Proposing a constitutional amendment regarding the maximum rate of growth of appropriations and the use of unencumbered surplus general revenues to fund the state's rainy day fund and a public school property tax relief fund.
Impact
If passed, HJR70 would significantly alter state budgeting practices by instituting stricter controls on how much the state government can spend in relation to its growth rate. Additionally, it earmarks unencumbered surplus general revenues to be allocated for the state's rainy day fund and a public school property tax relief fund. This shift could lead to increased financial stability and flexibility in times of economic downturn while also promising some reduction in property taxes for school districts, benefitting taxpayers directly.
Summary
HJR70 proposes a constitutional amendment to establish a maximum rate of growth for state appropriations, aimed at enhancing fiscal discipline and ensuring the sustainable management of public finances in Texas. The resolution outlines that appropriations cannot exceed the lowest growth rate derived from factors such as population growth, inflation, state GDP growth, or personal income growth. This is intended to prevent unchecked spending and promote fiscal responsibility, reflecting a growing concern over the state’s budgeting methods and long-term financial health.
Sentiment
The sentiment surrounding HJR70 appears divided among stakeholders. Proponents argue that establishing clear limits on appropriations growth is necessary for maintaining fiscal stability and preventing government overreach in state spending. Others support the proposed tax relief component, suggesting it will ease financial burdens on property owners. In contrast, critics express concern that such restrictions may hinder the legislature's ability to address urgent funding needs during economic crises, arguing that flexibility in appropriations is essential for adequately responding to unforeseen costs.
Contention
Notable points of contention focus on the potential rigidity that HJR70 introduces to the state's budgetary process. Critics of the bill are worried that by tying appropriations growth to economic indicators, the state may inadvertently constrain funds needed for essential services during periods of economic stress. Moreover, the emphasis on tax relief might disproportionately benefit wealthier districts, raising concerns of equity among taxpayers and school funding. These debates indicate a broader struggle between fiscal restraint and the need for responsive governance in Texas.
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.
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.
Proposing a constitutional amendment excepting certain appropriations to pay for school district ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.
Proposing a constitutional amendment excepting certain appropriations to pay for school district ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.
Proposing a constitutional amendment excepting certain appropriations to pay for school district ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.
Proposing a constitutional amendment creating the state school safety fund to provide ongoing financial support for projects that ensure the safety of public schools in this state and providing for the transfer of certain general revenues to that fund, the economic stabilization fund, and the state highway fund.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of real property for ad valorem tax purposes and to except certain appropriations to pay for ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.
Proposing a constitutional amendment providing for the creation of the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund, dedicating the money in that fund to benefit areas of the state significantly affected by oil and gas production, and providing for the transfer of certain general revenues to that fund, the economic stabilization fund, the state highway fund, the oil and gas regulation and cleanup account, the Texas emissions reduction plan fund, and the property tax relief fund.