Honorable Judith Zaffirini, Chair, Senate Committee on Government Organization
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB1546 by Eltife (Relating to the management and use of the Texas preservation trust fund.), As Introduced
Estimated Two-year Net Impact to General Revenue Related Funds for SB1546, As Introduced: a negative impact of ($5,105,664) through the biennium ending August 31, 2015.
The bill would make no appropriation but could provide the legal basis for an appropriation of funds to implement the provisions of the bill.
Fiscal Year
Probable Net Positive/(Negative) Impact to General Revenue Related Funds
2014
($2,552,832)
2015
($2,552,832)
2016
($2,552,832)
2017
($2,552,832)
2018
($2,552,832)
Fiscal Year
Probable Savings/(Cost) from General Revenue Fund 1
Probable Savings/(Cost) from Tx Preservation Trust Acc 664
2014
($2,552,832)
$2,552,832
2015
($2,552,832)
$2,552,832
2016
($2,552,832)
$2,552,832
2017
($2,552,832)
$2,552,832
2018
($2,552,832)
$2,552,832
Fiscal Analysis
The bill would amend the Government Code to authorize the Comptroller to invest the General Revenue – Dedicated Texas Preservation Trust Fund Account No. 664 in any asset the Comptroller considers appropriate. The bill also provides that distribution from the General Revenue – Dedicated Texas Preservation Trust Fund Account No. 664 may not be used for operating expenses of the Texas Historical Commission.
Methodology
According to the Comptroller of Public Accounts (CPA), there would be no fiscal impact to invest the General Revenue – Dedicated Texas Preservation Trust Fund Account No. 664 in an appropriate asset. However, the CPA has indicated that any additional revenue generated as a result of these investments cannot be determined. Furthermore, it is assumed that funding out of the General Revenue – Dedicated Texas Preservation Trust Fund Account No. 664 appropriated in the 2012-13 biennium for agency operations, totaling $2,552,832 each fiscal year, would be replaced with General Revenue. As a result, it is assumed that there would be a cost of $2,552,832 out of General Revenue each fiscal year and a savings of $2,552,832 each fiscal year out of General Revenue – Dedicated Texas Preservation Trust Fund Account No. 664. Any costs or grant funding associated with distributions out of the General Revenue – Dedicated Texas Preservation Trust Fund Account No. 664 related to local preservation grants would not be significant.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.