chapter 11 Flashcards
what does the Texas Constitution mandate?
a balanced budget
a nondedicated revenue that functions as the state’s primary operating fund
general revenue funds
budget composed of funds for dedicated revenues that target money for specific purposes
general revenue-dedicated funds
includes all grants, payments, and reimbursements received from the federal government by state agencies and institutions
federal funds
Texas has a reputation for being what type of state that maintains a favorable environment for business?
low service, low tax state
one of seven states with no personal income tax, but there is a high sales tax (13th highest in the US)
Texas
the tax burden falls more heavily on upper-income individuals
progressive tax
such as sales tax, the tax burden falls more heavily on lower-income individuals
regressive tax
federal grants and matching funds are low, but federal aid to Texas are what?
high (increasing)
funds primary and secondary schools
permanent school fund (PSF)
a dedicated fund for support of public education
available school fund (ASF)
funded through distributions of the PSF and 25% of the state’s motor fuels tax revenue
Available School Fund (ASF)
supports the construction, maintenance, and policing of roadways and acquires rights of way
state highway fund
fund that is meant to provide relief during times of financial distress (also known as the Rainy Day Fund)
Economic Stabilization Fund (ESF)
support most institutions of the University of Texas and Texas A&M University systems
Permanent University Fund (PUF)
supports universities that do not have access to PUF monies
Higher Education Fund (HEF)
funds efforts to achieve national prominence as research institutions
National Research University Fund (NRUF)
according to Article 3, Section 49a (pay-as-you-go limit), the state must maintain what?
a balanced budget
responsible for determining the proper financial figures
Legislative Budget Board (LBB)
enables the governor and the LBB to execute the budget, which includes the power to shift funds between agency programs or between agencies when the legislature is not in session
a 1985 amendment
the LBB includes what?
Lt Governor and Speaker of the House
a joint committee created to work out a compromise on House and Senate versions of a piece of legislation
Conference committee
veto that happens only on appropriation bills; not even the president has this power
Line-item veto
number 1 state of income for Texas is what?
sales tax
