Texas lawmakers will have $188.2 billion available for the next budget after record-breaking revenue growth - KPRC2
It’s far more money than legislators have ever had at their disposal, with an increase in available funds that dwarfs any previous jumps between cycles, thanks largely to a tax-collection windfall that left the state flush with cash, Hegar said.
It also includes a historic $32.7 billion in state dollars expected to be left over in Texas coffers from the 2022-23 biennium, thanks to “vigorous economic growth,” gas prices, inflation and other factors in the past 18 months, he said. All but $10 billion, which is reserved for highway funds and the state’s rainy day fund, is available for general spending, Hegar said.
The current two-year budget period, which ends in August, totalled $265 billion in state and federal funds, including an initial $119 billion in general revenue — a number that is expected to top $150 billion before the cycle ends. Patrick echoed that note of caution, saying Monday that while the estimate presents"further proof of the true might of our economy," lawmakers must continue their conservative approach as a recession may be looming.
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