The estimate includes $23.8 billion leftover from the current budget cycle.
Lawmakers on the House floor during Sine Die of the 88th Texas Legislative Session, at the Capitol in Austin, on May 29, 2023.FILE - Inmate firefighters battle the Mountain Fire at Swanhill Farms in Moorpark, Calif., on Nov. 7, 2024. PDS Red Flag Warning issued as Southern California tries to control massive wildfires: What is a PDS warning?
This year’s estimate reflects a 1.1% drop from the amount of funds available during the 2024-25 biennium, when lawmakers were flush with acash balance, Hegar said. The drop is attributable to a smaller beginning balance compared to the previous budget cycle, not a drop in state revenue. Tax collections are projected to rise, and for the first time, the state’s Economic Stabilization Fund — also known as the rainy day fund — is expected to exceed its constitutional cap.
The estimate includes an anticipated $176.4 billion in new revenue, most of which comes from sales and energy tax collections and can only be spent in the upcoming budget cycle. Sales tax collections are projected to increase by 9% from the previous two-year period, reaching $94.2 billion the next two years.
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