Texas 2019 - 86th Regular

Texas Senate Bill SJR1

Caption

Proposing a constitutional amendment to authorize the legislature to provide for a transfer of economic stabilization fund investment earnings to a special endowment fund in the state treasury.

Impact

The proposed amendment may lead to a significant change in how state funds are managed, as it would create a new channel for financial resources to be accessed. If enacted, this constitutional amendment would directly impact the existing laws surrounding the economic stabilization fund and its earnings. Instead of strictly funneling excess earnings into the general revenue, the state would have the option to allocate a portion of these funds to the special endowment, ultimately aimed at strengthening state funding for various necessities including education, infrastructure, and healthcare.

Summary

SJR1 is a joint resolution proposing a constitutional amendment which seeks to authorize the Texas legislature to facilitate the transfer of investment earnings from the economic stabilization fund to a newly established special endowment fund in the state treasury. This amendment aims to create an additional resource for financing state spending priorities, thereby enhancing the financial flexibility of the state government. By allowing this transfer, the proposal intends to ensure that the earnings from stabilized funds can be put towards public services and initiatives that require funding.

Contention

While the proposal aims to enhance the state treasury's resources, it has also raised concerns regarding fiscal management and priorities. Some legislators may argue about the potential risks associated with diverting earnings from the economic stabilization fund, which is primarily designed to function as a financial buffer during economic downturns. Debates may center around the implications of these transfers on long-term financial stability and the prioritization of expenditures, highlighting the need for transparency and accountability in how these endowment funds would be utilized by the legislature.

Companion Bills

TX SB69

Enabled by Relating to the allocations of money for transfer to the state highway fund and the economic stabilization fund and the investment of money in the economic stabilization fund.

Previously Filed As

TX HJR1

Proposing a constitutional amendment creating the state school safety fund to provide ongoing financial support for projects that ensure the safety of public schools in this state and providing for the transfer of certain general revenues to that fund, the economic stabilization fund, and the state highway fund.

TX SJR56

Proposing a constitutional amendment to raise the maximum allowable amount of money in the economic stabilization fund.

TX HJR27

Proposing a constitutional amendment providing for the creation of and use of money in the Grow Texas fund and allocating certain general revenues to that fund, the economic stabilization fund, and the state highway fund.

TX HB5227

Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the Texas legacy fund, and the state highway fund and to the management and investment of the economic stabilization fund, the Texas legacy fund, and the Texas legacy distribution fund.

TX HJR203

Proposing a constitutional amendment providing for the creation of the Texas legacy fund and the Texas legacy distribution fund, dedicating the Texas legacy distribution fund to certain state infrastructure projects or the reduction of certain long-term obligations, and providing for the transfer of certain general revenues to the economic stabilization fund, the Texas legacy fund, and the state highway fund.

TX HJR186

Proposing a constitutional amendment providing for the creation of the junior college endowment fund and dedicating the interest and other investment income from money in the fund to reduce the cost of tuition at public junior colleges in this state.

TX HJR169

Proposing a constitutional amendment providing for the dedication of certain sales and use tax revenue to a special fund established in the state treasury to pay for water infrastructure in this state.

TX HJR111

Proposing a constitutional amendment providing for the creation of the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund, dedicating the money in that fund to benefit areas of the state significantly affected by oil and gas production, and providing for the transfer of certain general revenues to that fund, the economic stabilization fund, the state highway fund, the oil and gas regulation and cleanup account, the Texas emissions reduction plan fund, and the property tax relief fund.

TX HB1392

Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the state highway fund, and the Grow Texas fund and to the permissible uses of money deposited to the Grow Texas fund.

TX SJR41

Proposing a constitutional amendment lowering the maximum allowable amount of money in the economic stabilization fund and dedicating certain general revenue to reducing school district maintenance and operations ad valorem taxes.

Similar Bills

No similar bills found.