DEFAC shall do all the following:

1. (1) Meet in March, May, June, October, and December of each year, and when the Governor or chair deems necessary.
2. (2) Serve in a general advisory capacity to the Governor and the Department of Finance.

3. (3) Advise the Governor, the Secretary of Finance, and Legislative Council on all of the following:

   1. a. The overall financial condition of this State.
   2. b. Current and projected economic conditions and trends, particularly as the conditions and trends affect the expenditures and revenues of this State, its citizens, and its major industries.
   3. c. The tax policy of this State and the impact of federal tax policies.

4. (4) Submit to the Governor, the Secretary of Finance, the Controller General, and the General Assembly, by the dates required under § 6534(a) of this title, all of the following estimates:

   1. a. General Fund and Transportation Trust Fund revenue by major categories for the current fiscal year.
   2. b. General Fund and Transportation Trust Fund revenue by major categories for the succeeding 2 fiscal years.
   3. c. General Fund and Transportation Trust Fund expenditures for the current fiscal year and General Fund expenditures for the succeeding fiscal year.

5. (5) Submit to the Governor, the Secretary of Finance, the Controller General, and the General Assembly, not later than December 31 of each year, all of the following estimates:

   1. a. General Fund and Transportation Trust Fund revenue by major categories for 5 fiscal years, starting with the current fiscal year and including the next succeeding 4 fiscal years.
   2. b. General Fund expenditures for 4 fiscal years, starting with the current fiscal year and including the next succeeding 3 fiscal years.

6. (6) Perform other duties and responsibilities assigned to DEFAC under the Delaware Code, including all of the following:

   1. a. The requirements under § 9903(k) of Title 16 and related duties imposed from time to time regarding the Delaware Health Care Spending Benchmark.
   2. b. The requirements under § 7423 of this title regarding statutory limits on this State’s indebtedness.
   3. c. The requirements under § 6533(i) of this title regarding the Benchmark Index and reporting of budgetary reserves, including the Budget Stabilization Fund.
   4. d. The requirements under § 6534(b)(3) of this title regarding reviewing tax preferences.
   5. e. The requirements under § 515(a) of Title 30 regarding inflation adjustment factor calculations.
7. (7) Prepare an annual report summarizing DEFAC’s activities throughout the year that the report covers, including forecast accuracy and key fiscal risks identified, no later than December 31, for distribution to the Governor, the Director and the Librarian of the Division of Legislative Services, and the Secretary of the Senate and the Chief Clerk of the House of Representatives for distribution to all members of the General Assembly.

85 Del. Laws, c. 275, § 1