LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 76th Regular Session April 20, 1999 TO: Honorable Clyde Alexander, Chair, House Committee on Transportation FROM: John Keel, Director, Legislative Budget Board IN RE: HB2311 by Cuellar (Relating to funds maintained by and for the Texas Turnpike Authority Division of the Texas Department of Transportation.), As Introduced ************************************************************************** * Estimated Two-year Net Impact to General Revenue Related Funds for * * HB2311, As Introduced: negative impact of $(5,205,000) through * * the biennium ending August 31, 2001. * * * * The bill would make no appropriation but could provide the legal * * basis for an appropriation of funds to implement the provisions of * * the bill. * ************************************************************************** General Revenue-Related Funds, Six-Year Impact: **************************************************** * Fiscal Year Probable Net Positive/(Negative) * * Impact to General Revenue Related * * Funds * * 1999 $(5,205,000) * * 2000 0 * * 2001 0 * * 2002 0 * * 2003 0 * * 2004 0 * **************************************************** All Funds, Six-Year Impact: *************************************************************************** *Fiscal Probable Revenue Gain/(Loss) Probable Revenue Gain/(Loss) * * Year from General Revenue Fund from New - Other * * 0001 * * 1999 $(5,205,000) $5,205,000 * * 2000 0 0 * * 2001 0 0 * * 2002 0 0 * * 2003 0 0 * * 2004 0 0 * *************************************************************************** Fiscal Analysis The bill would allow the Texas Turnpike Authority (authority) to maintain in the State Treasury, with the Comptroller in trust, the authority's Feasibility Study Fund and the Turnpike Project Revolving Fund. Methodology The Comptroller's office stated the Feasibility Study Fund and the Turnpike Project Revolving Fund are deposited in the GR-Account 5038 Texas Department of Transportation Turnpike Authority. The bill could grant the authority the discretion to keep the trust funds either in local accounts or as separate funds in the State Treasury with the Comptroller in trust. Pursuant to Senate Bill 370, 75th Legislature, GR-Account 5038 is scheduled to receive on August 31, 1999 a final payment of $4,920,000 plus accumulated interest estimated at $285,000. This represents the third of three equal pursuant to the abolition of the Texas Turnpike Authority. The bill would result in a one-time loss to GR-Account 5038 for the payment of $5,205,000 scheduled to be deposited August 31, 1999. The newly-created funds, whether held in the State Treasury or in local accounts would see a corresponding gain. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies: 601 Department of Transportation, 304 Comptroller of Public Accounts LBB Staff: JK, PE, ML