BILL REQ. #:  S-2599.1 

Read first time 04/15/13.   Referred to Committee on Ways & Means.

     AN ACT Relating to providing that a quarterly revenue forecast is due on February 20th during both a long and short legislative session year; and reenacting and amending RCW 82.33.020.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

Sec. 1   RCW 82.33.020 and 2012 1st sp.s. c 8 s 3 and 2012 c 182 s 1 are each reenacted and amended to read as follows:
     (1) Four times each year the supervisor must prepare, subject to the approval of the economic and revenue forecast council under RCW 82.33.010:
     (a) An official state economic and revenue forecast;
     (b) An unofficial state economic and revenue forecast based on optimistic economic and revenue projections; and
     (c) An unofficial state economic and revenue forecast based on pessimistic economic and revenue projections.
     (2) The supervisor must submit forecasts prepared under this section, along with any unofficial forecasts provided under RCW 82.33.010, to the governor and the members of the committees on ways and means and the chairs of the committees on transportation of the senate and house of representatives, including one copy to the staff of each of the committees, on or before November 20th, February 20th ((in the even-numbered years, March 20th in the odd-numbered years)), June 27th, and September 27th. All forecasts must include both estimated receipts and estimated revenues in conformance with generally accepted accounting principles as provided by RCW 43.88.037. In odd-numbered years, the period covered by forecasts for the state general fund and related funds must cover the current fiscal biennium and the next ensuing fiscal biennium. In even-numbered years, the period covered by the forecasts for the state general fund and related funds shall be current fiscal and the next two ensuing fiscal biennia.
     (3) All agencies of state government must provide to the supervisor immediate access to all information relating to economic and revenue forecasts. Revenue collection information must be available to the supervisor the first business day following the conclusion of each collection period.
     (4) The economic and revenue forecast supervisor and staff must co-locate and share information, data, and files with the tax research section of the department of revenue but may not duplicate the duties and functions of one another.
     (5) As part of its forecasts under subsection (1) of this section, the supervisor must provide estimated revenue from tuition fees as defined in RCW 28B.15.020.
     (6) The economic and revenue forecast council must, in consultation with the economic and revenue forecast work group created in RCW 82.33.040, review the existing economic and revenue forecast council revenue model, data, and methodologies and in light of recent economic changes, engage outside experts if necessary, and recommend changes to the economic and revenue forecast council revenue forecasting process to increase confidence and promote accuracy in the revenue forecast. The recommendations are due by September 30, 2012, and every five years thereafter.