Bill Text: TX HB915 | 2015-2016 | 84th Legislature | Comm Sub
Bill Title: Relating to quarterly financial condition reports on collected and anticipated state revenue.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2015-05-12 - Placed on General State Calendar [HB915 Detail]
Download: Texas-2015-HB915-Comm_Sub.html
| 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 | ||
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| 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. | ||
