Texas Comptroller Susan Combs Releases Biennial Revenue Estimate
(AUSTIN) — Texas Comptroller Susan Combs released the state’s Biennial Revenue Estimate, showing the state is projected to have $101.4 billion available for general-purpose spending during the 2014-15 biennium.
“Texas experienced a very strong rebound from a severe recession,” Combs said. “The state’s robust economic recovery led to better-than-expected revenue collections in major taxes such as the sales tax, oil and natural gas production taxes and motor vehicle sales taxes. The outlook for both the economy and state revenue is for continuing expansion as the fast-growth of the economic recovery gives way to moderate, sustained growth.”
The state’s general revenue collections from taxes, fees and other income is estimated to be $96.2 billion for the 2014-15 biennium, of which about $3.6 billion would be set aside for future transfers to the Rainy Day Fund. This leaves approximately $92.6 billion in net general revenue. Adding to that is a projected $8.8 billion ending balance from the current biennium, giving the Legislature the estimated $101.4 billion for general- purpose spending for the next biennium.
The Texas economy, in inflation-adjusted terms, is projected to increase by 3.4 percent in fiscal 2013, another 3.4 percent in fiscal 2014 and 3.9 percent in fiscal 2015. The state’s unemployment rate, which reached 8.2 percent during the recession, is expected to continue slowly dropping and average 6 percent during 2015.
Texas Comptroller's BRE site