New reporting requirements for state funds outside of treasury
Austin– Most of the state’s revenue passes through the State Treasury. Yet billions more in state funds are held by state agencies and public colleges and universities in accounts outside the Treasury, and can be used without legislative appropriations.
These local funds amounted to at least $7.5 billion at the end of fiscal 2015. Take a closer look at local funds, and recently approved legislation that promises to shed additional light on this area of the state’s finances, in the latest issue of Fiscal Notes.
“These local funds receive comparatively little oversight from lawmakers or scrutiny by the general public,” Texas Comptroller Glenn Hegar said. “Keeping these local funds outside the Treasury reduces interest income earned by the state’s General Revenue Fund and makes it harder for policymakers to get a true picture of the state’s finances.”
In this issue, you can also look at the work of our Treasury Operations Division, which processes checks, collects billions in state receipts, issues warrants to pay state debts, maintains more than 500 state bank accounts and aids the financial operations of about 200 state agencies and institutions.
To read the Fiscal Notes visit the website below.