Idaho’s revenue estimating panel with a difficult-to-remember acronym meets this week in Boise. EORAC, the Economic Outlook and Revenue Assessment Committee, meets to come up with a starting-point for Idaho’s annual state budget.
The 18-member legislative panel will spend tomorrow and part of Friday getting briefed on Idaho’s finances and economic condition. Then, lawmakers will regroup later this month to determine what they think Idaho’s revenue estimate (the basis for crafting how Idaho spends its money) should be for fiscal year 2014.
As we explained last year, the EORAC process isn’t an exact science, rather it’s more of a crystal-ball-method.