LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 74th Regular Session March 8, 1995 TO: Honorable Ken Armbrister, Chair IN RE: Senate Bill No. 20 Committee on State Affairs By: Ellis Senate Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on Senate Bill No. 20 (Relating to transferring all powers and duties of the state treasurer to the comptroller of public accounts except for certain powers and duties transferred to the Texas Public Finance Authority.) this office has determined the following: The bill would transfer all the statutory powers and duties of the state treasury to the comptroller of public accounts, except those relating to the issuance of tax and revenue anticipation notes which would be transferred to the Texas Public Finance Authority. However, the powers and duties of the state treasury identified under Government Code 404, Subchapter H, relating to the transfer and investment of proceeds from tax and revenue anticipation notes, would be transferred to the comptroller. The bill would allow the comptroller to outsource activities previously performed by the treasurer, unless the activity is a sovereign function of the state. The bill would transfer the all powers, duties,obligations, rights, contracts, records, employees, property, and unspent and unobligated appropriations and other funds of the state treasurer to the comptroller, except those under Subchapter H, Chapter 404 which would be transferred to the Texas Public Finance Authority. The bill would continue the rules, policies, and procedures and decisions of the state treasurer until superseded by an action of the comptroller. The bill would transfer any action or proceeding before the state treasurer to the comptroller, or Texas Public Finance Authority without a change in status. The Act would take effect on August 31, 1996, if the constitutional amendment which abolishes the treasury is passed by the voters. The probable fiscal implication of implementing the provisions of the bill during each of the first five years following passage is estimated as follows: Fiscal Net Savings to the Change in Year General Revenue Number of State Fund 001 Employees from FY 1995 1996 $0 1997 160,000 (43.0) 1998 5,000,000 (133.0) 1999 7,417,000 (164.0) 2000 7,479,000 (164.0) Similar annual fiscal implications would continue as long as the provisions of the bill are in effect. No fiscal implication to units of local government is anticipated. Source: Comptroller of Public Accounts, Treasury Department, Texas Public Finance Authority LBB Staff: JK, MS, DF