LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION March 27, 2009 TO: Honorable Craig Estes, Chair, Senate Committee on Agriculture & Rural Affairs FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:SB1988 by Estes (Relating to the Texas Rural Investment Fund.), As Introduced No significant fiscal implication to the State is anticipated. The bill would create the Texas Rural Investment Fund, to be administered by the Department of Agriculture, to provide grants or loans in rural areas to stimulate local entrepreneurship, job creation or retention, new capital investment, strategic economic development planning, individual economic and community development leadership training, housing development, or innovative workforce education. This legislation would do one or more of the following: create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either with or outside of the Treasury, or create a dedicated revenue source. The fund, account, or revenue dedication included in this bill would be subject to funds consolidation review by the current Legislature. TDA estimates there would be a minimal cost associated with implementing the provisions of the bill. The bill would take effect September 1, 2009. Local Government Impact If a public entity that is a local government were to receive funds through the Texas Rural Investment Fund, the entity would experience a revenue gain. The amount of revenue gain would depend on the project and the discretion of the Department of Agriculture in making an award. Source Agencies:357 Office of Rural Community Affairs, 304 Comptroller of Public Accounts, 551 Department of Agriculture LBB Staff: JOB, CH, WK, AH, DB
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
March 27, 2009
TO: Honorable Craig Estes, Chair, Senate Committee on Agriculture & Rural Affairs FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:SB1988 by Estes (Relating to the Texas Rural Investment Fund.), As Introduced
TO: Honorable Craig Estes, Chair, Senate Committee on Agriculture & Rural Affairs
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: SB1988 by Estes (Relating to the Texas Rural Investment Fund.), As Introduced
Honorable Craig Estes, Chair, Senate Committee on Agriculture & Rural Affairs
Honorable Craig Estes, Chair, Senate Committee on Agriculture & Rural Affairs
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
SB1988 by Estes (Relating to the Texas Rural Investment Fund.), As Introduced
SB1988 by Estes (Relating to the Texas Rural Investment Fund.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would create the Texas Rural Investment Fund, to be administered by the Department of Agriculture, to provide grants or loans in rural areas to stimulate local entrepreneurship, job creation or retention, new capital investment, strategic economic development planning, individual economic and community development leadership training, housing development, or innovative workforce education. This legislation would do one or more of the following: create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either with or outside of the Treasury, or create a dedicated revenue source. The fund, account, or revenue dedication included in this bill would be subject to funds consolidation review by the current Legislature. TDA estimates there would be a minimal cost associated with implementing the provisions of the bill. The bill would take effect September 1, 2009.
The bill would create the Texas Rural Investment Fund, to be administered by the Department of Agriculture, to provide grants or loans in rural areas to stimulate local entrepreneurship, job creation or retention, new capital investment, strategic economic development planning, individual economic and community development leadership training, housing development, or innovative workforce education.
This legislation would do one or more of the following: create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either with or outside of the Treasury, or create a dedicated revenue source. The fund, account, or revenue dedication included in this bill would be subject to funds consolidation review by the current Legislature.
TDA estimates there would be a minimal cost associated with implementing the provisions of the bill.
The bill would take effect September 1, 2009.
Local Government Impact
If a public entity that is a local government were to receive funds through the Texas Rural Investment Fund, the entity would experience a revenue gain. The amount of revenue gain would depend on the project and the discretion of the Department of Agriculture in making an award.
Source Agencies: 357 Office of Rural Community Affairs, 304 Comptroller of Public Accounts, 551 Department of Agriculture
357 Office of Rural Community Affairs, 304 Comptroller of Public Accounts, 551 Department of Agriculture
LBB Staff: JOB, CH, WK, AH, DB
JOB, CH, WK, AH, DB