Date: 12/20/2010
Final
OSPB Forecast
COMMITTEE ON LEGISLATIVE COUNCIL
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11:30 AM -- OSPB Forecast
Lisa Esgar, OSPB, introduced Peter Strecker to present the forecast (Attachment E). He referred the members to page 3 of the OSPB forecast, noting the difference between the OSPB forecast and the Legislative Council forecast. He then referred the members to page 5 of the OSPB forecast. He noted that the forecast he is presenting contains proposed bills from the governor to balance the budget. He also noted that the OSPB forecast assumes that the transfers from SB 09-228 will impact the FY 2012-13 budget. He then referred the committee to page 8, which discusses TABOR and Referendum C revenue limits. He also discussed page 11, which is the OSPB General Fund revenue estimate by tax category.
11:39 AM
Mr. Strecker responded to questions about: the difference in the Legislative Council General Fund estimate and the OSPB estimate; Table 6 of the OSPB forecast; and the anticipated increases in personal income growth reflected in the OSPB forecast. Representative Ferrandino asked a question about page 27 of the OSPB forecast. A discussion on personal income growth ensued, with Mr. Strecker noting that OSPB uses information from Moody's to calculate the forecast. Ms. Esgar also discussed the differences between the forecasts, noting that OSPB applies the budget balancing proposals. She noted that under either forecast, it does not appear to need additional funds to balance the current fiscal year. She explained that OSPB staff is continuing to meet with the current Governor and is meeting with the Governor elect to balance the budget.