TO: | Honorable Teel Bivins, Chair, Senate Committee on Finance |
FROM: | John Keel, Director, Legislative Budget Board |
IN RE: | HB5 by McCall (Relating to making an appropriation for the purpose of returning to a fund outside the state treasury cash that was transferred from the fund to the general revenue fund.), As Engrossed |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2004 | ($2,040,000) |
2005 | ($2,040,000) |
2006 | $0 |
2007 | $0 |
2008 | $0 |
Fiscal Year | Probable (Cost) from GENERAL REVENUE FUND 1 |
---|---|
2004 | ($2,040,000) |
2005 | ($2,040,000) |
2006 | $0 |
2007 | $0 |
2008 | $0 |
The bill would appropriate to the Comptroller of Public Accounts, from the General Revenue Fund 0001, the amount necessary to return any available cash that was transferred to Fund 0001 from a fund outside the State Treasury and to maintain the equity of the fund from which the transfer of available cash was made.
The bill would limit the appropriation for paying interest on the transferred funds to interest to $5 million and would require that repayment of transferred revenue be made within fourteen days of the date the transfer occurred.
The bill would take effect immediately upon enactment, assuming that it received the requisite two-thirds majority votes in both houses of the Legislature.
House Bill 2425, 78th Legislature, Regular Session, authorized the Comptroller of Public Accounts to borrow funds from outside the State Treasury. The bill would provide an appropriation for repayment of such borrowing. For purposes of this estimate, and as provided by this bill, it was assumed that borrowing would be employed for periods of time not to exceed fourteen days throughout the biennium.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JK, SD, EB, RS
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