Credit Courtesy: Chuck Smith / Red River Radio News
REVENUE DROPS - The coronavirus pandemic has created a nearly $1 billion deficit in the Texas state budget. The forecast was presented online by Texas Republican Comptroller Glenn Hegar on Monday. It reflected how the nation’s energy hub remains hampered by a slow economic recovery and a half-million fewer jobs than a year ago. As a result there is a wide range of possible outcomes for state revenue through the end of fiscal 2023. Glenn Hager, Texas State Comptroller
Credit Courtesy: Office of Texas State Comptroller The forecast however remains clouded with uncertainty. The ultimate path of the pandemic and the behavior of businesses and consumers is difficult to gauge, Hegar said. It is also unclear how they will respond once the pandemic is fully under control. As a result there is a wide range of possible outcomes for state revenue through the end of fiscal 2023.
Ornate architecture in the rotunda at the Texas State Capital Building in Austin
(Seguin) State lawmakers are facing a significant budget shortfall this year. How to overcome a decline in revenues will be one of the key issues facing the new legislative session that begins today in Austin. The budget shortfall is approximately one billion dollars. That’s a big number, but the Biennial Revenue Estimate (BRE) released on Monday by State Comptroller Glenn Hegar is actually much better than what most state lawmakers had expected.
State Representative John Kuempel, in a recent interview with KWED Radio and the Seguin Daily News, said they could have potentially seen double digit shortfalls this year.