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USA Statutes : maine
Title : Title 05. ADMINISTRATIVE PROCEDURES AND SERVICES
Chapter : Chapter 151-B. CONSENSUS REVENUE FORECASTING (HEADING. PL 1995, c. 368, Pt. J, @1 (new))
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Title 5 - §1710-A. Duties of commission
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 151-B: CONSENSUS REVENUE FORECASTING (HEADING: PL 1995, c. 368, Pt. J, @1 (new))
§1710-A. Duties of commission
1. Duties. The Consensus Economic Forecasting Commission shall develop 5-year and 10-year macroeconomic secular trend forecasts and
one-year, 2-year and 4-year economic forecasts.
[1995, c. 368, Pt. J, §1 (new).]
2. Biennial economic assumptions. The commission shall submit recommendations for state economic assumptions for the next fiscal biennium and analyze economic
assumptions for the current fiscal biennium, which must be approved by a majority of the commission members. No later than
November 1st of each even-numbered year, the commission shall submit to the Governor, the Legislative Council, the Revenue
Forecasting Committee and the joint standing committee of the Legislature having jurisdiction over appropriations and financial
affairs a report that presents the analyses, findings and recommendations for economic assumptions related to revenue forecasting
for the next fiscal biennium. In its report, the commission shall fully describe the methodology employed in reaching its
recommendations.
[1997, c. 643, Pt. W, §1 (amd).]
3. Current biennium adjustments. No later than February 1st and November 1st annually the commission shall submit to the Governor, the Legislative Council,
the Revenue Forecasting Committee and the joint standing committee of the Legislature having jurisdiction over appropriations
and financial affairs a report that presents the commission's findings and recommendations for adjustments to the economic
assumptions for the current fiscal biennium. In each report the commission shall fully describe the methodology employed
in reaching its recommendations.
[1997, c. 643, Pt. W, §1 (amd).]
Section History:
PL 1995,
Ch. 368,
§J1
(NEW).
PL 1997,
Ch. 643,
§W1
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
Title 5 - §1710-B. Contracts
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 151-B: CONSENSUS REVENUE FORECASTING (HEADING: PL 1995, c. 368, Pt. J, @1 (new))
§1710-B. Contracts
The commission may enter into contractual arrangements subject to state purchasing procedures for the procurement of economic
forecasting models, data, assumptions and assistance in analyzing the data.
[1995, c. 368, Pt. J, §1 (new).]
Section History:
PL 1995,
Ch. 368,
§J1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
Title 5 - §1710-C. Meetings
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 151-B: CONSENSUS REVENUE FORECASTING (HEADING: PL 1995, c. 368, Pt. J, @1 (new))
§1710-C. Meetings
The commission shall meet at least 4 times a year. Additional meetings may be called by the chair or by any 3 members. All
meetings are open to the public.
[1995, c. 368, Pt. J, §1 (new).]
Section History:
PL 1995,
Ch. 368,
§J1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
Title 5 - §1710-D. Staffing
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 151-B: CONSENSUS REVENUE FORECASTING (HEADING: PL 1995, c. 368, Pt. J, @1 (new))
§1710-D. Staffing
The commission may receive staff support from the State Planning Office.
[1995, c. 368, Pt. J, §1 (new).]
Section History:
PL 1995,
Ch. 368,
§J1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
Title 5 - §1710-E. Revenue Forecasting Committee; established; membership
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 151-B: CONSENSUS REVENUE FORECASTING (HEADING: PL 1995, c. 368, Pt. J, @1 (new))
§1710-E. Revenue Forecasting Committee; established; membership
There is established the Revenue Forecasting Committee, referred to in this chapter as the "committee," for the purpose of
providing the Governor, the Legislature and the State Budget Officer with analyses, findings and recommendations relating
to the projection of revenues for the General Fund and the Highway Fund based on economic assumptions recommended by the Consensus
Economic Forecasting Commission. The committee includes the State Budget Officer, the State Tax Assessor, the State Economist,
an economist on the faculty of the University of Maine System selected by the chancellor, the Director of the Office of Fiscal
and Program Review and another member of the Legislature's nonpartisan staff familiar with revenue estimating issues appointed
by the Legislative Council. One of the 6 members must be selected by a majority vote of the committee members to serve as
the chair of the committee.
[2001, c. 2, §1 (amd).]
Section History:
PL 1995,
Ch. 368,
§J1
(NEW).
PL 1997,
Ch. 655,
§4
(AMD).
PL 1999,
Ch. 127,
§A8
(AMD).
PL 2001,
Ch. 2,
§1
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
Title 5 - §1710-F. Duties of committee
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 151-B: CONSENSUS REVENUE FORECASTING (HEADING: PL 1995, c. 368, Pt. J, @1 (new))
§1710-F. Duties of committee
1. Duties; use of economic assumptions. The committee shall develop current fiscal biennium and 2 ensuing fiscal biennia revenue projections using the economic
assumptions recommended by the Consensus Economic Forecasting Commission.
[1997, c. 157, §1 (amd).]
2. Biennial revenue projections. The committee shall submit recommendations for state revenue projections for the next 2 fiscal biennia and analyze revenue
projections for the current fiscal biennium, which must be approved by a majority of the committee members. No later than
December 1st of each even-numbered year, the committee shall submit to the Governor, the Legislative Council, the joint standing
committee of the Legislature having jurisdiction over appropriations and financial affairs and the State Budget Officer a
report that presents the analyses, findings and recommendations for General Fund and Highway Fund revenue projections for
the next 2 fiscal biennia. In its report the committee shall fully describe the methodology employed in reaching its recommendations.
Revenue projections for other funds of the State may be included in the report at the discretion of the committee.
[1997, c. 157, §1 (amd).]
3. Current and ensuing biennium adjustments. No later than March 1st and December 1st annually the committee shall submit to the Governor, the Legislative Council, the
joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs and the State Budget
Officer a report that presents the analyses, findings and recommendations for adjustments to General Fund revenue and Highway
Fund revenue for the current and ensuing fiscal biennia. In each report the committee shall fully describe the methodology
employed in reaching its recommendations. Revenue adjustments for other funds of the State may be included in the report
at the discretion of the committee.
[1997, c. 157, §1 (amd).]
4. Appropriation limitation. The committee shall make all determinations necessary to make the appropriation limitation calculations required under chapter
142.
[2005, c. 2, Pt. A, §8 (new); §14 (aff).]
Section History:
PL 1995,
Ch. 368,
§J1
(NEW).
PL 1997,
Ch. 157,
§1
(AMD).
PL 2005,
Ch. 2,
§A14
(AFF).
PL 2005,
Ch. 2,
§A8
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
Title 5 - §1710-G. Use of revenue forecasts
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 151-B: CONSENSUS REVENUE FORECASTING (HEADING: PL 1995, c. 368, Pt. J, @1 (new))
§1710-G. Use of revenue forecasts
The State Budget Officer shall use the revenue projections recommended by the committee in setting revenue estimates in accordance
with section 1665, subsection 3. The State Budget Officer shall use the revenue projections of the committee in preparing
General Fund and Highway Fund revenue and expenditure forecasts in accordance with section 1664 and section 1665, subsection
7. If new information becomes available and the State Budget Officer wishes to recommend an adjustment to the revenue projections
already recommended by the committee, the State Budget Officer shall convene a meeting of the committee as soon as practicable
so that the committee may review any new data and make any additional recommendations it feels necessary.
[1997, c. 655, §5 (amd).]
Section History:
PL 1995,
Ch. 368,
§J1
(NEW).
PL 1997,
Ch. 157,
§1
(AMD).
PL 1997,
Ch. 655,
§5
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
Title 5 - §1710-H. Meetings
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 151-B: CONSENSUS REVENUE FORECASTING (HEADING: PL 1995, c. 368, Pt. J, @1 (new))
§1710-H. Meetings
The committee shall meet at least 4 times a year. Additional meetings may be called by a majority vote of the committee or
by the State Budget Officer as specified in section 1710-G.
[1997, c. 655, §6 (amd).]
Section History:
PL 1995,
Ch. 368,
§J1
(NEW).
PL 1997,
Ch. 655,
§6
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
Title 5 - §1710-I. Staffing
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 151-B: CONSENSUS REVENUE FORECASTING (HEADING: PL 1995, c. 368, Pt. J, @1 (new))
§1710-I. Staffing
The committee may receive staff assistance from the Bureau of the Budget, the State Planning Office, the Bureau of Revenue
Services and, at the discretion of the Legislature, the Office of Fiscal and Program Review. The committee may also utilize
other professionals having revenue forecasting, economic and fiscal expertise.
[1995, c. 368, Pt. J, §1 (new); 1997, c. 526, §14 (amd).]
Section History:
PL 1995,
Ch. 368,
§J1
(NEW).
PL 1997,
Ch. 526,
§14
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
Title 5 - §1710-J. Access to information
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 151-B: CONSENSUS REVENUE FORECASTING (HEADING: PL 1995, c. 368, Pt. J, @1 (new))
§1710-J. Access to information
In order to assist the committee, the Department of Administrative and Financial Services shall provide information and data
to the committee on request. The committee members are bound by the confidentiality restrictions concerning certain tax records
described in Title 36, chapter 7. The State Tax Assessor may disclose any corporate or individualized income tax data, sales
and use tax data, business tax data, property tax data or other tax data to the committee or its staff. This information
may be requested in any form, including paper records, computerized data or summary statistics, but may not be transmitted
with any identification by taxpayer name, number or address and must be aggregated to include at least 3 taxpayers. The State
Tax Assessor shall provide information annually to the committee before the committee's December 1st report pursuant to section
1710-F concerning the amount of actual capital gains and losses experienced by taxpayers filing income tax returns in the
State under Title 36, Part 8 for tax years ending in the previous calendar year. Data reported concerning capital gains and
losses may be distributed by decile or quartile. In the absence of actual data, the State Tax Assessor may provide estimates
of the capital gains or loss experience.
[2001, c. 652, §1 (amd).]
Section History:
PL 1995,
Ch. 368,
§J1
(NEW).
PL 2001,
Ch. 652,
§1
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
Title 5 - §1710. Consensus Economic Forecasting Commission; membership
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 151-B: CONSENSUS REVENUE FORECASTING (HEADING: PL 1995, c. 368, Pt. J, @1 (new))
§1710. Consensus Economic Forecasting Commission; membership
The Consensus Economic Forecasting Commission established by Title 5, section 12004-I, subsection 29-B, to provide the Governor,
the Legislature and the Revenue Forecasting Committee with analyses, findings and recommendations representing state economic
assumptions relevant to revenue forecasting, and referred to in this chapter as the "commission," consists of 5 members appointed
as follows: two members appointed by the Governor; one member recommended for appointment to the Governor by the President
of the Senate; one member recommended for appointment to the Governor by the Speaker of the House of Representatives; and
one member appointed by the other members of the commission. One of the 5 members must be selected by a majority vote of the
committee members to serve as the chair of the commission. Commission members must be appointed within 15 days of the effective
date of this section and serve until January 1997. Thereafter, the commission members are appointed in January of odd-numbered
years. A member may not be a Legislator or an employee of the Executive Department, the Legislature or the Judicial Department.
Each commission member must have professional credentials and demonstrated expertise in economic forecasting.
[1995, c. 368, Pt. J, §1 (new).]
div>
All members are appointed for terms to coincide with the legislative biennium. Vacancies must be filled in the same manner
as the original appointments for the balance of the unexpired term, except as otherwise provided in this section.
[1995, c. 368, Pt. J, §1 (new).]
div>
If one or more positions on the commission remains unfilled on the 16th day after the effective date of this section or the
expeditious filling of a vacancy is required to enable the commission to perform its duties in an efficient and timely manner,
the Governor shall make those appointments at such times and in such a manner as the Governor determines necessary.
[1995, c. 368, Pt. J, §1 (new).]
Section History:
PL 1995,
Ch. 368,
§J1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
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