Honorable Angie Chen Button, Chair, House Committee on Economic & Small Business Development
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB1950 by Springer (Relating to a municipality's or county's eligibility to receive money disbursed from a local events trust fund.), As Introduced
The fiscal implications of the bill cannot be determined at this time. The fiscal impact would depend on the number of cities and counties that request funding through the Local Events Trust Fund.
The bill would amend Article 5190.14, Section 5C, of Vernon's Texas Civil Statutes, to rename the Events Trust Fund as the Local Events Trust Fund. The bill would limit the number of events for which a county or municipality may receive money from a Local Events Trust Fund to one event in each calendar year. The bill does not address whether this limitation also applies to a Local Organizing Committees (LOC) receiving monies from a Local Events Trust Fund from multiple events. An LOC is a nonprofit corporation which is authorized by endorsing municipalities and counties to pursue an application and bid to a site selection organization and/or to execute an agreement with a site selection organization regarding a bid to host a game or event.
Local Government Impact
A reduction of eligibility to a single event per year would be a significant loss of revenue to endorsing local governments.
Harris County reported that there were four approved events totaling $2,354,822 in fiscal year 2015 and seven approved events totaling $2,512,451 in fiscal year 2014.