(b) On or before March first in each year, the director of the budget
and the secretary of the senate finance committee and the secretary of
the assembly ways and means committee shall issue a joint report
containing a consensus forecast of the economy and estimates of receipts
for the current and the ensuing state fiscal year. Such estimates of
receipts shall include, but not be limited to: expected tax receipts on
an all-funds basis, projected lottery receipts, and anticipated
miscellaneous receipts to be received in the general fund. The estimate
of receipts for the ensuing fiscal year contained in the report, shall
be all receipts from such sources described in this subdivision
available to make disbursements authorized by the appropriation bills
submitted by the governor pursuant to section three of article seven of
the constitution for the ensuing fiscal year.
(c) On a failure of the director of the budget, the secretary of the
senate finance committee and the secretary of the assembly ways and
means committee to issue a joint report containing a consensus forecast
as provided in paragraph (b) of this subdivision, the state comptroller
shall, on or before March fifth, provide estimates of receipts for the
current and the ensuing state fiscal year. Such estimates shall include,
but not be limited to, expected tax receipts on an all-funds basis,
projected lottery receipts, and miscellaneous receipts to be received in
the general fund. In rendering his or her estimate, as required in this
paragraph, the comptroller shall give due consideration to the inherent
risks in economic and revenue forecasting and the interest of the state
to maintain budget balance throughout the fiscal year. The estimate of
receipts for the ensuing fiscal year provided by the state comptroller,
shall be all receipts from such sources available to make disbursements
authorized by the appropriation bills submitted by the governor pursuant
to section three of article seven of the constitution for the ensuing
fiscal year.