Relating to an audit by the state auditor and a study by the comptroller of the events trust funds.
Impact
In addition to the audit, SB1392 requires the comptroller of public accounts to study the economic impact of the events funded through the trust funds. This includes an evaluation of whether these events would have been held in Texas without the financial incentives provided by the trust fund. The findings from this study are crucial for understanding the return on investment for taxpayers and will guide future funding decisions associated with host events that seek state support.
Summary
Senate Bill 1392 focuses on enhancing the accountability and transparency of the events trust funds managed by the state of Texas. The bill mandates that the state auditor conduct an audit to evaluate the efficiency and effectiveness of disbursing funds from these events trust funds, ensuring compliance with the regulations and agreements established by the state. The audit is aimed at assessing whether the funds are being managed correctly and responsibly, examining financial controls, and identifying areas where improvements can be made to safeguard public funds.
Conclusion
Ultimately, SB1392 aims to establish a framework for better management and evaluation of Texas's events trust funds, promoting fiscal responsibility while attempting to balance the interests of stakeholders involved in event planning and execution within the state.
Contention
There were some points of contention surrounding SB1392, particularly regarding the implications for local economies that benefit from events funded through these trust funds. Proponents argue that the scrutiny introduced by the bill will lead to more effective use of state resources and improved outcomes for Texas communities hosting these events. However, some critics raise concerns that excessive regulation may deter event planners from choosing Texas as a venue, thus potentially impacting local businesses and tourism negatively.
Relating to the State Auditor conducting an audit of counties with a population over 1 million and their use of funds related to acts passed by congress.
Relating to the promotion of film and television production in this state, including the eligibility of film or television productions for funding under the major events reimbursement program, the creation of a film events trust fund and a film production tax rebate trust fund, the establishment of virtual film production institutes, and the designation of media production development zones.
Relating to the funding of projects by the Public Utility Commission of Texas to promote the reliability and resiliency of the power grid in this state; authorizing the issuance of revenue bonds.