LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION March 17, 2015 TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB1378 by Flynn (Relating to annual financial reporting of debt information.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Local Government Code to require a political subdivision to publish certain debt and fiscal information in an annual report on an Internet website. Alternatively, the political subdivision would be permitted to provide the Comptroller of Public Accounts (CPA) the required fiscal information and CPA would post the information on its website. The bill would require certain political subdivisions to maintain a website to comply with the bill provisions. The bill would prohibit a governing body of certain political subdivisions from authorizing a certificate to pay a contractual obligation if an issuance of bonds for the same purpose failed to be approved by voters within the preceding three years. The bill has no direct fiscal implications for the Foundation School Program (FSP) or the operations of the Texas Education Agency (TEA). Local Government Impact There could be costs to political subdivision for implementing the bill. The costs would vary by political subdivision depending on a number of factors including: employing personnel to complete the report requirements and costs associated with creation and maintenance of a website for applicable subdivisions.There would be some administrative costs to local school districts to provide additional information; however, the costs are not anticipated to be significant.Dallas Community College reported the report requirements are already available in the annual financial report and the district already maintains a website; therefore, no significant fiscal impact is anticipated. Odessa College reported no significant fiscal impact is anticipated.The Texas Municipal League reported there could be costs associated with smaller municipalities needing additional personnel to assist in assembling the required fiscal information; however, costs cannot been determined.The Texas Organization of Rural and Community Hospitals reported possible costs to districts would include the costs of establishing or maintaining a website and changes in accounting system software to meet the report requirements; however, costs cannot be determined.Cooke County reported no significant fiscal impact is anticipated. Ector County reported the report requirements are readily available and the county already maintains a website; therefore, no significant fiscal impact is anticipated.Tom Green County reported most of the report requirements are already available in the county annual financial report and the county already maintains a website; therefore, no significant fiscal impact is anticipated. The city of Baytown reported no significant impact is anticipated.Northeast Texas Municipal Water District reported no significant impact is anticipated. Source Agencies:304 Comptroller of Public Accounts, 592 Soil and Water Conservation Board, 701 Central Education Agency LBB Staff: UP, CL, SD, EK, LCO, JBi, ED
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION
March 17, 2015
TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB1378 by Flynn (Relating to annual financial reporting of debt information.), As Introduced
TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB1378 by Flynn (Relating to annual financial reporting of debt information.), As Introduced
Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
HB1378 by Flynn (Relating to annual financial reporting of debt information.), As Introduced
HB1378 by Flynn (Relating to annual financial reporting of debt information.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend the Local Government Code to require a political subdivision to publish certain debt and fiscal information in an annual report on an Internet website. Alternatively, the political subdivision would be permitted to provide the Comptroller of Public Accounts (CPA) the required fiscal information and CPA would post the information on its website. The bill would require certain political subdivisions to maintain a website to comply with the bill provisions. The bill would prohibit a governing body of certain political subdivisions from authorizing a certificate to pay a contractual obligation if an issuance of bonds for the same purpose failed to be approved by voters within the preceding three years. The bill has no direct fiscal implications for the Foundation School Program (FSP) or the operations of the Texas Education Agency (TEA).
Local Government Impact
There could be costs to political subdivision for implementing the bill. The costs would vary by political subdivision depending on a number of factors including: employing personnel to complete the report requirements and costs associated with creation and maintenance of a website for applicable subdivisions.There would be some administrative costs to local school districts to provide additional information; however, the costs are not anticipated to be significant.Dallas Community College reported the report requirements are already available in the annual financial report and the district already maintains a website; therefore, no significant fiscal impact is anticipated. Odessa College reported no significant fiscal impact is anticipated.The Texas Municipal League reported there could be costs associated with smaller municipalities needing additional personnel to assist in assembling the required fiscal information; however, costs cannot been determined.The Texas Organization of Rural and Community Hospitals reported possible costs to districts would include the costs of establishing or maintaining a website and changes in accounting system software to meet the report requirements; however, costs cannot be determined.Cooke County reported no significant fiscal impact is anticipated. Ector County reported the report requirements are readily available and the county already maintains a website; therefore, no significant fiscal impact is anticipated.Tom Green County reported most of the report requirements are already available in the county annual financial report and the county already maintains a website; therefore, no significant fiscal impact is anticipated. The city of Baytown reported no significant impact is anticipated.Northeast Texas Municipal Water District reported no significant impact is anticipated.
Source Agencies: 304 Comptroller of Public Accounts, 592 Soil and Water Conservation Board, 701 Central Education Agency
304 Comptroller of Public Accounts, 592 Soil and Water Conservation Board, 701 Central Education Agency
LBB Staff: UP, CL, SD, EK, LCO, JBi, ED
UP, CL, SD, EK, LCO, JBi, ED