| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to quarterly financial condition reports on collected and |
|
|
anticipated state revenue. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. The heading to Subchapter I, Chapter 403, |
|
|
Government Code, is amended to read as follows: |
|
|
SUBCHAPTER I. REVENUE ESTIMATES AND FINANCIAL CONDITION REPORTS |
|
|
SECTION 2. Subchapter I, Chapter 403, Government Code, is |
|
|
amended by adding Section 403.122 to read as follows: |
|
|
Sec. 403.122. QUARTERLY STATE FINANCIAL CONDITION REPORT. |
|
|
(a) Except as provided by Subsection (c), the comptroller shall |
|
|
prepare and submit to the governor, the legislature, and the |
|
|
Legislative Budget Board a report regarding the financial condition |
|
|
of this state not later than the last day of the month following the |
|
|
last day of each state fiscal quarter. The report must: |
|
|
(1) specify for each revenue source included in |
|
|
determining the estimate of anticipated revenue for purposes of the |
|
|
most recent statement required by Section 49a, Article III, Texas |
|
|
Constitution, the total net revenue actually collected from that |
|
|
source for the state fiscal year as of the end of the most recent |
|
|
state fiscal quarter; |
|
|
(2) compare for the period described by Subdivision |
|
|
(1) the total net revenue collected from each revenue source |
|
|
required to be specified under that subdivision with the |
|
|
anticipated revenue from that source that was included for purposes |
|
|
of determining the estimate of anticipated revenue in the statement |
|
|
required by Section 49a, Article III, Texas Constitution; |
|
|
(3) specify for each state revenue source resulting |
|
|
from a law taking effect after the comptroller submitted the most |
|
|
recent statement required by Section 49a, Article III, Texas |
|
|
Constitution, the total net revenue collected from that source for |
|
|
the state fiscal year as of the end of the most recent state fiscal |
|
|
quarter; |
|
|
(4) summarize indicators of state economic trends |
|
|
experienced since the most recent statement required by Section |
|
|
49a, Article III, Texas Constitution, and anticipated state |
|
|
economic trends and their effect on future state revenue |
|
|
collections; and |
|
|
(5) based on actual state revenue collections and |
|
|
experienced and anticipated trends in those revenue collections, |
|
|
provide revised projections for the current and subsequent state |
|
|
fiscal bienniums regarding those revenue collections. |
|
|
(b) The information required by Subsections (a)(1), (2), |
|
|
(3), and (5) must be separately stated for each state revenue |
|
|
source, including state sales and use tax revenue. The report must |
|
|
also provide an aggregated summary for all state revenue sources of |
|
|
the state revenue data described by those subsections. |
|
|
(c) The comptroller is not required to prepare and submit |
|
|
the report required by Subsection (a) that would otherwise be |
|
|
required to be submitted in December of each even-numbered year. |
|
|
(d) The Legislative Budget Board shall hold a public hearing |
|
|
during the second month following the last day of each state fiscal |
|
|
quarter after receiving a report under Subsection (a) to hear |
|
|
testimony on the report. Before the hearing, the board shall make |
|
|
the report available to the public through: |
|
|
(1) the board's Internet website; and |
|
|
(2) another means, on request. |
|
|
SECTION 3. The comptroller of public accounts shall prepare |
|
|
and submit the initial quarterly state financial condition report |
|
|
required by Section 403.122, Government Code, as added by this Act, |
|
|
not later than December 31, 2011. |
|
|
SECTION 4. This Act takes effect September 1, 2011. |