Based on the anticipated costs of supplemental appropriations for fiscal 2023 and appropriations for the 2024-25 biennium provided by Senate Bill (SB) 30, House Bill (HB) 1, and HB 4041 as passed by the 88th Legislature, Regular Session and signed into law, as well as the estimated effects of other enacted legislation with fiscal implications, $14.1 billion is projected to be available for general purpose spending through Aug. 31, 2025.
Additionally, appropriations and transfers provided by the spending measures affect the balance and earnings of the Economic Stabilization Fund (ESF). The fiscal 2025 ESF ending balance is projected to be $21.7 billion.
Persistent inflation, though down from last year’s highs, is still well above the Federal Reserve System’s policy target and continues to spark concerns that further tightening of credit conditions sufficient to induce recession may be soon to come. Apart from recognition of the estimated effects of legislation and in view of substantial uncertainty regarding the economic outlook, I make no further adjustment at this time to the estimates of tax and fee revenues as provided in January in the 2024-25 Biennial Revenue Estimate.
Neither of the major appropriations bills passed in the regular session is yet law nor have other passed bills with fiscal implications been signed into law. Substantial uncertainty also remains regarding the near-term economic outlook and the implications of the proposed but not yet enacted federal debt limit agreement for revenues to the state. Therefore, I am making no adjustment at this time to the estimate of revenue as provided in January in the 2024-25 Biennial Revenue Estimate.
For 2024-25, the estimate of funds available for general purpose spending remains $188.2 billion, to be reduced by amounts appropriated or otherwise defrayed by bills passed during the regular session once those bills are law.
(AUSTIN) — Texas Comptroller Glenn Hegar released the Biennial Revenue Estimate (BRE) today, showing the state is projected to have a record $188.2 billion in revenue available for general-purpose spending during the 2024-25 biennium, a 26.3 percent increase from the 2022-23 biennium.
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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.
The Texas Comptroller issues the Biennial Revenue Estimate before every regular legislative session, projecting the amount that lawmakers have available for state programs and services through the upcoming biennium. The 88th Legislature will have a projected 2022-23 ending balance of $32.69 billion, in addition to $155.54 billion in total collections of available general revenue-related (GR-R) funds in 2024-25.