Honorable Tracy O. King, Chair, House Committee on Agriculture & Livestock
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB2504 by Phillips (relating to the operation and functions of the Texas Grain Producer Indemnity Board.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would amend the Agriculture code relating to the operation and functions of the Texas Grain Producer Indemnity Board.
The bill would create a trust fund outside the state treasury to be administered by the board for certain claims against a grain buyer, with other conditions as described, including minimum balances and assessment refunds. The bill would authorize the board to purchase reinsurance to mitigate financial risks. Both the Texas Department of Agriculture and the Comptroller of Public Accounts indicate bill provisions could reasonably be absorbed within each agency's current resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
304 Comptroller of Public Accounts, 551 Department of Agriculture