LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION April 18, 2023 TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB4853 by Jetton (relating to the issuance of obligations by certain counties to pay the unfunded liabilities of the county to a public retirement system.), Committee Report 1st House, Substituted No significant fiscal implication to the State is anticipated. The bill would amend the Local Government Code to provide Fort Bend County the authority to issue pension obligation bonds. It is assumed any costs associated with implementing the provisions of the bill could be absorbed using existing resources. Local Government ImpactAccording to Fort Bend County, implementing the provisions of the bill would result in savings of an estimated $40 million over 20 years from investment earnings. Source Agencies: b > td > 338 Pension Review Board, 352 Bond Review Board LBB Staff: b > td > JMc, MOc, LCO, JPO
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION
April 18, 2023
TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB4853 by Jetton (relating to the issuance of obligations by certain counties to pay the unfunded liabilities of the county to a public retirement system.), Committee Report 1st House, Substituted
TO: Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB4853 by Jetton (relating to the issuance of obligations by certain counties to pay the unfunded liabilities of the county to a public retirement system.), Committee Report 1st House, Substituted
Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services
Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB4853 by Jetton (relating to the issuance of obligations by certain counties to pay the unfunded liabilities of the county to a public retirement system.), Committee Report 1st House, Substituted
HB4853 by Jetton (relating to the issuance of obligations by certain counties to pay the unfunded liabilities of the county to a public retirement system.), Committee Report 1st House, Substituted
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 provide Fort Bend County the authority to issue pension obligation bonds. It is assumed any costs associated with implementing the provisions of the bill could be absorbed using existing resources.
Local Government Impact
According to Fort Bend County, implementing the provisions of the bill would result in savings of an estimated $40 million over 20 years from investment earnings.
Source Agencies: b > td > 338 Pension Review Board, 352 Bond Review Board
338 Pension Review Board, 352 Bond Review Board
LBB Staff: b > td > JMc, MOc, LCO, JPO
JMc, MOc, LCO, JPO