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Texas

New Texas Comptroller Gives Two Year Estimate

The first legislative session will begin with lawmakers having a so-called budget surplus of $7.5 billion.

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All eyes in the Texas Capital were on the state’s new financial officer this morning. Comptroller Glenn Hegar gave his revenue estimate for the state for the next two years.

That estimate is $113 billion.

It’s an important money figure.

It gives lawmakers a framework for how much money they can spend on the state budget for the next two years.

It also lets Hegar give his take on the health of the Texas economy.

That is a major question since the price of oil has plummeted and created uncertainty for state planners. Together with sales taxes, the oil and gas taxes count for more than 60 percent of general revenue collections.

At a press conference Hegar says that fall in oil prices has ‘dampened’ the revenue outlook.

But he expects the Texas economy to continue to grow — just at a more moderate pace. 

Hegar also estimates Texas has money left over from the last budget cycle — to the tune of $7.5 billion.

 

Complete Biennial Revenue Estimate 2016-2017

 

 

Follow Laura Isensee’s live tweets from the Texas Legislature.