LEGISLATIVE BUDGET BOARD
Austin, Texas
 
FISCAL NOTE, 80TH LEGISLATIVE REGULAR SESSION
 
April 17, 2007

TO:
Honorable Steve Ogden, Chair, Senate Committee on Finance
 
FROM:
John S. O'Brien, Director, Legislative Budget Board
 
IN RE:
SB947 by Duncan (Relating to delivery of certain unclaimed money to a rural scholarship fund.), As Introduced



Estimated Two-year Net Impact to General Revenue Related Funds for SB947, As Introduced: a negative impact of ($3,200,000) through the biennium ending August 31, 2009.



Fiscal Year Probable Net Positive/(Negative) Impact to General Revenue Related Funds
2008 ($1,500,000)
2009 ($1,700,000)
2010 ($1,700,000)
2011 ($1,700,000)
2012 ($1,700,000)




Fiscal Year Probable Revenue Gain/(Loss) from
GENERAL REVENUE FUND
1
2008 ($1,500,000)
2009 ($1,700,000)
2010 ($1,700,000)
2011 ($1,700,000)
2012 ($1,700,000)

Fiscal Analysis

The bill would amend Section 74.3011(g) of the Property Code to remove the $400,000 cap on the amount of money that could be transferred by all local telephone exchange companies to a rural scholarship fund.

The bill would take effect September 1, 2007.


Methodology

This fiscal note is based upon analyses provided by the Comptroller's Office.

The bill would lift the $400,000 cap on the amount that could be transferred to rural scholarship programs and, in doing so, also lift the corresponding cap on the amount that could be transferred to the urban scholarship programs in Section 74.3012(g) of the Property Code. By removing this cap, all local telephone exchanges could increase scholarship money and no longer remit these unclaimed funds to the Comptroller for deposit to the General Revenue Fund 0001.


Local Government Impact

No fiscal implication to units of local government is anticipated.


Source Agencies:
304 Comptroller of Public Accounts
LBB Staff:
JOB, SD, CT