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Glenn Hegar
Texas Comptroller of Public Accounts
Glenn Hegar
Texas Comptroller of Public Accounts
Glenn Hegar
Texas Comptroller of Public Accounts

DEBT AT A GLANCE

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TEXAS

Texas, the second-largest state by population, has a highly robust and diversified economy. Texas continues to have one of the fastest-growing economies in the nation with the 7th highest growth rate of gross domestic product (GDP) of all states between 2010 and 2019.

For more information on the types of debt, please refer to our Debt Glossary.

Sources: U.S. Bureau of Economic Analysis, “GDP in Current Dollars (SAGDP2),” (accessed December 1, 2020), U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers (CPI-U) and US Bureau of the Census, Population Division, Population, Population Change, and Estimated Components of Population Change


TAX SUPPORTED DEBT

Outstanding General Obligation Debt / Percent Change / 2010 to 2019

+41%

State debt is used to fund a variety of purposes, including transportation, water projects, public housing and construction at state colleges and universities. State debt includes (1) General obligation (GO) bonds, which are backed by the full faith and credit of the state and (2) revenue bonds, which are secured by specific revenue sources.

Debt repayment for GO and revenue bonds can be either self-supporting or not self-supporting debt. Self-supporting debt is expected to be repaid with revenues other than General Revenue (GR), for example loan repayments. Not self-supporting debt is expected to be repaid with GR.

Authorized but unissued debt occurs when the legislature appropriates all, or a portion, of the bond authority to state agencies in the form of bond proceeds from the issuance of the debt, but it takes multiple years for the entire bond authority amount to be appropriated.

Take a look at the Comptroller’s Fiscal Note that makes an in-depth examination of growing state obligations and ways to mitigate their effect on state finances.

Source: Texas Bond Review Board, Annual Report, Table 2.3 – State of Texas Debt Outstanding and Table 2.7 – Texas Debt Authorized But Unissued

*Click the legends in the charts to show/hide series


OUTSTANDING GENERAL OBLIGATION DEBT

General obligation (GO) bond authority for the state must be approved by two-thirds of both legislative chambers to be placed on a ballot, then approved by a majority of voters. The state commits its full resources to paying GO bondholders, including general taxation and the ability to raise more funds through credit.

*Click the legend above to show/hide series

Sources: Texas Bond Review Board, Annual Report, Table 2.3 – State of Texas Debt Outstanding, U.S. Bureau of the Census, Population, Population Change, and Estimated Components of Population Change, and Consumer Price Index for All Urban Consumers (CPI-U)

Note: General obligation (GO) debt data is presented as the principal outstanding.


OUTSTANDING GENERAL OBLIGATION DEBT PER CAPITA

This graph shows the outstanding GO debt per capita for the past ten years. In 2019, the GO debt amounted to around $625 per capita.

*Click the legend above to show/hide series

Sources: Texas Bond Review Board, Annual Report, Table 2.3 – State of Texas Debt Outstanding and U.S. Bureau of the Census, Population, Population Change, and Estimated Components of Population Change, Consumer Price Index for All Urban Consumers (CPI-U)

Note: General obligation (GO) debt data is presented as the principal outstanding. 


COMPARISONS

This graph shows how Texas compares against the most populated states regarding total debt outstanding and debt outstanding per capita.

Take a look at TexIndex and see how Texas compares to every state in various other categories.

Sources: U.S. Bureau of the Census Annual Survey of State and Local Government Finances and Annual Estimates of the Resident Population for the United States, Regions, States, and Puerto Rico: April 1, 2010 to July 1, 2019

Notes: Texas debt outstanding from the Census Bureau differs from that reported by the Texas Bond Review Board. The 2018 State and Local Government Finance Survey is the latest year for which this data is available.


To learn more about where the money goes, please visit our State Revenue and Expenditures Dashboard.

To learn more about the finances of public pension plans that operate in Texas, please visit our public pension search tool.

Contact the entity directly to access their Comprehensive Annual Financial Report.

If you have any questions, please contact us or call 844-519-5676.

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