1. The Texas Constitution requires the Comptroller of Public Accounts to issue the Biennial Revenue Estimate (BRE).
The BRE is a formal statement that outlines the state’s financial standing along with the available revenue the state can expect to have during the next two-year budget period.
2. The BRE is officially released in early January of odd-numbered years, right before the regular session of the Texas Legislature convenes.
Affectionately known as “BRE Monday,” the Comptroller always delivers the estimate the day before the regular legislative session begins. In fact, per the Texas Constitution, the Comptroller must deliver an estimate before session convenes! Lawmakers then use the BRE as a key resource in drafting a state budget for the next two years by the session’s end (sine die) 140 days later.
3. The BRE is just one type of estimate the Comptroller's office produces.
The agency also publishes extended economic forecasts of the state’s economy that include long-range projections for population, employment, gross state product and gross national product, as well as periodic updates to the BRE or to the Certification Revenue Estimate.
4. While the Comptroller’s office doesn’t release the BRE until January, the work on the report begins months in advance.
Some might say the work doesn’t really have true beginning and end dates, because the BRE is the product of continuous monitoring of the Texas economy.
5. The Biennial Revenue Estimate is just that — an estimate that’s subject to change.
The Comptroller can choose to revise the original BRE due to a shifting economic landscape or financial conditions, which may happen multiple times before the end of the legislative session(s). In addition to the Certification Revenue Estimate (CRE), which is required after a legislative session and takes in to account the laws that were passed, updates to either the BRE or CRE are issued as revisions. Comptroller Hegar is the first comptroller since Bob Bullock to update a revenue estimate outside those required by law and the constitution, reflecting his belief in providing the public and lawmakers with the most up-to-date information possible.
A REVIEW OF THE TEXAS ECONOMY