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Home » Budget » Agency Activities » Efficient, Effective and Accountable Government

Efficient, Effective and Accountable Government

Last Updated: 10/13/2021

Provide data, information, and analysis to support decision-making

Strategy: Provide data, information, and analysis to support decision-making

Agency: 104 - Economic and Revenue Forecast Council

A001 - Revenue Forecasting

The Economic and Revenue Forecast Council (ERFC) is an independent body that prepares state economic and general fund and near general fund revenue forecasts for the Governor and the Legislature. It monitors changes in the economic outlook throughout the year to anticipate shifts in revenue collections. This allows both the legislative and executive branches of state government to plan for the most likely revenue projections in preparation of the state budget. Additionally, the agency actively disseminates information about the state economy and revenues through its outreach program which involves in person presentations by staff to both public organizations and private business associations; a user-friendly and regularly updated website; and accessibility to both print and broadcast media. The ERFC also partners with the Office of the State Treasurer to provide information to bond rating agencies and potential investors.

Account FY 2022 FY 2023 Biennium Total
FTE 6.1 6.1 6.1
001 - General Fund
State 903,000 964,000 1,867,000
578 - Lottery Administrative Account
State 25,000 25,000 50,000
FY 2022 FY 2023 Biennium Total
FTES 6.1 6.1 6.1
GFS 903,000.0 964,000.0 1,867,000.0
Other 25,000.0 25,000.0 50,000.0
Totals 928,000.0 989,000.0 1,917,000.0

001758 - Revenue forecast accuracy

The average adjusted revenue variance per month, following each forecast, as published in the Monthly Economic & Revenue Update. Non-economic special one-time factors that may affect collections are not considered.
Biennium Period Actual Target
2017-19 A2 2% 3%
2017-19 A3 0% 3%
2019-21 A2 0% 3%
2019-21 A3 0% 3%

001773 - Overall stakeholder satisfaction

Stakeholders include legislators, staff at other agencies, taxpayers, and those on our Listserv. The survey is conducted annually.
Biennium Period Actual Target
2017-19 A2 0 4
2017-19 A3 0 4
2019-21 A2 0 4
2019-21 A3 0 4