[FISCAL NOTES] “Local Funds” and State Finances
Texas Comptroller of Public Accounts sent this bulletin at 08/10/2017 10:00 AM CDT
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| “Local Funds” and State Finances | |
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The Texas Comptroller’s office keeps the books on state spending and manages the State Treasury. Yet billions of dollars in state revenue are kept outside the Treasury, held by state agencies and institutions as so-called local funds, often in private banks.
While the state’s Comprehensive Annual Financial Report provides year-end balances for these funds, surprisingly little is known about how they’re used from year to year, creating something of a blind spot in our picture of state revenues and spending. But new legislation passed in the 2017 regular session calls for the Comptroller’s office and Legislative Budget Board to begin producing biennial reports on local funds, an effort that should shed new light on this area of state finance. In our August issue of Fiscal Notes, we discuss local funds, their impact and the new reporting requirements. In a related story, we take a look at the Comptroller’s Treasury Operations Division, the current incarnation of an institution that has survived since 1845. This division’s employees track, safeguard and account for billions of dollars that flow in and out of the Treasury each year. |
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