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 ************************************************************************** * 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. * ************************************************************************** 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