Name: Texas comptroller estimates state has $194.57 billion in available funding
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Texas comptroller estimates state has $194.57 billion in available funding

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Skip to main contentYou are the owner of this article.Edit ArticleAdd New ArticleYou have permission to edit this article.EditSUBSCRIBELOGINNewsPuzzles, Comics &amp; GamesSportsOpinionCommunityClassifiedsE-PaperAppCelebrationsObituariesPublic NoticesContact UsSubscribeShopAUSTIN — Texas is expected to have a total of $194.57 billion in general revenue-related funds available, according to a new report by the Texas Comptroller of Public Accounts.The report, named the Certification Revenue Estimate, or CRE, provides a detailed breakdown by which the comptroller certified the budget and any other appropriations. It also gives an estimate of available revenue for the third special session expected to begin Oct. 9..The new estimate comes after the office accounted for statutory transfers, balances on hand and revenue collection adjustments, officials said.“For well over a year now, consensus macroeconomic forecasts have indicated a recession this year or next,” Comptroller Glenn Hegar said. “Despite sharply higher interest rates, household budgets stressed by inflation and adverse economic conditions among major trading partners, the national economy has continued to grow.”The CRE revises estimates in the Biennial Revenue Estimate, or BRE, which approximate how much revenue the state will have available for the upcoming two-year budget cycle. The CRE reflects legislative activity and current economic information and considers final revenue numbers for the recently ended fiscal year, officials said.As a result of legislative actions and an updated economic forecast, the Comptroller's office now expects revenue available for general spending in 2024-25 to total about $194.57 billion, up 24.8% from the 2022-23 biennium. This revenue will support the $176.28 billion in general-purpose spending called for by the 2023 Legislature and will result in a projected fiscal 2025 balance available for certification of $18.29 billion.“The Texas economy has outperformed the national economy, and the economic outlook included with this revenue estimate does not assume a recession in Texas,” Hegar added.The report also estimates that the state’s Rainy Day Fund, which is the state’s savings account, will have a projected balance of $23.77 billion. This past legislative session, Texas found itself with $33 billion in surplus funding. Lt. Gov. Dan Patrick prioritized allocating a portion of that windfall into the fund, to be drawn during emergencies.“We’re not going to spend all the money. You don’t know what’s ahead,” Patrick said at the onset of the 2023 Legislative Session. “That would be foolish to spend every dollar.”Hegar added that his office still took a conservative approach to its estimations due to global uncertainty.“It may well turn out that robust economic growth, and consequently revenue growth, will continue unabated. But it would not be prudent to simply assume that will be the case,” he said.COUPON DEALSNEWSPAPER ADSSorry, there are no recent results for popular videos.Sorry, there are no recent results for popular commented articles.Get Breaking NewsSign up now to get our FREE breaking news coverage delivered right to your inbox.Powered by BLOX Content Management System from BLOX Digital.

Skip to main contentYou are the owner of this article.Edit ArticleAdd New ArticleYou have permission to edit this article.EditSUBSCRIBELOGINNewsPuzzles, Comics &amp; GamesSportsOpinionCommunityClassifiedsE-PaperAppCelebrationsObituariesPublic NoticesContact UsSubscribeShopAUSTIN — Texas is expected to have a total of $194.57 billion in general revenue-related funds available, according to a new report by the Texas Comptroller of Public Accounts.The report, named the Certification Revenue Estimate, or CRE, provides a detailed breakdown by which the comptroller certified the budget and any...

Texas comptroller estimates state has $194.57 billion in available funding

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