Under existing law, the Governor is required, on or before July 1 of each even-numbered year, to impanel an Economic Forum, which consists of persons who have the expertise necessary for economic forecasting and are appointed by the Governor. (NRS 353.226) Existing law requires the Economic Forum to make projections for economic indicators and provide an accurate estimate of the revenue that will be collected by the State for general, unrestricted uses during the next biennium and report such projections and estimates to the Governor and the Legislature. (NRS 353.228) Existing law also requires that all projections of revenue and any other information concerning future state revenue contained in the biennial budget proposed to the Legislature be based upon the projections and estimates prepared by the Economic Forum. (NRS 353.230, 353.246) Existing law creates the Technical Advisory Committee on Future State Revenues and requires it to provide all assistance requested by the Economic Forum. (NRS 353.229) Under existing law, the Director of the Legislative Counsel Bureau and the Chief of the Budget Division of the Office of Finance are required to jointly provide the Economic Forum and the Technical Advisory Committee with meeting rooms, staff, data processing services and clerical assistance. (NRS 353.227) Sections 1 and 3 of this bill: (1) remove data processing services from the list of jointly provided items; and (2) authorize the Director to enter into any contracts necessary to assist the Economic Forum and the Technical Advisory Committee in carrying out their duties, including contracts for revenue forecasting and data processing services. Existing law requires the Economic Forum, on or before December 3 of each even-numbered year, to prepare a written report of its projections of economic indicators and estimate of future state revenue and present the report to the Governor and the Legislature. Additionally, existing law requires the Economic Forum, on or before May 1 of each odd-numbered year, to prepare a written report confirming or revising those projections and that estimate and present that report to the Governor and the Legislature. (NRS 353.228) Section 2 of this bill moves the date by which the latter report is required to be prepared and presented from May 1 of each odd-numbered year to April 1 of each odd-numbered year.

Statutes affected:
As Introduced: 353.227, 353.228, 353.229
BDR: 353.227, 353.228, 353.229