(1) If, prior to final adjournment of any regular
legislative session of the General Assembly, a law is enacted
providing for additional or less money to be deposited into
the General Fund, the committee shall prepare a joint
estimate of those revenues.
(2) The committee may release a revised revenue estimate
90 days following the release of an approved revenue estimate
under subsection (a) only if the estimate is approved by 11
members of the committee.
(c) Submission.--The committee shall submit the revenue
estimates to the Governor, General Assembly, State Treasurer and
Independent Fiscal Office.
(d) Failure to approve estimate.--If the committee fails to
approve a revenue estimate under this section, the Governor and
the General Assembly shall utilize the revenue estimates of the
Independent Fiscal Office for approving General Fund
expenditures.
§ 305. Initial revenue estimate.
The secretary shall convene the committee, which shall
release a revenue estimate for the current fiscal year and
ensuing fiscal year within 30 days of the effective date of this
section. If the committee is unable to agree on a revenue
estimate under section 304 (relating to revenue estimates), the
Governor and the General Assembly shall use a revenue estimate
from the Independent Fiscal Office to enact General Fund
expenditures for the ensuing fiscal year.
§ 306. Revenue estimate error rates.
The committee shall provide a public report on the error
rates of the previous fiscal year revenue estimates no later
than October 1 of the following fiscal year. Revenue error rates
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