RTIC Seeks Input on Revenue Estimate - news.mt.gov

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RTIC Seeks Input on Revenue Estimate

Tuesday, October 2, 2018/Categories: Legislative Branch/Tags:

The Revenue and Transportation Interim Committee is responsible for adopting a revenue estimate for introduction to the 2019 Legislature and seeks input from interested parties and industry representatives.

Revenue Estimate Background

The revenue estimate is an estimate of general fund revenue and selected nongeneral fund revenue for the next three fiscal years: 2019, 2020, and 2021. Revenues are estimated by revenue source (such as individual income tax, property tax, and corporate income tax), and significant assumptions are also included in the estimate.  You can view an example of the 2017 revenue estimate here. The revenue estimate is used for ensuring the budget is balanced, which is a constitutional requirement.

The Legislative Fiscal Division and the Governor’s Office of Budget and Program Planning will present independent revenue estimates to the committee at a meeting on November 19, 2018. After receiving the revenue estimate information and taking public comment, the committee will discuss which numbers to use in the revenue estimate and direct staff to draft the adopted estimate as House Joint Resolution 2.

At the committee’s September meeting, members discussed how to gather additional information for use in their revenue estimate deliberations and decided to ask for input from entities that may have information about the state’s economy.

How to Submit Comments

The committee is interested in comments that are specific and directly applicable to the revenue estimate. Because revenue estimates will not be available until mid-November 2018, those interested in commenting may wish to provide information about the assumptions used for the various revenue sources. Assumptions used in the 2017 estimate begin on page 7 and may serve as an example.

Please provide written comments to committee staff, Megan Moore, at memoore@mt.gov by November 2, 2018. The comments will be distributed to committee members and posted on the committee website. Committee members with questions will send the questions to staff to be directed to the appropriate entity, and answers will be provided to the entire committee.

Public comment may also be given in person at the Capitol in Helena on November 19, 2018. Comments provided at the meeting should be responsive to the revenue estimate presentations. An agenda will be released in the coming weeks, and those who plan to comment are asked to contact staff so sufficient time may be scheduled.

Contact Information

Questions and comments may be directed to staff at memoore@mt.gov or 406-444-4496.

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