(AUSTIN) — Texas Comptroller Glenn Hegar today provided an estimate of revenue available for the 87th Legislature, First Called Session, and now projects 2022-23 revenue available for general-purpose spending to be $123.02 billion. Hegar projects a 2022-23 ending balance in General Revenue-Related (GR-R) funds of $7.85 billion.
As state leadership prepares for a special session of the 87th Legislature, Hegar said the estimate is based on surging revenue collections, savings from state agency budget reductions during the recently gaveled Regular Session of the 87th Legislature, and the replacement of eligible GR-R appropriations with federal relief funds.
(AUSTIN) — Texas Comptroller Glenn Hegar today revised the Biennial Revenue Estimate (BRE) and now projects 2020-21 revenue available for general-purpose spending to be $113.88 billion and the ending balance in General Revenue-Related (GR-R) funds to be $725 million, an increase of $1.67 billion from the negative balance projected in the January 2021 BRE.
The increased ending balance, combined with upwardly revised projections of revenue collections for the 2022-23 biennium, results in an estimate of $115.65 billion available for general-purpose spending in 2022-23, an increase of $3.12 billion from the January BRE. Read more »
Economic contraction associated with the pandemic and the drop in energy prices warranted a revision of the Certification Revenue Estimate in July. While the budget outlook has improved since then, tremendous uncertainty still lingers regarding future COVID-related economic effects. Fiscal Notes examines the pressures that will affect the budget process in the 2021 legislative session.
Months of intense work go into the making of the BRE. It’s one of our constitutional responsibilities, and it’s an essential part of Texas’ budget process.
In 2015, the Texas Legislature passed House Bill 855, which requires state agencies to publish a list of the three most commonly used Web browsers on their websites. The Texas Comptroller’s most commonly used Web browsers are Google Chrome, Microsoft Internet Explorer and Apple Safari.
Before each legislative session, the Texas Comptroller issues the Biennial Revenue Estimate (BRE) to project the amount of money available to spend through the next two-year state budget period. The Comptroller is revising the BRE to react higher-than-expected revenues as the state navigates unprecedented economic uncertainty in the pandemic’s wake
In Billions of Dollars
| General Revenue-Related (GR-R)
|Other GR-R Revenues||+||$15.04||$15.65|
|Total GR-R Revenues||=||$113.83||$122.13||SUB
|Total GR-R Revenue & Fund Balances||=||$118.67||$122.86||SUB
|Revenue Reserved for Transfers to the Economic Stabilization and State Highway Funds||−||$4.80||$6.94|
|Amount Needed for Transfer to the Texas Tomorrow Fund**||−||N/A||$0.27|
|Total Revenue Available for General-Purpose Spending||=||$113.88||$115.65||
The fiscal 2022 estimate transfers 1.26 billion dollars to both the State Highway Fund and the Economic Stabilization fund. The fiscal 2023 estimate transfers 1.67 billion dollars to each fund.
The State Highway Fund (SHF) and Economic Stabilization Fund (ESF) both receive oil and gas severence tax dollars. The SHF also recieves a share of sales tax revenue when annual collections exceed $28 billion.
* The original, constitutionally guaranteed prepaid tuition program is projected to have a cash shortfall of $271 million in the 2022-23 biennium. The BRE assumes the shortfall will be paid from general revenue.
Note: Totals may not sum because of rounding.
Texas Comptroller of Public Accounts