OLR Bill Analysis

sSB 26

AN ACT CONCERNING DEADLINES FOR CONSENSUS REVENUE ESTIMATES.

SUMMARY:

This bill extends the deadlines for:

1. the Office of Policy and Management (OPM) secretary and the Office of Fiscal Analysis (OFA) director to issue the initial consensus revenue estimate for the current biennium and the three following fiscal years from October 15 to November 10 annually;

2. the comptroller to issue the initial estimate if the secretary and the director do not agree on a joint estimate, from October 25 to November 20 annually; and

3. issuing all consensus revenue estimates or revisions to the next business day when any statutory deadline falls on a weekend or holiday.

By law, the OPM secretary and the OFA director must issue (1) the first consensus revenue estimate by a specified date in the fall of each fiscal year and (2) any necessary consensus revisions of those estimates or a statement that no revision is needed by January 15 and April 30 annually. The law also specifies deadlines for the comptroller to issue an initial and any necessary revised revenue estimates if the OPM secretary and the OFA director cannot agree.

EFFECTIVE DATE: Upon passage

COMMITTEE ACTION

Finance, Revenue and Bonding Committee

Joint Favorable Substitute

Yea

44

Nay

6

(04/03/2012)