October 13, 2015 1:58 PM

Hegar releases certification revenue estimate of $110.4 billion, 2.3 percent lower than earlier projection

"...the Comptroller’s office now expects revenue available for general spending in 2016 and 2017 to total about $110.4 billion, versus the BRE estimate of about $113 billion."

Note: The full documentation from the Comptroller’s office can be found at the end of this story – SB

Texas Comptroller Glenn Hegar on Tuesday afternoon pointed to lower oil and gas prices, among other things, as the reason The Legislature will have slightly less money in the bank than had been expected for the next regular session.

Revenue for all funds fell .3 percent short of where Hegar had pegged it in the Biennial Revenue Estimate at the beginning of the year and General Revenue-related totals came in 0.1 percent ahead.

The Office of the Comptroller now expects state revenue available for general spending in 2016 and 2017 to total about $110.4 billion, versus the BRE estimate of about $113 billion. That’s because of a larger-than expected beginning balance coupled with the budget decisions made by the Legislature this year, which will give the state an “ample cushion” to absorb the 2.3 percent reduction in estimated revenue, Hegar said.

By Scott Braddock