72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 2833
 
                         House Bill 2705
 
Sponsored by COMMITTEE ON REVENUE
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Creates Revenue Forecast Board, position of State Economist and
Council of Revenue Forecast Advisors. States duties of board,
economist and council.
  Declares emergency, effective on passage.
 
                        A BILL FOR AN ACT
Relating to revenue forecasting; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) The Revenue Forecast Board is created.
  (2) The board shall consist of the following four members:
  (a) One member appointed by the President of the Senate.
  (b) One member appointed by the Speaker of the House of
Representatives.
  (c) One member appointed by the Governor.
  (d) One member appointed by the State Treasurer.
  (3) Members of the board shall be residents of this state with
expertise or experience in matters of economics.
  (4)(a) The term of office of a member of the board shall be two
years, beginning January 15 of each odd-numbered year. A member
of the board may be reappointed to successive terms.
  (b) If a member of the board is unable to complete a term of
office, the appointing authority for that member shall appoint a
succeeding member to the board.
  (5) A member of the board is not entitled to compensation.
  (6) At the first meeting of the board for each term, the board
shall select one of its members as chairperson.
  (7) A majority of the members of the board constitutes a quorum
for the transaction of business.
  (8) The Oregon Department of Administrative Services shall
provide staff and administrative support for the board. + }
  SECTION 2.  { + Notwithstanding section 1 of this 2003 Act,
members shall first be appointed to the Revenue Forecast Board
within 60 days following the effective date of this 2003 Act and
shall serve until January 15, 2005. + }
  SECTION 3.  { + The Revenue Forecast Board shall have the
following duties:
  (1) To recommend to the Governor a qualified person to serve as
the State Economist.
  (2) To appoint qualified persons to the Council of Revenue
Forecast Advisors.
 
  (3) To receive the quarterly economic and revenue forecast
prepared by the State Economist. + }
  SECTION 4.  { + (1) The position of State Economist is created
in the Oregon Department of Administrative Services.
  (2) The State Economist shall be appointed by the Governor and
serves at the pleasure of the Governor.
  (3) In appointing a State Economist, the Governor shall
consider the recommendation of the Revenue Forecast Board made
under section 3 of this 2003 Act.
  (4) The duties of the State Economist are to:
  (a) Prepare end-of-session estimates of revenues to be received
by the General Fund as required under section 14, Article IX of
the Oregon Constitution, and ORS 291.349;
  (b) Prepare a quarterly economic and revenue forecast that
reports economic conditions and outlooks and state revenue
collections and forecasts;
  (c) Recommend to the Revenue Forecast Board qualified persons
for appointment to the Council of Revenue Forecast Advisors;
  (d) Consider the recommendations of the Council of Revenue
Forecast Advisers in preparing quarterly economic and revenue
forecasts; and
  (e) Consult with the Governor, the State Treasurer, the
Legislative Assembly, legislative staff and state agencies on
matters of state economic or revenue concern.
  (5) The State Economist shall present quarterly economic and
revenue forecasts to the Revenue Forecast Board before disclosing
the forecast to any other person or entity. + }
  SECTION 5.  { + (1) The Council of Revenue Forecast Advisors is
created.
  (2) The council shall consist of an indeterminate number of
members who are appointed by the Revenue Forecast Board.
  (3) Members of the council shall be from both within and
outside of state government. Members shall have expertise in
matters of state taxation, state government revenue or economics.
  (4) The council shall meet at least quarterly at the request of
the State Economist. The council shall review economic and
revenue data and advise the State Economist on economic
projections and revenue forecasts.
  (5) A member of the council is not entitled to compensation.
  (6) The Oregon Department of Administrative Services shall
provide staff and administrative support for the council. + }
  SECTION 6.  { + This 2003 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2003 Act takes effect on its
passage. + }
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