Idaho business representatives are lining up to face the Economic Outlook and Revenue Assessment Committee panel this week, in advance of the first day of the 2010 legislative session on Monday. EORAC, the committee, is tasked with two days of meetings with number crunchers from businesses like Micron and WinCo, as well as brainiacs from the state's universities, officials from the U.S. Forest Service, and other government budget wonks, to create a prediction for the upcoming fiscal year.
Presenters, like Harry Potter facing the Wizengamot, outline their employment numbers, sales, tax impacts, and how these numbers have changed over the past year. They will discuss their predictions for the upcoming 18 months in regards to their business or industry. Together, this information precipitates the budget outlook, as each member of the committee weighs in with their individual predictions. These somewhat-educated guesses are lumped in with the governor's educated guess, and together they create an overall assessment of Idaho's economy.
That number then becomes the go-to figure when lawmakers set about setting the state budget.
The meetings began this afternoon and will run from 1-5 p.m. They will continue on Thursday, Jan. 7 from 8 a.m. to 4 p.m.
A full information packet can be found at the Legislature's EORAC Web site.