Texas lawmakers will have $188.2B available for next budget

It’s far more money than legislators have ever had at their disposal, with an increase in available funds that dwarfs any previous jumps between cycles.

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Texas , United States , China , Russia , Texans , Texan , Bob Popinski , Dan Patrick , Eva Deluna Castro , Stephanie Rubin , Dade Phelan , Brian Lopez , Glenn Hegar , Economic Stabilization Fund , Texas Legislature , Federal Reserve , Karen Brooks Harper , Texas Comptroller Glenn Hegar , Texas Constitution , Speaker Dade Phelan , Raise Your Hand Texas , Texans Care , Every Texan , Texas Tribune , Texas Lawmakers Will Have 188 2 Billion Available For The Next Budget After Record Breaking Revenue Growth , Texas Lawmakers Will Have 188 2 Billion Available For The Next Budget After Record Breaking Revenue Growth By Karen Brooks Harper , He Texas Tribune Jan 9 , 023 Quot Texas Lawmakers Will Have 188 2 Billion Available For The Next Budget After Record Breaking Revenue Growth Was First Published By Tribune , Wa Nonprofit , Onpartisan Media Organization That Informs Texans And Engages With Them About Public Policy , Politics , Overnment And Statewide Issues Sign Up For The Brief , He Texas Tribunes Daily Newsletter That Keeps Readers Up To Speed On The Most Essential News Is Projected Have 188 2 Billion Available In General Revenue For Funding Business Of State Over 2024 25 Biennium An Unprecedented 26 Increase From What Lawmakers Had During Last Budget Cycle , Exas Comptroller Glenn Hegar Said Monday In His Biennial Revenue Estimate To State Lawmakers And Leaders The Texas Legislative Session Has Begun Here Are 6 Things We Re Watching Its Far More Money Than Legislators Have Ever Had At Their Disposal , Ith An Increase In Available Funds That Dwarfs Any Previous Jumps Between Cycles , Hanks Largely Toa Tax Collection Windfall That Left The State Flush With Cash , Egar Said Quot The Amount Of Projected Revenues Give Statea Remarkable , A Truly Once Ina Lifetime Opportunity , Or Historic Actions In This Legislative Session , Uot Hegar Said Its Also More Than The Texas Constitution And State Law Will Legally Allow Them To Spend , Arring Any Special Legislative Action To Bypass Those Spending Limits The Estimate Comes One Day Before Texas Legislature Convenes On Tuesday It Includes An Anticipated 165 9 Billion In New Revenue , He Vast Majority Of Which Comes From Sales And Energy Taxes Collected By The State Can Only Be Spent In Next Cycle It Also Includesa Historic 32 7 Billion Dollars Expected To Left Over Texas Coffers 2022 23 Biennium , Hanks To Vigorous Economic Growth , Gas Prices , Nflation And Other Factors In The Past 18 Months , E Said All But 10 Billion , Hich Is Reserved For Highway Funds And The States Rainy Day Fund , S Available For General Spending , Egar Said That Pot Of Money Can Be Spent Before August To Supplement Anything The Lawmakers Need For Current Budget Unless Legislators Choose Dip Into Economic Stabilization Fund , He Official Name For The States So Called Rainy Day Fund , Hat Fund Is Expected To Have An All Time High Balance Of 27 1 Billion By The End 2024 25 Biennium , Egar Said Monday The Rainy Day Fund Is Separate From 32 7b Left Over In State Treasury Last Cycle And Not Included Mondays Overall Funds Available Estimate Revenue All Sources Expected To Reach 342 3 Billion For 2024 25 Biennium Including 108 Federal Income About 68 Other Revenues , Uch As Fees , Oth Of Which Are Dedicated For Particular Purposes And Thus Not Available General Purpose Spending On Things Like Law Enforcement Or Property Tax Relief The Current Two Year Budget Period , Hich Ends In August , Otalled 265 Billion In State And Federal Funds , Ncluding An Initial 119 Billion In General Revenuea Number That Is Expected To Top 150 Before The Cycle Ends Mondays Budget Estimate Reflectsa Robust Economic Rebound As State Worked Recover From Covid 19 Pandemic But Accounts For Mild Recession This Year Albeita Relatively Shallow And Short One Texas Anda Resulting Slowdown Consumer Spending , Mployment And Personal Income Levels , Aid Hegar , A Republican Entering His Third Term As Comptroller It Is Also Indicative Ofa Painful Period , Economically , Or Texas Taxpayers , Egar Said Quot We Cannot And Will Not Lose Sight Of The Fact That Every Tax Dollar Received By State Is Coming Out Taxpayers Pockets , Uot He Said In Spite Of An Economic Situation That Lt Gov Dan Patrick Recently Referred To Asa Sky Full Rainbows , Egar On Monday Urged Foresight And Frugality The Numbers Could Be Affected By Efforts Federal Reserve To Reduce Inflation Which Deepena Recession , Egar Said And Whether Conditions In Other Parts Of The World , Uch As Russia And China , Ause Oil And Gas Prices To Become More Volatile Than Usual , Mong Other Factors Quoti Must Advise Some Caution As These Decisions Are Made Bluntly , On X27t Count Me To Announce Another Big Revenue Jump Two Years From Now , Uot Hegar Said Quot It X27s Important To Be Able Maintain Some Type Of Reserve Fund State Revenue Depends Largely On Sales Taxes About 53 The Total Is Expected Come From Tax In Next Budget Cycle But Also Includes Sizable Revenues Oil And Gas Severance , S Well As Motor Vehicle Fuel And Sales Taxes Franchise Collected On Alcohol Patrick Echoed That Note Of Caution , Aying Monday That While The Estimate Presents Quot Further Proof Of True Might Our Economy , Uot Lawmakers Must Continue Their Conservative Approach Asa Recession May Be Looming There Area Range Of Challenges Facing Our State First And Foremost , Einforcing Our Grid With Dispatchable Power Buti Am Confident That We Can Continue To Strengthen Texas So It Remains The Best Place Live , Work , Aisea Family And Starta Business , Atrick Said House Speaker Dade Phelan The Excess Revenue Is Quot Welcome News For Lawmakers And Gives Them More Of An Opportunity To Crafta Conservative Budget While There Are Countless Conversations Be Had Over Next 140 Days How These State Dollars Should Allocated , I Am Confident That Our Members Will Take Into Consideration The Range Of Issues Facing State And Best Determine How To Keep Texas Place Live Work For Families Businesses , Uot Phelan Said Subject To Change The Revenue Estimate Is Primary Responsibility Of State Comptroller And Projects For Legislative Budget Writers How Much Money Texas Will Collect From Its Residents Businesses During Next Biennium States Chief Tax Collector , Evenue Estimator And Check Writer Hegars Most High Profile Time Is During The Legislative Session , Hen He Keeps Lawmakers Apprised Of How Much Money Is Available To Them As They Decide Fund The Operations State In New Biennium Because Texas Legislature Meets Every Two Years , Awmakers Crafta Two Year Budget Passinga Balanced One That Spends No More Than What Is Expected To Be Available The Only Thing Texas Legislature Constitutionally Required Do During Its Regular 140 Day Session Lawmakers Are Pass Before Ends In Late May Mondays Estimate For Next Cycle Could Updated Later , S Lawmakers Get Closer To Wrapping Up Budget Negotiations And The Comptrollers Team Of Economic Forecasters Researchers Gathers Most Current Information Projection Figure Is Also Subject Change Throughout Biennium As Conditions Shift They Did During Last Two Years When Actual Collected Revenue Higher Than What Anticipated , He State Can Wind Up With More Money Than It Had Planned To Spend , S It Has Now When The Actual Revenue Drops , T Can Result Ina Deficit That Has To Be Dealt With In The Following Cycle Hegar Likened Revenue Estimation Process Challenge Of Projecting What Ones Own Bank Account Might Look Like More Than Two Years Into Future One Make An Educated Guess , Ut The Future Especially One Impacted By Economic Swings Anda Chaotic Political Environment Cannot Be Predicted With Any Certainty Spending Cash Part Of States Comfortable Position Heading Into Session Is ,