July 11, 2018      6:22 PM
Hegar raises revenue estimate by $2.8 billion
"Due to better-than-expected economic and revenue growth through June of fiscal 2018 and an improved outlook for fiscal 2019, we now estimate the state will have $110.17 billion in General Revenue-Related (GR-R) funds available for general-purpose spending for the 2018-19 biennium"
Comptroller Glenn Hegar
has bumped revenue estimates up going into the 86th legislative
session, but not enough to overcome what will likely be a tight post-Harvey
First, the good news: Last year’s revenue projection was
that lawmakers would enter the budget cycle with only $94 million in available
revenue, based on oil prices at $50 per barrel.
That was conservative. Now, with prices hovering around $70
a barrel, the returns on the oil-and-gas industry have exceeded expectations.
Combined with better-than-expected sales tax collections, lawmakers come into
the session with $2.8 billion.
By Kimberly Reeves