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88th Legislature, Biennial Revenue Estimate
88th Legislature, Biennial Revenue Estimate
January 9, 2023
Texas Comptroller Glenn Hegar Releases 2024-25 Biennial Revenue Estimate
(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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The Making of the Biennial Revenue Estimate
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.
Biennial Revenue Estimate
January 2023
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.
Revenue Available for General Purpose Spending (Projected)
In Billions of Dollars
| Fund | Operator | 2022-23 | 2024-25 |
|
|---|---|---|---|---|
| General Revenue-Related (GR-R) Tax Collections |
+ | $137.87 | $148.17 | |
| Other GR-R Revenue | + | $19.12 | $17.72 | |
| Total GR-R Revenue | = | $156.98 | $165.9 | SUB TOTAL |
| Beginning Balance | + | $11.68 | $32.69 | |
| Total GR-R Revenue & Fund Balances | = | $168.66 | $198.58 | SUB TOTAL |
| Reserve for Transfer of Unencumbered and Unobligated General Revenue Fund Balance to the Economic Stabilization Fund | − | $5.71 | $0 | |
| Reserve for Transfer to the Texas Tomorrow Fund |
− | $0 | $0.15 | |
| Reserve for Transfer of Severance Taxes to the State Highway Fund |
− | $6.96 | $7.34 | |
| Reserve for Transfer of Severance Taxes to the Economic Stabilization Fund |
− | $6.96 | $2.86 | |
| Total Revenue Available for General-Purpose Spending | = | $149.04 | $188.23 | TOTAL |
Note: The amount reserved for transfer of severance taxes to the ESF is reduced by $0.69 billion in fiscal 2024 and by another $3.79 billion in fiscal 2025 because the ESF will have reached its constitutional cap.
State Revenue,
General Revenue-Related
| Tax | Percent of GRR |
|---|---|
| Sales Taxes | 53.0% |
| Motor Vehicle Sales and Rental Taxes | 7.7% |
| Franchise Tax | 5.3% |
| Oil Production Tax | 8.0% |
| Natural Gas Production Tax | 5.2% |
| Motor Fuel Taxes | 1.3% |
| All other State Taxes | 8.9% |
| Fees, Investments and Other non-Tax Revenue | 10.7% |
Totals may not sum due to rounding.