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Window on State Government

Asset & Financial Management Task Force

Austin, June 27th, 2000

E-Texas Commission Discusses
How State Manages Its Assets

Texas state government owns almost 17 million acres, or 10 percent of the state's land. It manages this valuable asset with out-of-date accounting practices and a negative incentive system, according to testimony at the June 27 hearing of e-Texas' Asset and Financial Management Task Force in Austin.
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Tom Hicks, Commissioner

The Asset and Financial Management (AFM) team will focus on three primary areas: asset management; investment/cash/debt management; and financial systems, processes, and reporting. Asset management includes the acquisition, management and disposition of personal property, real property, intellectual property, inventories and associated issues. Investment/cash/debt management includes the state's cash-flow management, investment practices and policies, debt financing and debt issuance processes. Financial systems, processes, and reporting will encompass financial data management, federal and special funds management, state reporting requirements and budgetary and appropriation issues.

The team will research best practices, benchmark against comparable organizations and explore new and creative techniques to enhance the use of or return on state assets. This evaluation will consider current and alternative systems and processes, reporting and disclosure requirements, relevant public policy issues, existing statutory constraints, and opportunities to maximize returns.

The team will review the asset, investment and financial management practices of the 20 or more agencies that own or manage land, such as the General Land Office, the General Services Commission, and the state's retirement and university systems. It will examine the state's bond programs, such as those managed by the Veterans Land Board, Texas Public Finance Authority, and the Texas Water Development Board. Finally, it will look at the capital and investment portfolio management practices of the Comptroller's office, state retirement and university systems, and other investing agencies.

e-Texas is an initiative of Carole Keeton Rylander, Texas Comptroller of Public Accounts
Post Office Box 13528, Capitol Station
Austin, Texas

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