Specifications include, but are not limited to: 2.2.1 Biannual Revenue Forecasts: The Contractor will prepare at minimum two revenue forecasts for Emergency Board1 adoption each year. The January forecast is for the current fiscal year and two succeeding fiscal years. The July forecast is for the current fiscal year and the next fiscal year. The first scheduled forecast will be January 2025 for fiscal years 2025, 2026, and 2027. The forecasts will incorporate changes in law enacted during the most recent session of the General Assembly and include updated State and U.S. macroeconomic assumptions, developed on a consensus basis with the Executive Branch economist if possible, utilizing the most current official State economic forecast from Moody’s Analytics and/or other sources, as well as actual revenue collections from the preceding six months. This forecast will also include a preliminary estimate for the fiscal year two years hence. The forecast will be source specific for the General Fund, including selected health care categories, Transportation Fund, and applicable segments of the Education Fund. It will include estimates of other revenue sources identified by JFO, including the TIB dedicated funds, the fuel gross receipts tax, the payroll tax and related impacts, cannabis taxes, and the various tobacco taxes. Selected source forecast assumptions will also be provided to JFO, including gasoline gallonage population by single age, inflation and price data, etc.
