| TO: | Honorable Tom Craddick, Speaker of the House, House of Representatives |
| FROM: | John Keel, Director, Legislative Budget Board |
| IN RE: | HB3175 by Pitts (Relating to the authority of the comptroller of public accounts to manage cash flow by transferring available cash between funds in the custody or under the management of the comptroller; making an appropriation.), As Passed 2nd House |
No fiscal implication to the State is anticipated in the 2004-05 biennium.
The bill would authorize the Comptroller to borrow certain funds managed by or in the custody of the Comptroller, including funds held outside the state treasury. The borrowing would be done in order to prevent temporary cash flow deficiencies in the general revenue fund.
The bill would also appropriate to the Comptroller from the general revenue fund for the 2004-05 biennium amounts necessary to return the transferred cash and maintain the equity of funds from which transfers are made.
Regardless of the period such funds are borrowed, interest is credited to the funds as if the borrowing had not taken place.
If the Comptroller submits a revenue estimate while cash transferred under this provision is in the general revenue fund, the Comptroller is required to indicate that the transferred revenue is not available for appropriation except to repay the fund from which it was transferred.
| Source Agencies: | 304 Comptroller of Public Accounts
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| LBB Staff: | JK, JO, SD, WP, RS
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