Texas Comptroller of Public Accounts
FOR IMMEDIATE RELEASE
September 4, 2019
(AUSTIN) —Texas Comptroller Glenn Hegar today released totals for fiscal 2019 state revenues, in addition to announcing monthly state revenues for August.
“Yearly revenues were in line with our projections in the revised Biennial Revenue Estimate (BRE) released in May,” Hegar said. “As expected, the economy and state revenues continued to grow modestly.”
The Economic Stabilization Fund (ESF) and State Highway Fund (SHF) both receive funding from oil and natural gas severance taxes. In November, the Comptroller’s office will deposit $1.67 billion in each of those funds, up from the $1.38 billion deposited in each fund in November 2018. The ESF is projected to have a balance of $7.8 billion at the end of fiscal 2020.
Hegar also said that state sales tax revenue totaled $2.99 billion in August, 4 percent more than in August 2018.
“Moderate growth in August state sales tax revenue was led by remittances from the construction, manufacturing and wholesale trade sectors,” Hegar said. “Receipts from the oil and gas mining and retail trade sectors remained at last year’s levels, while receipts from the information services sector declined.”
Total sales tax revenue for the three months ending in August 2019 was up 3.9 percent compared to the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 57 percent of all tax collections.
In August 2019, Texas collected the following revenue from other major taxes:
For details on all monthly collections, visit the Comptroller's Monthly State Revenue Watch. For an extensive history of tax policy developments and fees since 1972, visit our updated Sources of Revenue publication.