The Budget Outlook must:
- Address major budget and revenue drivers including trends and variability in these drivers;
- Clearly state the assumptions used in the estimates of baseline and projected expenditures and any adjustments made to those estimates;
- Clearly state the assumptions used in the baseline revenue estimates and any adjustments to those estimates;
- Include the impact of previously enacted legislation with a future implementation date;
- Separately include projections based on the revenue and expenditures proposed in the governor's budget documents submitted to the legislature;
- Each January, the state budget outlook work group shall also prepare, subject to the approval of the ERFC, a state budget outlook for state revenues and expenditures that reflects the governor's proposed budget document submitted to the legislature.
- Within thirty days following enactment of an operating budget by the legislature, the work group shall prepare, a state budget outlook for state revenues and expenditures that reflects the enacted budget;
- Publish its proposed methodology on this web site; and, provide recommendations to change the outlook process to increase reliability and accuracy beginning December 1, 2013 and every five years thereafter.