Chapter 8, Laws of 2012, requires the legislature to adopt a four-year balanced budget.
Beginning in the 2013-2015 fiscal biennium, the legislature shall enact a balanced omnibus operating appropriations bill that leaves, in total, a positive ending fund balance in the general fund and related funds.
The projected maintenance level of the omnibus appropriations bill enacted by the legislature shall not exceed the available fiscal resources for the next ensuing fiscal biennium.
The Economic and Revenue Forecast Council will oversee the preparation of and approve, by an affirmative vote of at least five members, the state budget outlook prepared by the Budget Outlook Work Group. If the Council is unable to approve a state budget outlook before the date required, the outlook prepared without approval shall have the same effect as if approved by the Council.
The supervisor of the forecast, and the staff of the Office of the Economic and Revenue Forecast Council in odd-numbered years, will extend the forecasts for the state general fund and related fund to the next ensuing fiscal biennium in addition to the current fiscal biennium. In even-numbered years, the period covered by the forecasts for the state general fund and related funds shall be current fiscal and the next two ensuing fiscal biennia. All other budget outlook work is done by the members of the Budget Outlook Work Group.
Latest Official Outlook