LEGISLATIVE BUDGET BOARD
                              Austin, Texas
                                     
                    FISCAL NOTE, 77th Regular Session
  
                              March 21, 2001
  
  
          TO:  Honorable Rodney Ellis, Chair, Senate Committee on Finance
  
        FROM:  John Keel, Director, Legislative Budget Board
  
       IN RE:  SJR46  by Harris (Proposing a constitutional amendment to
               transfer to the economic stabilization fund certain
               excess earnings on investments of money in the general
               revenue fund.), As Introduced
  
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*  No significant fiscal implication to the State is anticipated,        *
*  other than the cost of publication.                                   *
*                                                                        *
*  The cost to the state for publication of the resolution is $80,000.   *
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The resolution would amend Section 49-g, Article III of the State
Constitution to require the Comptroller to transfer 75 percent of excess
interest and investment earnings from the General Revenue Fund 0001, not
otherwise dedicated for a particular purpose by law, to the Economic
Stabilization Fund 0599 (ESF).   The resolution would define "excess
earnings" as the amount by which actual interest and investment earnings
exceed the estimated interest and investment earnings, as presented in
the Comptroller's biennial revenue estimate.

The transfer of excess Fund 0001 interest and investment earnings from
the prior year would have to occur no later than the 90th day of the
fiscal year.

The proposed amendment would be submitted to voters at an election held
November 6, 2001.    
 
Since there is currently no estimated excess interest and investment
income from Fund 0001, this resolution would have no fiscal impact.  For
illustrative purposes only, had this resolution been in effect for
fiscal 2000, the fiscal 2001 transfer would have been $36.5 million.
  
Local Government Impact
  
No fiscal implication to units of local government is anticipated.
  
  
Source Agencies:   304   Comptroller of Public Accounts
LBB Staff:         JK, SD, WP