You recall the REC met in December forecasting the State revenue estimate. This estimate sets the cap on the Governor’s budget. The REC comprised of the Director of Management and Governor's Designee David Roederer, Fiscal Division Director of the Legislative Services Agency Holly Lyons, and retired CFO and Treasurer David Underwood compile the estimates. The March 12 estimate sets the cap for the Legislature’s budget. If the March estimate is greater than the December estimate, the Legislature can authorize higher spending than proposed in the Governor’s budget. If the March estimate is less than the December estimate, the Legislature is required to build its budget within that lower estimate. IACCT will keep you apprised of the REC’s work on March 12.