The Dallas Morning News thinks we're in bad shape.
- Click here for the article.
I'll look for other opinions, but think about this in terms of revenue collection for the state.
Showing posts with label biennial revenue estimate. Show all posts
Showing posts with label biennial revenue estimate. Show all posts
Thursday, January 22, 2015
Monday, January 7, 2013
2014-2015 Biennial Revenue Estimate is unveiled
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.
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.
From the Dallas Morning News: As Texas comptroller prepares to set budget limits, why was 2011 estimate so far off?
The Texas Comptroller - as required by the Texas Constitution - is expected to provide the biennial revenue estimate for 2014-2015. This will guide the members of the 83rd Session of the legislature as they put the state budget together. Expenditures cannot exceed the estimate, but the estimate is guaranteed to be off at leas some since its tough to project what the economy will be like in 2014 and 2015, which means that we will not know what tax revenues will be.
The Dallas Morning News points out that the previous estimate underestimated revenue by perhaps $12 billion.
The Dallas Morning News points out that the previous estimate underestimated revenue by perhaps $12 billion.
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