(a) An agency or institution of higher education appropriated funds by this Act shall supply to the Bond Review Board capital planning information relating to projects subject to this section and financing options for the 2026-2027 fiscal biennium in a format and according to guidelines developed by the Bond Review Board. Such information shall include:

(1) a description of the project or acquisition;
(2) the cost of the project;
(3) the anticipated useful life of the project;
(4) the timing of the capital need;
(5) a proposed source of funds (method of financing);
(6) a proposed type of financing; and
(7) any additional related information requested by the Bond Review Board.

(b) The Bond Review Board shall compile a statewide capital expenditure plan for the 2026-27 fiscal biennium from the information submitted by agencies and institutions in accordance with the capital planning guidelines. Copies of the guidelines shall be filed with the Governor and the Legislative Budget Board no later than December 31, 2023. The Bond Review Board shall file copies of the capital expenditure plan for the period beginning September 1, 2025, with the Governor and the Legislative Budget Board no later than September 1, 2024.

(c) The statewide capital plan required by this section shall identify the state’s capital needs and alternatives to finance these needs. The Bond Review Board shall review input from all state agencies and institutions regarding the agencies’ and institutions’ current and future capital needs as part of the strategic planning process. The Bond Review Board shall inform the Legislature on the possible budget impact of the capital plan on the state’s debt capacity.

(d)(1) This section applies to each anticipated state project requiring capital expenditures for:

(1) land acquisition;
(2) construction of building and other facilities;
(3) renovations of buildings and other facilities estimated to exceed $5 million in the aggregate for a single state agency or institution of higher education; or
(4) major information resources projects estimated to exceed $5 million.

(d)(2) In this section “major information resources project” means:

(A) any information resources technology project identified in a state agency’s biennial
operating plan whose development costs exceed $5 million and that:

(i) requires one year or longer to reach operations status;
(ii) involves more than one state agency; or
(iii) substantially alters work methods of state agency personnel or the delivery of
services to clients;
(B) construction of buildings and other facilities;
(C) any information resources technology project of a state agency designated for
additional monitoring under Government Code, Section 2261.258(a)(1) if the
development costs for the project exceed $5 million.

(e) The Higher Education Coordinating Board and the Bond Review Board shall eliminate redundant reporting by consolidating this report and the Higher Education Coordinating Board’s Master Plan report to the greatest extent possible.