| (2) | The powers, functions, and duties of the Office of the Legislative Fiscal Analyst under the supervision of the fiscal analyst are:
| (a) |
| (i) | to estimate general revenue collections, including comparisons of:
| (A) | current estimates for each major tax type to long-term trends for that tax type; |
| (B) | current estimates for federal fund receipts to long-term federal fund trends; and |
| (C) | current estimates for tax collections and federal fund receipts to long-term trends deflated for the inflationary effects of debt monetization; and |
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| (ii) | to report the analysis required under Subsection (2)(a)(i) to the Legislature's Executive Appropriations Committee before each annual general session of the Legislature; |
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| (b) | to analyze in detail the state budget before the convening of each legislative session and make recommendations to the Legislature on each item or program appearing in the budget, including:
| (i) | funding for and performance of programs, acquisitions, and services currently undertaken by state government to determine whether each department, agency, institution, or program should:
| (A) | continue at its current level of expenditure; |
| (B) | continue at a different level of expenditure; or |
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| (ii) | increases or decreases to spending authority and other resource allocations for the current and future fiscal years; |
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| (c) | to prepare on all proposed bills fiscal estimates that reflect:
| (i) | potential state government revenue impacts; |
| (ii) | anticipated state government expenditure changes; |
| (iii) | anticipated expenditure changes for county, municipal, special district, or special service district governments; |
| (iv) | anticipated direct expenditure by Utah residents and businesses, including the unit cost, number of units, and total cost to all impacted residents and businesses; and |
| (v) | if the proposed bill changes retirement benefits under a system or plan governed by Title 49, Utah State Retirement and Insurance Benefit Act, the anticipated effect on:
| (A) | each affected system's or plan's unfunded actuarial accrued liability and actuarial funded ratio, based on current employer contributions; |
| (B) | employer contributions and member contributions; |
| (C) | a retiree's retirement allowance; |
| (D) | the total cost to active members and retirees; and |
| (E) | the total cost to employers for all active members and retirees; |
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| (d) | to indicate whether each proposed bill will impact the regulatory burden for Utah residents or businesses, and if so:
| (i) | whether the impact increases or decreases the regulatory burden; and |
| (ii) | whether the change in burden is high, medium, or low; |
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| (e) | beginning in 2017 and repeating every three years after 2017, to prepare the following cycle of analyses of long-term fiscal sustainability:
| (i) | in year one, the joint revenue volatility report required under Section 63J-1-205; |
| (ii) | in year two, a long-term budget for programs appropriated from major funds and tax types; and |
| (iii) | in year three, a budget stress test that, in consultation with the Governor's Office of Planning and Budget:
| (A) | compares estimated future revenue to and expenditure from major funds and tax types under various potential economic conditions; |
| (B) | analyzes the economic and policy risks associated with funding for the Medicaid program and expansions of the Medicaid program; |
| (C) | measures value at risk; and |
| (D) | recommends budgetary actions to manage risk; |
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| (f) | to report instances in which the administration may be failing to carry out the expressed intent of the Legislature; |
| (g) | to propose and analyze statutory changes for more effective operational economies or more effective administration; |
| (h) | to prepare, before each annual general session of the Legislature, a summary showing the current status of the following as compared to the past nine fiscal years:
| (ii) | long-term liabilities; |
| (iii) | contingent liabilities; |
| (iv) | General Fund borrowing; |
| (vi) | fund and nonlapsing balances; and |
| (vii) | cash funded capital investments; |
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| (i) | to make recommendations for addressing the items described in Subsection (2)(h) in the upcoming annual general session of the Legislature; |
| (j) | to prepare, after each session of the Legislature, a summary showing the effect of the final legislative program on the financial condition of the state; |
| (k) | to conduct organizational and management improvement studies in accordance with Title 63J, Chapter 1, Part 9, Government Performance Reporting and Efficiency Process, and legislative rule; |
| (l) | to prepare and deliver upon request of any interim committee or the Legislative Management Committee, reports on the finances of the state and on anticipated or proposed requests for appropriations; |
| (m) | to recommend areas for research studies by the executive department or the interim committees; |
| (n) | to appoint and develop a professional staff within budget limitations; |
| (o) | to prepare and submit the annual budget request for the office; |
| (p) | to develop a taxpayer receipt:
| (i) | available to taxpayers through a website; and |
| (ii) | that allows a taxpayer to view on the website an estimate of how the taxpayer's tax dollars are expended for government purposes; and |
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| (q) | to publish or provide other information on taxation and government expenditures that may be accessed by the public. |
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