(a) Short title. This Act may be cited as the “Revenue Estimating Conference Act”.
(b) Definitions. As used in this section:
(1) “Conference” means the Revenue Estimating Conference established by this Act.
(2) “Principal” means a person designated in subsection (d) to be a principal of the Conference.
(c) A Revenue Estimating Conference shall be held twice a year, in March and September. Additionally, a Conference shall be convened by the chairperson upon the written request of a principal.
(d) The principals of the Conference shall be the Director of the Office of Management and Budget, the Commissioner of Finance, the Director of the Bureau of Internal Revenue, the Post Auditor of the Legislature, the President of the Legislature, the Chief Economist of the Bureau of Economic Research, the President of the St. Croix Chamber of Commerce, the President of the St. Thomas-St. John Chamber of Commerce and the President of the University of the Virgin Islands, or their respective designees. At least one (1) principal shall have revenue forecasting or economic expertise.
(e) The chairperson of the first Conference shall be the President of the Legislature, who shall convene the first Conference, and thereafter the position of the chairperson shall rotate among the principals, as determined by the principals, each year.
(f) The chairperson shall convene Conference sessions, preside over Conference sessions, and specify topics to be included on the Conference agenda, and may invite persons to make a presentation or to offer testimony to the Conference.
(g) The chairperson may request and shall receive from all public officers, departments, agencies, authorities, and instrumentalities, the assistance and data needed to enable it to fulfill its duties.
(h) The chairperson is also responsible for preparing and distributing the necessary work papers before the Conference sessions. The work papers shall include comparisons between alternative information where a comparison is warranted.
(i) The Conference shall establish an official economic forecast of major variables of the territorial economy. The Conference shall also establish a forecast of anticipated territorial revenues, listed as recurring and non-recurring in form as the Conference considers, among other factors and indicators, the following:
(1) Territorial income tax collections;
(2) Territorial gross receipts tax collections;
(3) Territorial corporate income tax collections;
(4) Total general fund/general purpose revenues; and
(5) Any other form of territorial revenue as required by law.
(j) The principals, at their discretion, may employ the use of a software program to assist with their forecasting responsibilities.
(k) The September forecast required by this section shall be for the purpose of establishing the official forecast for the fiscal year commencing thirteen (13) months from when the Conference is being held. The March forecast required by this section shall be for the purpose of revisiting the official forecast for the ensuing fiscal year. The March report will be utilized in the preparation of the executive budget.
(l) The official forecast shall be presented to the Governor within ten (10) days of completion of work on the official forecast and the Governor shall utilize the forecasts to prepare and administer the budget, and to propose a comprehensive program and financial plan as required in section 20 of this chapter.
(m) The official Conference forecasts of revenues shall be based upon the assumption that the current law and current administrative procedures will remain in effect for the forecast period.
(n) The procedures of the Conference shall be decided by the principals, except that any final action establishing an official forecast shall be taken only with the majority approval of all the principals, and a Conference shall complete its work within a period of not more than five (5) days, unless extended by consensus of the principals.
(o) All official sessions and meetings of a Conference shall be open to the public.
(p) The Conference shall publish the economic and revenue forecasts established by the Conference, on the University of the Virgin Islands website and the Legislature of the Virgin Islands website and such forecasts shall be made available to the public within ten (10) days of completion of the official forecast.