LEGISLATIVE BUDGET BOARD
Austin, Texas
 
FISCAL NOTE, 78TH LEGISLATURE 1st CALLED SESSION - 2003
 
July 3, 2003

TO:
Honorable Talmadge Heflin, Chair, House Committee on Appropriations
 
FROM:
John Keel, Director, Legislative Budget Board
 
IN RE:
HB5 by McCall (Relating to making an appropriation for the purpose or returning to a fund outside the state treasury cash that was transferred from the fund to the general revenue fund. ), Committee Report 1st House, Substituted



Estimated Two-year Net Impact to General Revenue Related Funds for HB5, Committee Report 1st House, Substituted: a negative impact of ($4,080,000) through the biennium ending August 31, 2005.



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

Fiscal Analysis

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.


Methodology

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.


Local Government Impact

The impact on local governments would depend on the extent to which funds were borrowed from local government accounts in the custody of the Comptroller of Public Accounts. 


Source Agencies:
304 Comptroller of Public Accounts
LBB Staff:
JK, EB, RS