Bill > S1670

This bill establishes the Massachusetts Economic and Financial Advisory Council, or MEFAC, within the executive office for administration and finance, though it will operate independently. MEFAC will be composed of various officials, including the secretary of administration and finance (who will chair it), the treasurer, and appointees from the governor, treasurer, state comptroller, senate president, and speaker of the house, with appointed members serving terms of up to four years. The council's primary mission is to provide non-partisan and objective revenue and expenditure estimates and projections to advise the administration and legislature on the Commonwealth's operating and capital budgets, overall financial condition, and current and projected economic conditions. MEFAC will meet regularly, advise the governor and general court on tax policy and debt issuance, and educate the public about the state's finances. The estimates provided by MEFAC will fulfill the governor's revenue estimate requirements under existing law, and all state agencies will be required to cooperate with MEFAC by providing necessary data and assistance, with staff and financial support provided by the executive office of administration and finance.