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.