Agency: 104 - Economic and Revenue Forecast Council
Last Updated: 10/08/2025
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 2026 | FY 2027 | Biennium Total |
|---|---|---|---|
| FTE | 8.1 | 8.1 | 8.1 |
| 001 - General Fund | |||
| State | 948,000 | 946,000 | 1,894,000 |
| 108 - Motor Vehicle Account | |||
| State | 497,000 | 490,000 | 987,000 |
| 578 - Lottery Administrative Account | |||
| State | 25,000 | 25,000 | 50,000 |
| FY 2026 | FY 2027 | Biennium Total | |
|---|---|---|---|
| FTES | 8.1 | 8.1 | 8.1 |
| GFS | 948,000 | 946,000 | 1,894,000 |
| Other | 522,000 | 515,000 | 1,037,000 |
| Totals | 1,470,000 | 1,461,000 | 2,931,000 |
Expected Results
It is the mission of the Economic and Revenue Forecast Council to combine statistical models and the best available data with sound judgment based on knowledge of the state's economy and revenue system to produce forecasts in a collaborative environment. Our performance measure requires that the variance of actual collections should be within 2.5 percent of the forecast.