Relating to making an appropriation of money from the economic stabilization fund for expenditure during the current state fiscal biennium.
Impact
If enacted, this appropriation would allow the state to use funds that are otherwise set aside within the economic stabilization fund, which is designed to provide financial support during economic downturns. By transferring a significant amount of this fund to the general revenue fund, the bill facilitates continued funding for various state programs and services. This could be vital in maintaining welfare, education, and infrastructure initiatives that rely heavily on state funding.
Summary
House Bill 275 proposes to appropriate a total of $3,117,661,120 from the economic stabilization fund to the comptroller of public accounts. This amount is intended for deposit into the general revenue fund, making it available for expenditures authorized in the state fiscal year ending August 31, 2011. The bill emphasizes the importance of utilizing existing funds to meet state financial obligations, ensuring that necessary services and programs can continue to operate without interruption.
Contention
The bill's passage is contingent upon a three-fifths vote from the members present in each house of the legislature and must also be certified by the comptroller of public accounts. This requirement reflects the proposed action's seriousness and highlights that it is not a straightforward appropriation but rather one that could face scrutiny and debate within the legislature. Discussions surrounding the use of economic stabilization funds can often evoke differing viewpoints on fiscal responsibility and the prioritization of state expenditures.
Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the Texas legacy fund, and the state highway fund and to the management and investment of the economic stabilization fund, the Texas legacy fund, and the Texas legacy distribution fund.
Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the state highway fund, and the Grow Texas fund and to the permissible uses of money deposited to the Grow Texas fund.
Proposing a constitutional amendment providing for the creation of and use of money in the Grow Texas fund and allocating certain general revenues to that fund, the economic stabilization fund, and the state highway fund.
Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the state highway fund, the oil and gas regulation and cleanup account, the Texas emissions reduction plan fund, the property tax relief fund, and the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund and to the permissible uses of money deposited to the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund.
Proposing a constitutional amendment lowering the maximum allowable amount of money in the economic stabilization fund and dedicating certain general revenue to reducing school district maintenance and operations ad valorem taxes.
Relating to the determination of the sufficient balance of the economic stabilization fund for the purpose of allocating general revenue to that fund and the state highway fund.