Even before being assigned to a committee, the CPA scholarship bills (SB 777 by Sen. Williams and HB 1521 by Otto) have run into a bureaucratic snag.
The scholarship funds that need to be transferred out of the designated general fund account into a trust fund controlled by the Texas State Board of Public Accountancy (TSBPA) are projected to total approximately $780,000 by the end of this fiscal year and generate about $620,000 per year in new funds from the $10 per CPA license collected by TSBPA. Unfortunately, in the State Comptroller’s biennial Revenue Estimate Combs estimates that these funds will have a year ending fund balance of $3,969,000 and annual income of $2,930,000 and these are the numbers that have been furnished to the Senate Finance Committee. We are working with TSBPA and the Comptroller’s revenue estimators to clear up the confusion but so far we have been unable to determine what caused the erroneous estimate.
This discrepancy will have to be cleared up before the bills can move forward. In this year of the budget crunch, the differences in the numbers are very significant to legislators.