Governor's Message to the 56th legislature. Page: 12 of 41
The following text was automatically extracted from the image on this page using optical character recognition software:
The budget can be balanced by August 31 by enactment of three measures,
1. A law directing the State Comptroller to credit to the General Fund any
balance remaining in the Omnibus Tax Clearance Fund on the last day of each
fiscal year. As in the past there will be $18 million collected between August 5
and August 31 that the Comptroller holds in suspense without crediting it to this
fiscal year. Actually, my proposal is merely a bookkeeping proposition, by which
the State would receive credit during this fiscal year for $18, 000, 000 actually
collected during but not credited to the fiscal year. Under present bookkeeping
procedures of the State Comptroller, it is merely held in suspense for use in the
next fiscal year. This is a perfectly proper procedure, but it results in a large
sum of money being held in suspense from one fiscal year to the other. On the
last day of recent fiscal years this amount has run as high as $21, 000, 000. In no
fiscal year has this suspense account ever been credited as income for the year
in which collected, and if the present method is not changed by law, this amount
of taxes actually collected and on hand will never be credited as income. A like
amount will always remain dangling in suspense.
The bill which I propose will not affect the availability of funds to meet the
allocations of September 1 of this year or any other year, because it provides that
the balance credited on the last day of the fiscal year to the General Fund would be
held subject to use, if necessary, for supplementing the next day's allocations from
the Omnibus Tax Clearance Fund. Although only a bookkeeping procedure, it is
one which will moe nearly reflect the actual cash condition of the State Treasury
than the present method. In fact the Comptroller's estimate itself is merely a
bookkeeping estimate. It is not based on the anticipated cash deficit which will
Here’s what’s next.
This book can be searched. Note: Results may vary based on the legibility of text within the document.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Book.
Price, Daniel. Governor's Message to the 56th legislature., book, January 21, 1959; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth5870/m1/12/: accessed June 28, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .