LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION May 20, 2011 TO: Honorable Jim Pitts, Chair, House Committee on Appropriations FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SJR5 by Ogden (proposing a constitutional amendment to clarify references to the permanent school fund, to allow the General Land Office to distribute revenue derived from permanent school fund land or other properties to the available school fund, and to provide for an increase in the market value of the permanent school fund for the purpose of allowing increased distributions from the available school fund.), Committee Report 2nd House, Substituted No significant fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $105,495. The resolution would propose a constitutional amendment to clarify references to the Permanent School Fund (PSF) in the Texas Constitution. The resolution would propose amending Article VII, Section 5 (a)(1) of the Texas Constitution to include the discretionary real assets investments and cash in the state treasury derived from property belonging to the fund in the PSF market value calculation. The resolution would propose adding Subsection (g) to Article VII, Section 5 of the Texas Constitution to allow the General Land Office (GLO) to distribute revenue derived from PSF land or properties to the Available School Fund (ASF). The distribution could not exceed $300 million per year. The resolution would require that the amendment to the Texas Constitution be submitted to voters at an election on November 8, 2011. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies: LBB Staff: JOB, KK, SD
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
May 20, 2011
TO: Honorable Jim Pitts, Chair, House Committee on Appropriations FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SJR5 by Ogden (proposing a constitutional amendment to clarify references to the permanent school fund, to allow the General Land Office to distribute revenue derived from permanent school fund land or other properties to the available school fund, and to provide for an increase in the market value of the permanent school fund for the purpose of allowing increased distributions from the available school fund.), Committee Report 2nd House, Substituted
TO: Honorable Jim Pitts, Chair, House Committee on Appropriations
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: SJR5 by Ogden (proposing a constitutional amendment to clarify references to the permanent school fund, to allow the General Land Office to distribute revenue derived from permanent school fund land or other properties to the available school fund, and to provide for an increase in the market value of the permanent school fund for the purpose of allowing increased distributions from the available school fund.), Committee Report 2nd House, Substituted
Honorable Jim Pitts, Chair, House Committee on Appropriations
Honorable Jim Pitts, Chair, House Committee on Appropriations
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
SJR5 by Ogden (proposing a constitutional amendment to clarify references to the permanent school fund, to allow the General Land Office to distribute revenue derived from permanent school fund land or other properties to the available school fund, and to provide for an increase in the market value of the permanent school fund for the purpose of allowing increased distributions from the available school fund.), Committee Report 2nd House, Substituted
SJR5 by Ogden (proposing a constitutional amendment to clarify references to the permanent school fund, to allow the General Land Office to distribute revenue derived from permanent school fund land or other properties to the available school fund, and to provide for an increase in the market value of the permanent school fund for the purpose of allowing increased distributions from the available school fund.), Committee Report 2nd House, Substituted
No significant fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $105,495.
No significant fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $105,495.
The cost to the state for publication of the resolution is $105,495.
The resolution would propose a constitutional amendment to clarify references to the Permanent School Fund (PSF) in the Texas Constitution. The resolution would propose amending Article VII, Section 5 (a)(1) of the Texas Constitution to include the discretionary real assets investments and cash in the state treasury derived from property belonging to the fund in the PSF market value calculation. The resolution would propose adding Subsection (g) to Article VII, Section 5 of the Texas Constitution to allow the General Land Office (GLO) to distribute revenue derived from PSF land or properties to the Available School Fund (ASF). The distribution could not exceed $300 million per year. The resolution would require that the amendment to the Texas Constitution be submitted to voters at an election on November 8, 2011.
The resolution would propose a constitutional amendment to clarify references to the Permanent School Fund (PSF) in the Texas Constitution.
The resolution would propose amending Article VII, Section 5 (a)(1) of the Texas Constitution to include the discretionary real assets investments and cash in the state treasury derived from property belonging to the fund in the PSF market value calculation.
The resolution would propose adding Subsection (g) to Article VII, Section 5 of the Texas Constitution to allow the General Land Office (GLO) to distribute revenue derived from PSF land or properties to the Available School Fund (ASF). The distribution could not exceed $300 million per year.
The resolution would require that the amendment to the Texas Constitution be submitted to voters at an election on November 8, 2011.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
LBB Staff: JOB, KK, SD
JOB, KK, SD