Author Name: Texas Tribune.
(C) Texas Tribune
This story was originally published on Texas Tribune.org[1]
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The Blast: Hegar updates revenue estimate for TX Lege special session
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Date: None

HEGAR ISSUES UPDATED REVENUE ESTIMATE FOR SPECIAL SESSION Texas Comptroller Glenn Hegar delivered good news to state lawmakers this afternoon with his latest revenue estimate for the special session that begins Thursday.



In a letter to the state’s “Big Three” and lawmakers, Hegar said he expects the state to end its current two-year budget cycle at the end of August with a general revenue balance of $5 billion — up from his $725 million forecast the comptroller made in early May. Some of that upward revised projection, Hegar said, is thanks to state agency budget reductions and additional federal coronavirus relief funds that have been sent to Texas.



“The Texas economy rebounded strongly this spring as vaccination rates increased and the economy opened more fully, and we remain optimistic about growth in the near term as the state’s economy continues to return to pre-pandemic patterns,” Hegar wrote, adding that “strong revenue collections in the coming months and economic activity could outpace this current revenue estimate.”



Hegar also said he anticipates lawmakers will have about $123 billion available in general-purpose revenue for the 2022-23 budget cycle, an upward tick from his May estimate of $115.65 billion. The general revenue ending balance for the upcoming cycle, Hegar said, is projected to be $7.85 billion.



— Cassi Pollock

(C) Texas Tribune
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