| 1 | 1 | | 84R24117 KLA-D |
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| 2 | 2 | | By: Howard H.B. No. 915 |
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| 3 | 3 | | Substitute the following for H.B. No. 915: |
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| 4 | 4 | | By: Howard C.S.H.B. No. 915 |
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| 5 | 5 | | |
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| 6 | 6 | | |
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| 7 | 7 | | A BILL TO BE ENTITLED |
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| 8 | 8 | | AN ACT |
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| 9 | 9 | | relating to quarterly financial condition reports on collected and |
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| 10 | 10 | | anticipated state revenue. |
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| 11 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 12 | | SECTION 1. The heading to Subchapter I, Chapter 403, |
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| 13 | 13 | | Government Code, is amended to read as follows: |
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| 14 | 14 | | SUBCHAPTER I. REVENUE ESTIMATES AND FINANCIAL CONDITION REPORTS |
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| 15 | 15 | | SECTION 2. Subchapter I, Chapter 403, Government Code, is |
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| 16 | 16 | | amended by adding Section 403.123 to read as follows: |
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| 17 | 17 | | Sec. 403.123. QUARTERLY STATE FINANCIAL CONDITION REPORT. |
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| 18 | 18 | | (a) Except as provided by Subsection (c), the comptroller shall |
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| 19 | 19 | | prepare and submit to the governor, the legislature, and the |
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| 20 | 20 | | Legislative Budget Board a report regarding the financial condition |
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| 21 | 21 | | of this state not later than the last day of the month following the |
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| 22 | 22 | | last day of each state fiscal quarter. The report must: |
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| 23 | 23 | | (1) state the total net revenue actually collected for |
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| 24 | 24 | | the state fiscal year as of the end of the most recent state fiscal |
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| 25 | 25 | | quarter from all revenue sources included in determining the |
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| 26 | 26 | | estimate of anticipated revenue for purposes of the most recent |
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| 27 | 27 | | statement required by Section 49a, Article III, Texas Constitution; |
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| 28 | 28 | | (2) compare for the period described by Subdivision |
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| 29 | 29 | | (1) the total net revenue collected from all revenue sources |
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| 30 | 30 | | required to be included under that subdivision with the anticipated |
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| 31 | 31 | | revenue from those sources that was included for purposes of |
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| 32 | 32 | | determining the estimate of anticipated revenue in the statement |
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| 33 | 33 | | required by Section 49a, Article III, Texas Constitution; |
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| 34 | 34 | | (3) summarize indicators of state economic trends |
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| 35 | 35 | | experienced since the most recent statement required by Section |
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| 36 | 36 | | 49a, Article III, Texas Constitution, and anticipated state |
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| 37 | 37 | | economic trends and their effect on future state revenue |
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| 38 | 38 | | collections; and |
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| 39 | 39 | | (4) based on actual state revenue collections and |
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| 40 | 40 | | experienced and anticipated trends in those revenue collections, |
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| 41 | 41 | | provide revised projections for the current state fiscal biennium |
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| 42 | 42 | | regarding those revenue collections. |
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| 43 | 43 | | (b) The report must provide an aggregated summary for all |
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| 44 | 44 | | state revenue sources of the state revenue data described by |
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| 45 | 45 | | Subsections (a)(1), (2), and (4). |
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| 46 | 46 | | (c) The comptroller is not required to prepare and submit |
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| 47 | 47 | | the report required by Subsection (a) that would otherwise be |
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| 48 | 48 | | required to be submitted in December of each even-numbered year. |
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| 49 | 49 | | (d) The comptroller shall make the report that is prepared |
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| 50 | 50 | | and submitted as required by Subsection (a) available on the |
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| 51 | 51 | | comptroller's Internet website. |
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| 52 | 52 | | SECTION 3. The comptroller of public accounts shall prepare |
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| 53 | 53 | | and submit the initial quarterly state financial condition report |
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| 54 | 54 | | required by Section 403.123, Government Code, as added by this Act, |
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| 55 | 55 | | not later than December 31, 2015. |
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| 56 | 56 | | SECTION 4. This Act takes effect September 1, 2015. |
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