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A BILL TO BE ENTITLED
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AN ACT
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relating to quarterly financial condition reports on collected and |
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anticipated state revenue. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The heading to Subchapter I, Chapter 403, |
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Government Code, is amended to read as follows: |
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SUBCHAPTER I. REVENUE ESTIMATES AND FINANCIAL CONDITION REPORTS |
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SECTION 2. Subchapter I, Chapter 403, Government Code, is |
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amended by adding Section 403.123 to read as follows: |
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Sec. 403.123. QUARTERLY STATE FINANCIAL CONDITION REPORT. |
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(a) Except as provided by Subsection (c), the comptroller shall |
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prepare and submit to the governor, the legislature, and the |
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Legislative Budget Board a report regarding the financial condition |
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of this state not later than the last day of the month following the |
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last day of each state fiscal quarter. The report must: |
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(1) specify for each revenue source included in |
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determining the estimate of anticipated revenue for purposes of the |
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most recent statement required by Section 49a, Article III, Texas |
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Constitution, the total net revenue actually collected from that |
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source for the state fiscal year as of the end of the most recent |
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state fiscal quarter; |
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(2) compare for the period described by Subdivision |
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(1) the total net revenue collected from each revenue source |
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required to be specified under that subdivision with the |
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anticipated revenue from that source that was included for purposes |
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of determining the estimate of anticipated revenue in the statement |
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required by Section 49a, Article III, Texas Constitution; |
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(3) specify for each state revenue source resulting |
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from a law taking effect after the comptroller submitted the most |
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recent statement required by Section 49a, Article III, Texas |
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Constitution, the total net revenue collected from that source for |
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the state fiscal year as of the end of the most recent state fiscal |
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quarter; |
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(4) summarize indicators of state economic trends |
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experienced since the most recent statement required by Section |
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49a, Article III, Texas Constitution, and anticipated state |
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economic trends and their effect on future state revenue |
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collections; and |
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(5) based on actual state revenue collections and |
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experienced and anticipated trends in those revenue collections, |
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provide revised projections for the current and subsequent state |
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fiscal bienniums regarding those revenue collections. |
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(b) The information required by Subsections (a)(1), (2), |
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(3), and (5) must be separately stated for each state revenue |
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source, including state sales and use tax revenue. The report must |
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also provide an aggregated summary for all state revenue sources of |
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the state revenue data described by those subdivisions. |
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(c) The comptroller is not required to prepare and submit |
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the report required by Subsection (a) that would otherwise be |
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required to be submitted in December of each even-numbered year. |
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(d) The Legislative Budget Board shall hold a public hearing |
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during the second month following the last day of each state fiscal |
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quarter after receiving a report under Subsection (a) to hear |
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testimony on the report. Before the hearing, the board shall make |
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the report available to the public through: |
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(1) the board's Internet website; and |
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(2) another means, on request. |
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SECTION 3. The comptroller of public accounts shall prepare |
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and submit the initial quarterly state financial condition report |
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required by Section 403.123, Government Code, as added by this Act, |
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not later than December 31, 2015. |
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SECTION 4. This Act takes effect September 1, 2015. |