(1) There is recognized as established the Governor's Financial Policy Council. The purpose of the council shall be to advise the Governor on economic and financi al matters relating to revenue, budgetary, and financial management policies. (2) The council shall consist of the secretary of Finance and Administration Cabinet, the state budget director, and four (4) at-large members, appointed by the Governor, who sha ll be persons that are knowledgeable by reason of their experience and academic training, in the fields of business, financial management or public policy. The Governor shall designate one (1) of the four (4) at -large members to serve as chairman of the council. (3) The terms of the at -large members shall coincide with the elected term of the Governor who appointed them. Vacancies in the at-large membership of the council shall be filled by appointment by the Governor for the unexpired portion of the vacated member's term. (4) The council shall meet at least annually and shall hold other meetings deemed necessary by a majority of the membership or when requested by the Governor. (5) The members of the Governor's council shall serve without compensation for t heir services but shall be reimbursed, subject to the provisions of KRS 45.101 and state travel regulations, for all actual and necessary expenses incurred in the performance of their duties as members of the council.
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