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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

USAS

Self-Directed and Semi-Independent Agencies

Background

The Legislature allows certain financial regulatory agencies to become “self-directed semi-independent” (SDSI), allowing these agencies to better regulate the professions they oversee and protect the public.

When granted SDSI status, the legislation provides that each agency is:

  • Responsible for its costs of operation
  • Prohibited from causing the general revenue fund to incur any cost
  • Removed from the legislative budgeting process

Typically, legislation appropriates certain amounts out of the general revenue fund for the two-year period following the change in status and authorizes expenditures of the appropriation as the agency directs. The legislation also requires the agency to repay the amount of the appropriation to the general revenue fund according to a certain timetable.

The Legislature requires all fees and funds collected by SDSI agencies be deposited into interest-bearing accounts in the Texas Treasury Safekeeping Trust Company (Safekeeping Trust). This fund is considered a local fund that must be profiled to appropriated fund 9993, 9994, 9995 or 9999 for financial reporting purposes.

SDSI agencies not capable of issuing payments through their own internal accounting system may request that a USAS fund be established as a mechanism for SDSI agencies to pay their bills and have warrants issued by the state treasury. This USAS local operating fund is only established for the purpose of paying bills. All other transactions must be recorded in the local fund profiled to appropriated fund 9993, 9994, 9995 or 9999. For more information, see Requirements for Local Operating Funds and Associated Local Funds FPP S.009.

The following agencies have been granted SDSI status:

  • Texas Real Estate Commission (329)
  • Texas Department of Savings and Mortgage Lending (450)
  • Texas Department of Banking (451)
  • Texas Board of Public Accountancy (457)
  • Texas Board of Architectural Examiners (459)
  • Texas Board of Professional Engineers (460)
  • Office of Consumer Credit Commissioner (466)
  • Texas Credit Union Department (469)