LEGISLATIVE BUDGET BOARD
Austin, Texas
 
FISCAL NOTE, 78TH LEGISLATIVE REGULAR SESSION
 
May 10, 2003

TO:
Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
 
FROM:
John Keel, Director, Legislative Budget Board
 
IN RE:
HB826 by Davis, Yvonne (Relating to the disposition of certain unclaimed wage payments.), As Engrossed



Estimated Two-year Net Impact to General Revenue Related Funds for HB826, As Engrossed: a positive impact of $1,523,000 through the biennium ending August 31, 2005.

This bill would amend statute relating to certain unclaimed wage payments by changing the abandonment period of unclaimed wage payments.

This bill would take affect September 1, 2003.  




Fiscal Year Probable Net Positive/(Negative) Impact to General Revenue Related Funds
2004 $0
2005 $1,523,000
2006 $0
2007 $0
2008 $0




Fiscal Year Probable Revenue Gain/(Loss) from
GENERAL REVENUE FUND
1
2004 $0
2005 $1,523,000
2006 $0
2007 $0
2008 $0

Fiscal Analysis

The bill would reduce the dormancy period for wages less than or equal to $100 to six months and those greater than $100 to three years.  All unclaimed wages must be remitted to the Comptroller of Public Accounts and deposited in the General Revenue Fund.  In addition, the bill would require the Texas Workforce Commission to notify employers of the requirements of the bill.


Methodology

 According to the Comptroller of Public Accounts, the estimated gain to Fund 0001 is based on a three-year average less estimated claims and calculating a six-month factor of the amount of wages less than or equal to $100. That figure totals $1,523,000 and would be a one-time gain to the General Revenue Fund in fiscal year 2005.

Administrative costs associated with this bill would not be a significant cost to the Comptroller of Public Accounts or the Texas Workforce Commission.  This analysis assumes that those costs can be absorbed into current appropriations for the agencies.


Technology

There would be no significant cost to technology.

Local Government Impact

No significant fiscal implication to units of local government is anticipated.


Source Agencies:
304 Comptroller of Public Accounts, 320 Texas Workforce Commission
LBB Staff:
JK, JO, JRO, MS, JM