82R4541 KLA-D
By: Watson S.B. No. 696
A BILL TO BE ENTITLED
AN ACT
relating to quarterly financial condition reports on collected and
anticipated state revenue.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. The heading to Subchapter I, Chapter 403,
Government Code, is amended to read as follows:
SUBCHAPTER I. REVENUE ESTIMATES AND FINANCIAL CONDITION REPORTS
SECTION 2. Subchapter I, Chapter 403, Government Code, is
amended by adding Section 403.122 to read as follows:
Sec. 403.122. QUARTERLY STATE FINANCIAL CONDITION REPORT.
(a) Except as provided by Subsection (c), the comptroller shall
prepare and submit to the governor, the legislature, and the
Legislative Budget Board a report regarding the financial condition
of this state not later than the last day of the month following the
last day of each state fiscal quarter. The report must:
(1) specify for each revenue source included in
determining the estimate of anticipated revenue for purposes of the
most recent statement required by Section 49a, Article III, Texas
Constitution, the total net revenue actually collected from that
source for the state fiscal year as of the end of the most recent
state fiscal quarter;
(2) compare for the period described by Subdivision
(1) the total net revenue collected from each revenue source
required to be specified under that subdivision with the
anticipated revenue from that source that was included for purposes
of determining the estimate of anticipated revenue in the statement
required by Section 49a, Article III, Texas Constitution;
(3) specify for each state revenue source resulting
from a law taking effect after the comptroller submitted the most
recent statement required by Section 49a, Article III, Texas
Constitution, the total net revenue collected from that source for
the state fiscal year as of the end of the most recent state fiscal
quarter;
(4) summarize indicators of state economic trends
experienced since the most recent statement required by Section
49a, Article III, Texas Constitution, and anticipated state
economic trends and their effect on future state revenue
collections; and
(5) based on actual state revenue collections and
experienced and anticipated trends in those revenue collections,
provide revised projections for the current and subsequent state
fiscal bienniums regarding those revenue collections.
(b) The information required by Subsections (a)(1), (2),
(3), and (5) must be separately stated for each state revenue
source, including state sales and use tax revenue. The report must
also provide an aggregated summary for all state revenue sources of
the state revenue data described by those subsections.
(c) The comptroller is not required to prepare and submit
the report required by Subsection (a) that would otherwise be
required to be submitted in December of each even-numbered year.
(d) The Legislative Budget Board shall hold a public hearing
during the second month following the last day of each state fiscal
quarter after receiving a report under Subsection (a) to hear
testimony on the report. Before the hearing, the board shall make
the report available to the public through:
(1) the board's Internet website; and
(2) another means, on request.
SECTION 3. The comptroller of public accounts shall prepare
and submit the initial quarterly state financial condition report
required by Section 403.122, Government Code, as added by this Act,
not later than December 31, 2011.
SECTION 4. This Act takes effect September 1, 2011.