HBA-NRS H.J.R. 111 77(R)    BILL ANALYSIS


Office of House Bill AnalysisH.J.R. 111
By: Heflin
Appropriations
4/4/2001
Introduced



BACKGROUND AND PURPOSE 

Current law requires that the economic stabilization fund receive one-half
of any unencumbered general revenue fund surplus at the end of each
biennium and 75 percent of the amount by which oil and gas tax collections
exceed fiscal year 1987 collections. Included in the biennial revenue
estimate of the comptroller of public accounts are interest earnings to the
general revenue fund. There have been instances in which actual interest
earnings have exceeded amounts forecast in the biennial revenue estimate.
House Joint Resolution 111 calls for the transfer of 75 percent of the
excess revenues from the general revenue nondedicated funds to the economic
stabilization fund.  

RULEMAKING AUTHORITY

It is the opinion of the Office of House Bill Analysis that this resolution
does not expressly delegate any additional rulemaking authority to a state
officer, department, agency, or institution. 

ANALYSIS

House Joint Resolution 111 amends the Texas Constitution to require the
comptroller of public accounts (comptroller) not later than the 90th day of
each fiscal year to transfer 75 percent of excess earnings from the general
revenue fund to the economic stabilization fund. The bill prohibits
interest and other earnings from investments of money in a fund other than
the general revenue fund and interest and other earnings from investments
of money in the general revenue fund, if the money is dedicated for a
particular purpose by law, from being considered as excess earnings. In
preparing an estimate of anticipated revenues for a succeeding biennium,
the bill requires the comptroller to estimate the amount of such a
transfer.  

FOR ELECTION

This proposed constitutional amendment shall be submitted to the voters at
an election to be held November 6, 2001.