LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION

May 2, 2009

TO:	Honorable Steve Ogden, Chair, Senate Committee on Finance
FROM:	John S. O'Brien, Director, Legislative Budget Board
IN RE:	SB2567 by Duncan (Relating to state fiscal matters.), As Introduced

No fiscal implication to the State is anticipated.

The bill would create the Federal American Recovery and Reinvestment fund (ARRA fund) as a special fund in the state treasury outside the general revenue fund.

Under the provisions of the bill, state agencies would be required to deposit funds received under the American Recovery and Reinvestment Act (ARRA) of 2009 to the ARRA fund to allow the Comptroller to hold and account for ARRA funds.  Additional funds may be deposited as outlined in the bill. As the Comptroller determines necessary, funds would be transferred between the ARRA fund and other accounts and funds. Interest earned on the ARRA fund balances would be retained in the fund.

The bill would take effect immediately upon enactment if it receives two-thirds vote in each house. Otherwise, the bill would take effect September 1, 2009.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:

304 Comptroller of Public Accounts

LBB Staff:

JOB, MN, SD