AUSTIN – Today, Texas Comptroller Glenn Hegar released the Biennial Revenue Estimate 2020-21 report that provides the 86th Texas Legislature with an estimate of revenues available to be appropriated for the upcoming 2020-21 budget. Given the state’s constitution requires a balanced budget, this report sets the stage for how much legislators have available to spend and for tax relief in the 2019 Legislative Session that begins tomorrow above current appropriations.
The report notes that the 2020-21 budget will have available an estimated $265.6 billion in all funds (state funds and federal funds) and $176.9 billion in state funds. Included in both amounts is an available fund balance of $4.2 billion remaining from the 2018-19 budget. The Conservative Texas Budget Coalition, which includes the Foundation and 15 other member organizations, has set conservative spending limits on the 2020-21 budget of $234.1 billion in all funds and $156.5 billion in state funds based on an 8 percent increase in population growth plus inflation over the previous two fiscal years above current appropriations.
The Foundation’s Center for Fiscal Policy Director Talmadge Heflin and Center for Economic Prosperity Director Dr. Vance Ginn offer the following statements:
“The Comptroller’s revenue estimate today indicates there is taxpayer money available to fund key budget items while lowering the school maintenance and operations property tax,” said Heflin.
“The 86th Legislature has a grand opportunity to pass what could be the third straight Conservative Texas Budget while prioritizing taxpayers in the process to lower property tax bills and improve education,” said Ginn.