The Texas Comptroller has released the biennial revenue estimate on day before the start of the legislative session.
Access the report here.
Some highlights:
- Texas is projected to generate $96.2 billion in tax revenues from 2014-2015.
- An additional $8.8 billion will be collected in revenue for 2012- 2013 beyond what was originally anticipated
- $3.6 billion is expected to be generated from oil and natural gas revenues, which will then be deposited in the Economic Stabilization Fund - also known as the rainy day fund.
- Altogether this means that $101.4 billion in funds will available for general-purpose spending for the 2014-2015.
- The state will also receive $112 billion in federal receipts, which means that Texas will have $208 billion in revenue to spend in the 2014-2015 budget.
The legislature now has to put together a budget that is no greater than $101.2 billion. Reports suggest that republicans would like it to be much lower than that figure.
For media reports on the estimate click here and here.
