84R24117 KLA-D
By: Howard H.B. No. 915
Substitute the following for H.B. No. 915:
By: Howard C.S.H.B. No. 915
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 403.123 to read as follows:
Sec. 403.123. 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) state the total net revenue actually collected for
the state fiscal year as of the end of the most recent state fiscal
quarter from all revenue sources included in determining the
estimate of anticipated revenue for purposes of the most recent
statement required by Section 49a, Article III, Texas Constitution;
(2) compare for the period described by Subdivision
(1) the total net revenue collected from all revenue sources
required to be included under that subdivision with the anticipated
revenue from those sources that was included for purposes of
determining the estimate of anticipated revenue in the statement
required by Section 49a, Article III, Texas Constitution;
(3) 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
(4) based on actual state revenue collections and
experienced and anticipated trends in those revenue collections,
provide revised projections for the current state fiscal biennium
regarding those revenue collections.
(b) The report must provide an aggregated summary for all
state revenue sources of the state revenue data described by
Subsections (a)(1), (2), and (4).
(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 comptroller shall make the report that is prepared
and submitted as required by Subsection (a) available on the
comptroller's Internet website.
SECTION 3. The comptroller of public accounts shall prepare
and submit the initial quarterly state financial condition report
required by Section 403.123, Government Code, as added by this Act,
not later than December 31, 2015.
SECTION 4. This Act takes effect September 1, 2015.