81R2935 JJT-D
By: King of Parker H.J.R. No. 38
A JOINT RESOLUTION
proposing a constitutional amendment regarding the rainy day fund
and dedicating certain surplus revenues to property tax reduction.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 49-g, Article III, Texas Constitution,
is amended to read as follows:
Sec. 49-g. (a) The budget [economic] stabilization fund is
established as a special fund in the state treasury.
(b) For purposes of this section, general revenue is
encumbered on the last day of a fiscal biennium only to the extent
that the revenue is subject to payment for particular identifiable
and legally enforceable obligations of the state that were incurred
on or before that day and intended to be paid from appropriations
for that fiscal biennium.
(c) Not [The comptroller shall, not] later than the 90th day
of each fiscal biennium, the comptroller shall:
(1) transfer to the budget [economic] stabilization
fund one-half of any unencumbered positive balance of general
revenues on the last day of the preceding fiscal biennium; and
(2) transfer 25 percent of any unencumbered positive
balance of general revenues on the last day of the preceding fiscal
biennium to the property tax relief fund. [If necessary, the
comptroller shall reduce the amount transferred in proportion to
the other amounts prescribed by this section to prevent the amount
in the fund from exceeding the limit in effect for that biennium
under Subsection (g) of this section.]
(d) To the extent that the reports of payables and binding
encumbrances on which the transfers under Subsection (c) of this
section were based prove to have been underestimated, the
comptroller may reclaim money transferred under Subsection (c) of
this section in an amount that the comptroller determines is
necessary to pay a claim that is legally payable from an
appropriation that was encumbered to pay the claim before the
expiration of the appropriation but the balance of which is
insufficient to pay the claim.
(e) [(c)] Not later than the 90th day of each fiscal year,
the comptroller of public accounts shall transfer from general
revenue to the budget [economic] stabilization fund the amounts
prescribed by Subsections (f) and (g) [(d) and (e)] of this section.
[However, if necessary, the comptroller shall reduce
proportionately the amounts transferred to prevent the amount in
the fund from exceeding the limit in effect for that biennium under
Subsection (g) of this section.]
(f) [(d)] If in the preceding year the state received from
oil production taxes a net amount greater than the net amount of oil
production taxes received by the state in the fiscal year ending
August 31, 1987, the comptroller shall transfer to the budget
[economic] stabilization fund an amount equal to 75 percent of the
difference between those amounts. The comptroller shall retain the
remaining 25 percent of the difference as general revenue. In
computing the net amount of oil production taxes received, the
comptroller may not consider refunds paid as a result of oil
overcharge litigation.
(g) [(e)] If in the preceding year the state received from
gas production taxes a net amount greater than the net amount of gas
production taxes received by the state in the fiscal year ending
August 31, 1987, the comptroller shall transfer to the budget
[economic] stabilization fund an amount equal to 75 percent of the
difference between those amounts. The comptroller shall retain the
remaining 25 percent of the difference as general revenue. For the
purposes of this subsection, the comptroller shall adjust the
comptroller's [his] computation of revenues to reflect only 12
months of collection.
(h) [(f)] The legislature by general law or in a general
appropriations act may transfer additional amounts of money to the
budget [appropriate additional amounts to the economic]
stabilization fund or to the property tax relief fund. A transfer
made under this subsection is not an appropriation for purposes of
Section 22, Article VIII, of this constitution.
(i) [(g) During each fiscal biennium, the amount in the
economic stabilization fund may not exceed an amount equal to 10
percent of the total amount, excluding investment income, interest
income, and amounts borrowed from special funds, deposited in
general revenue during the preceding biennium.
[(h)] In preparing an estimate of anticipated revenues for a
succeeding biennium as required by Article III, Section 49a, of
this constitution, the comptroller shall estimate the amount of the
transfers that will be made under Subsections (c), (f), and (g)
[(b), (d), and (e)] of this section. The comptroller shall deduct
that amount from the estimate of anticipated revenues as if the
transfers were made on August 31 of that fiscal year.
[(i) The comptroller shall credit to general revenue
interest due to the economic stabilization fund that would result
in an amount in the economic stabilization fund that exceeds the
limit in effect under Subsection (g) of this section.]
(j) The comptroller may transfer money from the budget
[economic] stabilization fund to general revenue to prevent or
eliminate a temporary cash deficiency in general revenue. The
comptroller shall return the amount transferred to the budget
[economic] stabilization fund as soon as practicable, but not later
than August 31 of each odd-numbered year. The comptroller shall
allocate the depository interest as if the transfers had not been
made. If the comptroller submits a statement to the governor and
the legislature under Article III, Section 49a, of this
constitution when money from the budget [economic] stabilization
fund is in general revenue, the comptroller shall state that the
transferred money is not available for appropriation from general
revenue.
(k) Except as otherwise provided by this section, amounts
[Amounts] from the budget [economic] stabilization fund may be
appropriated during a regular legislative session for the
then-current biennium only for a purpose for which an appropriation
from general revenue was made by the preceding legislature and may
be appropriated in a special session only for a purpose for which an
appropriation from general revenue was made in a preceding
legislative session of the same legislature. An appropriation for
the then-current biennium from the budget [economic] stabilization
fund made during a regular legislative session under this
subsection may be made only if the comptroller certifies that
appropriations from general revenue made by the preceding
legislature for the then-current [current] biennium exceed
available general revenues and cash balances for the remainder of
that biennium. The amount of an appropriation from the budget
[economic] stabilization fund under this subsection may not exceed
the difference between the comptroller's estimate of general
revenue for the then-current [current] biennium at the time the
comptroller receives for certification the bill making the
appropriation and the amount of general revenue appropriations for
that biennium previously certified by the comptroller.
Appropriations from the budget [economic] stabilization fund under
this subsection may not extend beyond the last day of the
then-current [current] biennium. An appropriation from the budget
[economic] stabilization fund under this subsection must be
approved by a three-fifths vote of the members present in each house
of the legislature.
(l) If an estimate of anticipated revenues for a succeeding
biennium prepared by the comptroller pursuant to Article III,
Section 49a, of this constitution is less than the revenues that are
estimated at the same time by the comptroller to be available for
the then-current [current] biennium, the legislature may, by a
three-fifths vote of the members present in each house, appropriate
for the succeeding biennium from the budget [economic]
stabilization fund an amount not to exceed this difference.
Following each fiscal year, the actual amount of revenue shall be
computed, and if the estimated difference exceeds the actual
difference, the comptroller shall transfer the amount necessary
from general revenue to the budget [economic] stabilization fund so
that the actual difference shall not be exceeded. If all or a
portion of the difference in revenue from one biennium to the next
results, at least in part, from a change in a tax rate or base
adopted by the legislature, the computation of revenue difference
shall be adjusted to the amount that would have been available had
the rate or base not been changed.
(m) [In addition to the appropriation authority provided by
Subsections (k) and (l) of this section, the legislature may, by a
two-thirds vote of the members present in each house, appropriate
amounts from the economic stabilization fund at any time and for any
purpose.
[(n)] Money appropriated from the budget [economic]
stabilization fund is subject to being withheld or transferred,
within any limits provided by statute, by any person or entity
authorized to exercise the power granted by Article XVI, Section
69, of this constitution.
(n) The comptroller of public accounts shall disburse
revenue deposited in the property tax relief fund under this
section to public school districts to reduce public school district
property tax rates as provided by rules of the comptroller adopted
to implement this subsection. The comptroller's rules adopted
under this subsection must be designed to provide for property tax
relief in accordance with any general law provisions for use of
money from the property tax relief fund. On the last day of each
fiscal biennium during which property tax rates for public schools
are set at zero percent as a result of property tax relief fund and
any other state disbursements, the comptroller shall transfer the
unencumbered balance of the property tax relief fund to the budget
stabilization fund.
(o) Notwithstanding Subsection (n) of this section, by a
vote of four-fifths of the members present in each house the
legislature may suspend for the then-current biennium or for the
next biennium any property tax relief disbursement under that
subsection or any transfer under that subsection and, to the extent
otherwise consistent with this constitution, may provide for the
money deposited in the property tax relief fund under this section
to be spent for any purpose or transferred to any account or fund
inside or outside of the treasury.
(p) In this section, "net" means the amount of money that is
equal to the difference between gross collections and refunds
before the comptroller allocates the receipts as provided by law.
SECTION 2. The following temporary provision is added to
the Texas Constitution:
TEMPORARY PROVISION. (a) This temporary provision applies
to the amendments to Section 49-g, Article III, of this
constitution, proposed by the 81st Legislature, Regular Session,
2009, regarding the budget stabilization fund and the application
of certain surplus revenues to property tax relief. This temporary
provision expires December 1, 2012.
(b) The changes made to Section 49-g, Article III, of this
constitution by the amendments apply only in relation to
appropriations made for the state fiscal biennium beginning
September 1, 2011, and subsequent state fiscal bienniums.
Appropriations for the state fiscal biennium that began September
1, 2009, are governed by Section 49-g, Article III, as it existed on
January 1, 2009.
(c) The changes made by the amendments to Section 49-g,
Article III, of this constitution apply beginning with any
unencumbered positive balance of general revenues on August 31,
2011.
SECTION 3. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 3, 2009.
The ballot shall be printed to provide for voting for or against the
proposition: "The constitutional amendment regarding the rainy day
fund and dedicating certain surplus revenues to property tax
relief."