H.F. 1423 Summary

• Removes the prohibition on including an allowance for inflation in expenditure estimates within the state forecast.

• Requires the commissioner to determine and apply the rate of inflation when calculating state expenditure forecasts.

• Mandates the commissioner consult with chairs and lead minority members of the Senate State Government Finance Committee and House Ways and Means Committee, plus legislative fiscal staff, at least three weeks before releasing the forecast.

• Requires the commissioner to notify legislative leaders and staff of any changes to inflation rates and other forecast variables no later than two weeks prior to forecast release.