Texas Comptroller Glenn Hegar projects $194.6 billion in general revenue for the 2026-2027 biennium, a slight decrease from the previous cycle. Despite the decline, lawmakers have more funding than usual for general purposes, thanks to anticipated tax increases and a surplus in the state's Economic Stabilization Fund. Hegar urges lawmakers to make thoughtful financial decisions that prioritize the well-being of Texans.
– Texas is projected to have $194.6 billion available in general revenue to fund the business of the state over the 2026-2027 biennium, a slight decrease from the last budget cycle, Texas Comptroller Glenn Hegar said Monday in hisconvenes on Tuesday for the start of the 2025 legislative session. The only thing lawmakers are constitutionally required to do during the 140-day session ending on June 2 is pass a balanced budget, one that spends no more than what is estimated to be available.
Still, Hegar said lawmakers should make thoughtful financial decisions that focus on improving Texans’ lives. 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.
This year, lawmakers are expected to prioritize passing a private school voucher program that uses taxpayer dollars to help pay for students’ private schooling. Lt. Gov. Dan Patrick, who presides over the Texas Senate, hasGov. Greg Abbott to declare school vouchers an emergency item to give lawmakers a jumpstart on pushing the bill through the Legislature. Lawmakers cannot pass any bills within the first 60 days of the session unless it has been labeled an emergency item by the governor.
BUDGET TEXAS LEGISLATURE TAX REVENUE ECONOMIC FORECAST EDUCATION
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Texas Congestion Study Shows TxDOT Projects Reduce DelaysA new study by the Texas Transportation Institute (TTI) shows that TxDOT projects have reduced traffic delays by 7% since 2019. Despite an increase in miles traveled, the study found that key road upgrades have saved commuters millions of dollars in time and gas.
Read more »
ERCOT projects grid stability as polar vortex hits TexasThe state’s electric grid operator issued a weather watch until Friday but says it doesn’t expect power disruptions as demand rises.
Read more »
Texas lawmakers will have $194.6 billion to spend for the next budget, comptroller projectsThe estimate includes $23.8 billion leftover from the current budget cycle.
Read more »
Texas projects $194.6 billion in revenue for next budget cycleTexas Comptroller Glenn Hegar estimates $194.6 billion in general revenue for the 2026-2027 biennium, a slight decrease from the previous cycle. While tax collections are projected to rise and the 'rainy day' fund is expected to exceed its cap, Hegar urges lawmakers to prioritize improving Texans' lives amidst persistent inflation.
Read more »
LNG project development company says it has an agreement to develop $44 billion Alaska projectGlenfarne is working on LNG export projects in Texas and Lousiana.
Read more »
Two Texas Residents Win $1 Million in Lotto Texas DrawingTwo winning $1 million tickets for the Lotto Texas drawing were sold in Dallas and Colleyville, Texas. The winners opted to remain anonymous. The next Lotto Texas drawing is scheduled for Wednesday with an estimated jackpot of $65 million.
Read more »