Wednesday, November 30,1988
The Battalion
Page 5
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AUSTIN (AP) — State legislators
ill find an additional $1.6 billion
vailable to spend when they con-
ne in January, as the state’s total
icome over the next two years rises
4.2 billion, Comptroller Bob Bul-
ck forecast Tuesday.
Bullock’s official estimate of reve-
ue for the 1990-91 budget years
aid the state would take in $45 bil-
on from all sources, with the in-
rease due to a rebounding econ-
my.
“The Texas economy is in recov-
ry and state government’s revenue
utlook is better than it has been in
ears,” Bullock said.
Bullock said the additional $1.6
illion available marks a $3.7 billion
jrnaround from the point less than
vo years ago when the state’s avail-
ble income fell by $2.1 billion.
“We have bounced back big and
Strong and we think the im-
rovement will continue,” the comp-
oller said in the forecast given to
ov. Bill Clements and legislators.
And our estimate would have been
ven larger if it had not been for the
ontinued poor condition of the oil
dustry.”
Bullock’s forecast said the additio-
al $1.6 billion will be available to
iwmakers even though several tem-
orary taxes adopted by the 1987
egislature are set to expire on Aug.
1,1989.
The good news follows several
ears of bleak budget projections
bat began in November 1985, when
prices plunged from near $30 a
artel to less than $10 and took the
tate’s economy down with it.
Although the OPEC nations
agreed this week on production con
trols to boost oil prices to $18 per
barrel, Bullock said the relative im
portance of Texas’ oil and gas taxes
has fallen dramatically and the in
dustry remains a shaky economic
link.
In 1990-91, oil and gas taxes will
bring in just 8 percent of tax reve
nues, down from a peak of 27 per
cent in 1982.
“At this time, a protracted decline
in oil prices could be a major threat
to the state’s economic recovery,” the
comptroller’s estimate said. “If oil
prices fall below $10 per barrel for
six months or longer, Texas proba
bly would be forced back into reces
sion. Oil prices could fall dramati
cally if OPEC is unable to control
production.”
The estimate assumes oil prices
will average $15 a barrel in 1989.
$16 in 1990 and $17.50 in 1991.
Although revenue from all
sources will rise $4.2 billion, all that
extra money won’t go into the Legis
lature’s checkbook.
State and federal laws and the
Texas Constitution restrict $2.1 bil
lion of the increase to education,
highways, human services and other
specific programs.
Another $1.5 billion is a reserve to
pay for pending legal challenges to
the state’s tax laws, particularly the
corporate franchise, insurance and
utility taxes, Bullock said.
That leaves a net increase of $600
million in income, but lawmakers in
the 1989 Legislature also gain $1 bil
lion that had to be spent last session
to repay debts left over from 1986-
87.
According to the revenue esti
mate, 1990-91 sales tax revenue will
climb 15.7 percent, while motor ve
hicle tax collections will rise 13.5
percent.
Bullock projected smaller in
creases for motor fuel taxes, oil and
gas taxes, and for the state’s cor
porate franchise tax.
According to the forecast, the
Texas economy will grow 3.6 per
cent per year, a little more than one
percent faster than the national
growth rate, during 1990 and 1991.
Richards: Texas could gain
millions in battle for funds
"It’s certainly positive news for us
)t the first time in a long time,”
ate Treasurer Ann Richards said.
The forecast was hailed by a
llements spokesman as wonderful
ews for state government and great
ews for Texas taxpayers.
It is “proof-positive that the Texas
onomy continues to grow and ex-
and and a sure sign that our eco-
omic development programs are
forking,” Jay Rosser, deputy press
cretary to the governor, who is
raveling in Europe, said.
AUSTIN (AP) — Texas will take on New York and
Delaware in a case before the U.S. Supreme Court that
could mean millions of dollars to the state, Treasurer
Ann Richards said Tuesday.
“We are talking about lots and lots of money,” said
Richards.
The case concerns ownership of millions of dollars in
dividends and interest that have no known owner, but
originated in businesses and governmental entities na
tionwide, including Texas. The money is held in bro
kerage houses.
New York claims the money is theirs, since the bro
kerage houses are in New York. Delaware says it is their
money, since the brokerage firms are incorporated in
Delaware.
Richards said the money should be returned to states
based on where the original payments came from.
Funds coming from Texas, she said, should be Texas-
bound.
She said the exact amount of money in question is un
known, but added that a report filed with the state of
New York showed the amount of money remitted by
one brokerage firm was $3 million, $300,000 of which
was from Texas businesses.
How this money became unclaimed is a complicated
matter.
For example, a brokerage house may buy shares of a
Texas company from another brokerage house for a
client.
When the Texas company returns a dividend, the
first brokerage house credits the purchaser, but the
transfer of the stock has not been recorded so the sec
ond brokerage house also is credited with a dividend.
This money becomes unclaimed and its owner un
known.
“At every single juncture there is an amount of un
claimed property that comes out in that transaction.
That results in a significant amount of money,” said
Richards.
“The only really known factor is that Texas, or Okla
homa, or whatever state is the one that originates the
payment and that is the one known fact you have in all
of these transactions. In other words it (the unclaimed
funds) should come to the orignal issuer of the secu
rity,” she said.
Richards, whose office administers Texas’ unclaimed
money program, said the state has filed a brief with the
U.S. Supreme Court requesting that Texas be allowed
to intervene in the suit between New York and Dela
ware. She also is urging other states to do the same.
“Texas money is now being sent to the state of New
York. Neither Delaware nor New York should benefit
from Wall Street’s accounting errors,” she said.
New England, Texas officials to begin
ampaign for natural gas deregulation
unit was used lot
out three weeks
ical truck overturn
1, he said.
is on the scene toot; HOUSTON (AP) — Texas Rail-
el I orts and tofadlit 0 ad Commissioner John Sharp and
J.S. Rep. Joseph Kennedy II said
Tuesday they will help wage a na-
ional campaign for the deregulation
natural gas, a move they said
wen completed at
se said.
1 the essential etfi rould create jobs in Texas and a
heap, abundant source of clean en-
rgy for the Northeast.
Their comments came on the
eels of a report by a joint Texas-
s in operation I
unit also was on
e and served as a®
or police and fire® slew England committee on natural
lesaid. (gas, which recommended economic
leregulation of natural gas and tax
ncentives for gas drilling.
“What we have found, and we
Mnk that this committee has pro
ven, is that it is possible . . . for va-
ious regions of this country to come
"I ogether on an energy policy that
C I uses natural gas as a cornerstone,”
JL V_/ V/ Sharp said during a natural gas sym-
1 i posium.
Texas has lost a trillion cubic feet
rfthe natural gas market since 1981,
Sharp said, a figure which rep
resents 150,000 of the estimated
300,000 jobs that have been lost
since the downturn in the energy in
dustry.
New England will use the equiva
lent of a trillion cubic feet of natural
1 gas in the next 14 months alone, and
ng to poison or St the need for gas in California and
ch would have bet
i, she said.
vner
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other states also is on the rise, Sharp
said.
One of the key strategies to boost
ing the natural gas industry, how
ever, will center on the environmen
tal benefits of gas, Sharp and
Kennedy agreed.
“The energy policy of this country
today isn’t just a policy that affects
the United States,” Kennedy said.
ipc
going to affect future generations as
we look at the greenhouse effect, as
we look at the problems of acid rain
and other problems with our envi
ronment.”
Kennedy, who described his first
visit to Houston a decade ago when
he spied a bumper sticker declaring
Newspaper contest nicknames
Super Collider— c Super Clyde 9
DALLAS (AP) — Its official
name is the Ronald Reagan Cen
ter for High Energy Physics, but a
newspaper contest has yielded a
friendlier moniker for the “Super
Collider” — Super Clyde.
The Texas-style name for the
underground proton accelerator
to be placed in Ellis County is the
inspiration of Jewel P. Clark, 72,
of Garland. She told the Dallas
Morning News it “just popped
into my head.”
“It’s easy to say, and still, to the
ear, it sounds like Super C’lider,”
Clark said, whose winning entry
was among more than 1,000 sug
gestions received by the newspa
per.
Her prizes include a year’s sup
ply of Atomic Fireballs candy, a
junior scientist microscope and
two passes to the Science Place
museum. When informed of her
, windfall, Clark told the newspa
per, “That’s very interesting.”
An entrant who got special no
tice was David Thomas of Waxa-
hachie, who suggested the super
collider be named “The Cellar” so
“it can be advertised as the home
of the Texas Rangers and Dallas
Cowboys.”
“Will the employees be known
as ‘The Atom’s Family’ ?”
Thomas further mused.
Receiving honorable mention
were the names Armadillotron,
The Big Bang Thang, Big Texe-
lerator, Proton-B-Que and Wax-
asmashie.
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Brazos Valley Safety
Agency
Defensive Driving
Schedule for
Dec. ’88/Jan. ’89
Dec. 5,
6
Dec.
14,
15
Dec.
29,
30
Jan.
11,
12
Jan.
16,
17
Jan.
23,
24
All Classes are held at the Hilton,
College Station
For more information phone 693-8178
clip and save
conviser-duffy-miller
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“Drive 70 — Freeze a Yankee,” said
the country and its energy needs
have changed significantly in the
years since.
“We have up in New England tre
mendous demands for new energy
supplies,” he said. “While right here
in Texas and throughout the South
west ... we have enormous supplies
of natural gas.”
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At All?
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Parthenons
Wednesday Special
Open Bar 8-11
Woodstone Center
815 Harvey Rd.
764-8575
104 Texas ave
College Station
Enter And Win The
Great Albuquerque
Get-A-Way
Win round trip air-fare from College Station to Albuquer
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College Station
846-7333 I
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STATE
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Texas
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PHONE(
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AfrllnPQ College Station. Texas 77840
Phone: (409) 846-7333