TO: | Honorable Warren Chisum, Chair, House Committee on Appropriations |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB2246 by Parker (Relating to transferring to the property tax relief fund one-half of any unencumbered balance of general revenue at the end of a state fiscal biennium.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2008 | ($596,562,000) |
2009 | $0 |
2010 | $0 |
2011 | $0 |
2012 | $0 |
Fiscal Year | Probable Revenue Gain/(Loss) from GENERAL REVENUE FUND 1 |
Probable Revenue Gain/(Loss) from Property Tax Relief Fund 304 |
---|---|---|
2008 | ($596,562,000) | $596,562,000 |
2009 | $0 | $0 |
2010 | $0 | $0 |
2011 | $0 | $0 |
2012 | $0 | $0 |
The bill would amend Section 403 of the Government Code to require the transfer of 50 percent of the previous biennium's unencumbered positive general revenue balance to the Property Tax Relief Fund 0304.
The bill would take effect immediately upon enactment, assuming that it received the requisite two-thirds majority votes in both houses of the Legislature. Otherwise, it would take effect September 1, 2007.
This estimate is based upon analyses provided by the Comptroller's Office.
Based on the 2008-09 Biennial Revenue Estimate, Fund 0001 is a projected to have a positive unencumbered balance for the close of fiscal 2007. Approximately $596.6 million, or 50 percent of this balance, is expected to be transferred to the Economic Stabilization Fund 0599 in early fiscal 2008. Under the provisions of this bill, the Property Tax Relief Fund 0304 would receive a transfer of the remaining unencumbered balance—an amount that under current law would remain in the General Revenue Fund 0001.
Future biennial transfers, if any, would depend on appropriations and/or revenue flows that cannot be estimated (CBE) at this time.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JOB, SD, CT
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