Section 37-111 - Council on revenues(a) There shall be a council on revenues which shall prepare revenue estimates of the state government for the fiscal year in progress and for each of the ensuing fiscal years of the six-year state program and financial plan. The council shall report the estimates and revisions thereto to the governor and the legislature each June 1, September 10, January 10, and March 15. The council shall revise and update such estimates if it determines that such revisions are necessary or upon request of the governor or the legislature.(b) The council on revenues shall consist of seven members. Three members shall be appointed by the governor to serve for four-year terms. Because cumulative experience and continuity in office are essential to the proper administration of this chapter, it is declared to be in the public interest to continue board members in office as long as efficiency is demonstrated, notwithstanding the provision of section 26-34, which limits the appointment of a member of a board or commission to two terms. Two members each shall be appointed by the president of the senate and the speaker of the house of representatives to serve for an unlimited number of two-year terms. The members shall appoint from their own membership the person who shall serve as chairperson of the council. Any vacancy shall be filled by the respective appointing authority. Members shall not receive compensation but shall be reimbursed for reasonable expenses incurred in the performance of their duties.(c) The council shall meet as often as necessary to perform its duties. Section 92-3 shall not apply to meetings of the council where confidential tax information is discussed.(d) The council shall be in the department of taxation for administrative purposes. The departments of budget and finance and taxation shall provide the council with such staff assistance and technical support as it may require and all departments and agencies of the executive branch shall furnish the council with such information as deemed necessary by the council to prepare revenue estimates.L 1980, c 278, pt of §1; am L 1985, c 62, §2; gen ch 1993