Honorable Kevin Eltife, Chair, Senate Committee on Business & Commerce
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB903 by Hancock (Relating to procedures for the management, sale, or lease of certain state-owned real property and the management or collection of related funds, including disputed oil and gas royalties owed to the state.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Natural Resources Code concerning the allocation of money derived from land sales or lease rental to direct the Comptroller to deposit 90 percent of the payments on land to the probable fund to which the payments belong and hold the remaining 10 percent in a suspense account until further notice is given by the General Land Office (GLO) as to the proper fund for the deposits. After the notice is received, the Comptroller would deposit the full amount to the proper fund.
The bill would repeal or amend other provisions related to lessee audits, protest payments and refunds, and information provided to the School Land Board regarding land areas subject to bill provisions.
Both the Comptroller and the General Land Office indicate each agency could absorb any costs associated with implementing the bill within each agency's current resources. GLO indicates bill provisions which allow the agency to post notices on the agency's internet website (in lieu of local newspapers) will result in a minimal savings that will be redirected to project costs.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
304 Comptroller of Public Accounts, 305 General Land Office and Veterans' Land Board, 455 Railroad Commission