Bill: HB 3651, 83(R) - 2013

Bill Caption

Relating to the management and use of the Texas preservation trust fund.

Fiscal Notes

Estimated Two-year Net Impact to General Revenue Related Funds for HB3651, As Introduced: a negative impact of ($5,105,664) through the biennium ending August 31, 2015. The bill would make no appropriation but could provide the legal basis for an appropriation of funds to implement the provisions of the bill.

Bill Analysis

Summary: The Texas preservation trust fund gives financial assistance to public and private entities to support historic preservation projects. 2007 legislation stipulated that the comptroller would manage the account to increase the amount of interest earned on the fund to make more money available for grants. 2011 legislation, however, transferred fund assets to the state treasury to fund Texas Historical Commission operations. HB 3651 would ensure that the fund’s assets are returned to the comptroller’s management and seeks to ensure that current fund assets are available to earn interest to fund preservation grants.

Analysis: This legislation ensures that dedicated funds are used for the purpose to which they are dedicated. The fund was set up to support historic preservation projects and then was diverted elsewhere - to the Texas Historical Commission for overhead expenses. This legislation ensures that the funds will be restored to their original purpose. We support HB 3651.

Source URL (retrieved on 04/25/2024 12:04 AM): http://reports.texasaction.com/bill/83r/hb3651?print_view=true