(1)(a) The economic and revenue forecast council is hereby created. The council shall consist of two individuals appointed by the governor, the state treasurer, and eight legislators, two of whom shall be appointed by the chairperson of each of the two largest political caucuses in the senate and house of representatives.
(b) The chair of the council shall be selected from among the eight caucus appointees. The council may select such other officers as the members deem necessary.
(2) The council shall employ an economic, revenue, and transportation revenue forecast supervisor to supervise the preparation of all economic and revenue forecasts, transportation revenue forecasts under RCW
82.33.015, and the presentation of state budget outlooks. As used in this chapter, "supervisor" means the economic, revenue, and transportation revenue forecast supervisor. Approval by an affirmative vote of at least seven members of the council is required for any decisions regarding employment of the supervisor. Employment of the supervisor shall terminate after each term of three years. At the end of the first year of each three-year term the council shall consider extension of the supervisor's term by one year. The council may fix the compensation of the supervisor. The supervisor shall employ staff sufficient to accomplish the purposes of this section.
(3) The economic and revenue forecast council shall oversee the preparation of and approve, by an affirmative vote of at least seven members, the official, optimistic, and pessimistic state economic and revenue forecasts prepared under RCW
82.33.020. If the council is unable to approve a forecast before a date required in RCW
82.33.020, the supervisor shall submit the forecast without approval and the forecast shall have the same effect as if approved by the council.
(4) The economic and revenue forecast council shall oversee the preparation of and approve, by an affirmative vote of at least seven members, the state budget outlook prepared under RCW
82.33.060. If the council is unable to approve a state budget outlook before a date required in RCW
82.33.060, the supervisor shall submit the outlook prepared under RCW
82.33.060 without approval and the outlook shall have the same effect as if approved by the council.
(5) A councilmember who does not cast an affirmative vote for approval of the official economic and revenue forecast or the state budget outlook may request, and the supervisor shall provide, an alternative economic and revenue forecast or state budget outlook based on assumptions specified by the member including, for purposes of the state budget outlook, revenues to and expenditures from additional funds.
(6) Members of the economic and revenue forecast council shall serve without additional compensation but shall be reimbursed for travel expenses in accordance with RCW
44.04.120 while attending sessions of the council or on official business authorized by the council. Nonlegislative members of the council shall be reimbursed for travel expenses in accordance with RCW
43.03.050 and
43.03.060.