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Seal of the Senate of the State of Texas Welcome to the Official Website for the Texas Senate
Seal of the Senate of the State of Texas
Welcome to the official website for the
Texas Senate
 
Senator Jane Nelson: District 12
[SENATE SEAL]
February 4, 2015
Contact: Megan Hanson
512-463-0112
TODAY IN FINANCE

On the agenda: Article I

  • Texas Facilities Commission
  • Texas State Cemetery
  • Public Finance Authority (Includes Bond Debt Service Payments)
  • Bond Review Board
  • Historical Commission
  • Commission on the Arts

For the full agenda, please view the posting online

Highlights:

  • Bond Debt Service Payments
    • The Legislative Budget Board will provide an overview of the state's overall debt burden.
    • Texas ranks second-lowest among the ten most populous states for state debt, but second-highest among the ten most populous states for local debt.
    • The Texas Constitution limits state debt to 5 percent of the average annual unrestricted general revenue from the previous three fiscal years.
    • Senator Nelson has filed SJR 25, a constitutional amendment that would provide that when the Rainy Day Fund reaches its constitutional cap, the excess funds are placed into an account solely dedicated for the early retirement of state debt.
    • Statement from Senator Nelson: "Our economy is producing more revenue than we can spend. We need to send part of it back to taxpayers, and reduce the obligations we are placing on future generations of Texans. They are not mutually exclusive -- we can do both."
  • Historical Commission
    • While SB 2 appears to show a reduction $28.8M in All Funds, those changes can be attributed to one-time expenditures for historic sites, museums, courthouse grants and other items in the FY 14-15 budget.
    • Statement from Senator Nelson: "Texas has a long and vibrant state history, and we will ensure our Historical Commission has the funding it needs to protect and preserve our historical sites, landmarks and museums."
  • Commission on the Arts
    • SB 2 includes $13.3M for the Commission on the Arts, approximately the same as the last budget.
    • Statement from Senator Nelson: "As a former teacher and an admirer of the arts, I want to ensure that the arts are supported throughout our state."

To watch the Senate Finance Committee hearing online, click here.


Senator Jane Nelson
Chair, Senate Finance Committee

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