for any proposed revenue changes contained in the budget submitted, together with an explanation of the basis of the estimates and recommendations as to proposed legislation, if any, which that the governor deems necessary to provide revenues sufficient to meet the proposed expenditures. The plan shall delineate each fiscal year separately. Not later than five days after the regular session of the legislature convenes in even‑numbered years, the governor may submit to the legislature any proposed revisions to the enacted budgets for the current and ensuing fiscal years. The plan shall include an estimate of all available monies and revenues as determined by the December 1 consensus revenue forecast pursuant to section 35‑110 as adjusted for any proposed revenue changes contained in the budget revisions submitted and an explanation for any changes to the enacted budgets.
Sec. 3. Section 35-125, Arizona Revised Statutes, is amended to read:
35-125. Revenue and expenditure estimates; three-year plan; public hearing
The general appropriation act shall include a provision that delineates the revenue and expenditure estimates for the following three years. The revenue estimates shall be based on the most recent consensus revenue forecast compiled pursuant to section 35‑110 as adjusted for revenue changes that were enacted after the most recent forecast was compiled or that are contained in the general appropriation act or related budget reconciliation legislation. The expenditure estimates shall be based on existing statutory funding requirements. Before the adoption of the general appropriation act, the legislature shall discuss the estimates in a public hearing.
