TO: | Honorable David Dewhurst, Lieutenant Governor, Senate |
FROM: | John S. O'Brien, Deputy Director, Legislative Budget Board |
IN RE: | SB446 by Carona (Relating to the reduction in value or expiration of a stored value card.), As Passed 2nd House |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2006 | ($20,000) |
2007 | ($20,000) |
2008 | ($20,000) |
2009 | $20,000,000 |
2010 | $30,000,000 |
Fiscal Year | Probable Revenue Gain/(Loss) from GENERAL REVENUE FUND 1 |
Probable Savings/(Cost) from GENERAL REVENUE FUND 1 |
---|---|---|
2006 | $0 | ($20,000) |
2007 | $0 | ($20,000) |
2008 | $0 | ($20,000) |
2009 | $20,000,000 | $0 |
2010 | $30,000,000 | $0 |
The bill would require the Comptroller of Public Accounts (CPA) to transfer five percent of money collected from unclaimed stored value cards to the Higher Education Coordinating Board for the purpose of making grants.
The bill would set the address of the apparent owner of a stored value card as the address of the CPA in the absence of an address record.
The bill would take effect September 1, 2005.
Based on information from the Comptroller of Public Accounts (CPA), it is assumed that $20,000 in General Revenue each year in fiscal years 2006-08 would be transferred to the Higher Education Coordinating Board for the purpose of making grants and that setting the CPA's address as the address of the apparent owner of certain stored value cards would increase General Revenue by $20 million in fiscal year 2009 and $30 million in fiscal year 2010.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JOB, SD, JRO, MW, RB
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