Revenue Estimating Group (the “Group”)

PURPOSE
Section 20-84 was added to the Montgomery County Code in March 2021 pursuant to Bill 6-21.  Section 20-84 establishes a Revenue Estimating Group (the “Group”) to review and forecast County revenues and provide for membership and duties of the Group. The Group consists of staff members from the Department of Finance, the Office of the Chief Administrative Officer, Office of Management and Budget, Council Central Staff, and Office of Legislative Oversight. The Group is required to report their revenue projections and revenue updates to the County Executive and to the County Council quarterly.

COMPOSITION OF THE GROUP
The senior person in the designated role from each Department will be an ex-officio member of the Group and any senior member may appoint a designee as his or her representative.    Pursuant to Bill 6-21 the Group will be staffed by members of FIN and OMB.

Chairperson:	Director of Finance
Members:	FINANCE (FIN) Chief, Fiscal Management OFFICE OF THE CHIEF ADMINSTRATIVE OFFICER (CAO) Chief Administrative Officer (or designee) OFFICE OF MANAGEMENT AND BUDGET (OMB) Director of OMB (or designee) COUNCIL CENTRAL STAFF Executive Director, Office of the County Council (or designee) OFFICE OF LEGISLATIVE OVERSIGHT (OLO) Director of OLO (or designee)

RESPONSIBILITIES OF THE GROUP
Review and analyze the amount of current revenues for each quarter of the fiscal year to date compared to the budgeted revenue for the year and for the same quarter the previous year.

Discuss the current methodology/calculations used to forecast revenue for each quarter.

Review and evaluate data sources that are used as inputs to the forecast.

Prepare revenue forecasts and discuss the causes for any revisions to those forecasts.

Review alternative forecast scenarios.

Provide quarterly reports on revenue projections to the County Executive and County Council quarterly on February 15, May 15, September 15, and December 15