Today, Texas Comptroller Glenn Hegar released the Biennial Revenue Estimate (BRE) which tells the Legislature the amount of taxpayer dollars available to fund various programs like public safety, education, and health care during the upcoming session which begins Jan. 12.
“Given the COVID-19 pandemic and business shutdowns by state and local governments, the Comptroller’s budget forecast, while better than anticipated, has a great deal of uncertainty,” said Texas Public Policy Foundation Chief Economist Vance Ginn, Ph.D. “While the BRE is well above expectations and the 2020-21 budget will likely end balanced, the Legislature should continue to find savings. At a time when many families are struggling, it is essential that the Legislature maintain conservative fiscal policies, so Texans have the best opportunity to flourish. This can be done by assuring that the budget increases by no more than the maximum threshold of the Conservative Texas Budget, reducing spending where appropriate, cutting taxes, and rolling back regulations as we outlined in the Foundation’s Responsible Recovery Agenda.”
Key Points:
- All funds revenue expected to be $270.5 billion for the 2022-23 biennium.
- The Foundation’s Conservative Texas Budget sets a maximum threshold of $246.8 billion in initial appropriations, which excludes one-time items like COVID-related aid from the baseline budget.
- The Economic Stabilization Fund is expected to have $11.6 billion at the end of the 2022-23 biennium.
Learn more about the Foundation’s Recovery Agenda here:
https://www.texaspolicy.com/press/tppf-publishes-recovery-plan-for-texas