window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'UA-29484371-30');
Thursday , July 9 2020
TRLA_728
Covid-19 Fund 728
ENTERPRISE 728
john overall 728×90
Spring Training 728
Mountains 728
PBP_728
Emergence June 11 – Sep 11, 2020 728
EPCON_2020 728
Utep Football Generic 728
Elizabeth 728
Home | Tag Archives: Texas Comptroller

Tag Archives: Texas Comptroller

Texas on pace to collect more tax revenues than predicted, but state comptroller has a few words of caution

Months after approving the state’s first quarter-trillion-dollar budget, lawmakers got word Thursday that the state’s income forecasts are even better than they expected.

In his latest official revenue estimate, which figures in the costs of legislation passed by lawmakers earlier this year, Comptroller Glenn Hegar said Texas government should end its current two-year budget period with $2.89 billion in cash left over. And it will have $9.35 billion in the Economic Stabilization Fund, better known as the rainy day fund.

In spite of that good news, Hegar expressed some caution in his letter to the governor and legislative leaders: “In fiscal 2019, the Texas economy continued to grow at rates among the highest in the nation. We are projecting continued expansion of the Texas economy in this biennium. The most likely scenario is one of steady expansion at a pace below that of the 2018-19 biennium. Risks to this estimate include ongoing uncertainty about trade and national economic policy, slowing global economic growth, and volatility in energy prices resulting from instability and potential conflict in the Middle East.”

The biggest improvements from Hegar’s last revenue estimate — produced before the legislative session began and revised in May — came from sales taxes, up $429 million; motor vehicle sales and rental taxes, $227 million; franchise taxes, $194 million; and oil production taxes, driven by higher estimates of the price of oil, $399 million. Some of that was offset by lowered estimates for revenue from insurance taxes, $188 million; natural gas production taxes, $211 million; and cigarette and tobacco taxes, $79 million.

Taxes on sales remain the state’s biggest source of general revenue, accounting for 54.2% of the total.

Lawmakers wrote and the governor signed a $250 billion budget this year, almost 16% bigger than the budget they produced two years ago, and one with significant new spending on public education and an effort to limit increases in property taxes levied by school districts and local governments.

Author: ROSS RAMSEYThe Texas Tribune

Disclosure: The Texas Comptroller of Public Accounts has been a financial supporter of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune’s journalism. Find a complete list of them here.

Texas Lawmakers Punt on Setting a Spending Cap for 2019 Session

Some of the state’s political leaders, including House Speaker Joe Straus and Lt. Gov. Dan Patrick, took the unusual step Friday afternoon of declining to set the state’s spending cap after calling a meeting to do just that.

Straus and Patrick met Friday meeting in their role as part of the 10-member Legislative Budget Board, a group whose responsibilities include setting a limit each session for how large the next two-year budget can be based on projections of Texans’ personal income growth.

Typically, the board of state lawmakers sets the spending cap late in November before an upcoming legislative session. Friday’s meeting was scheduled with that action in mind. But Straus, who is retiring in January, said the board would instead vote on a spending cap at an unspecified later date, saying there was no reason to rush into a decision that lawmakers might come to “regret.”

Straus told reporters he wanted to give the next speaker more time to consider his options, noting that the board had similarly postponed a spending cap decision in 2006. State Rep. Dennis Bonnen, who has drawn the support of most of the state House to become the next speaker, was also at the meeting as another member of the Legislative Budget Board, but did not comment on Straus’ decision.

The Texas Constitution requires that certain spending in the budget can’t grow faster than the state’s economy, but doesn’t specify how to measure that growth. State lawmakers have long used projections of personal income growth as a proxy. The 10-member budget board fielded growth estimates from the Comptroller’s office and four other financial forecasters, all of whom projected a growth rate for the state between 8 and 11 percent.

The spending cap only covers nondedicated revenue, those parts of the budget that are funded by taxes but are not required by law to go to specific programs. While the legislature can vote to break the cap, it’s a politically dicey move that lawmakers have worked to avoid in recent years.

In 2016, facing a sluggish economy, the budget board adopted a spending cap of 8 percent, limiting the state’s spending covered under the cap at about $100 billion. But actual state spending for that budget cycle, which is ongoing through most of next year, is expected to be well below that amount. Lawmakers will pass a supplemental budget when they meet in 2019, to plug leftover holes in state spending in the current budget cycle and to address additional costs from Hurricane Harvey.

Tom Currah, the chief revenue estimator for the Texas Comptroller, told the board that the state’s unemployment rate of 3.7 percent was “the lowest it’s been” and that lawmakers should “expect continued economic growth.” In January, the comptroller will issue an estimate for how much tax revenue the state expects to collect over the next budget cycle.

Author: EDGAR WALTERS – The Texas Tribune

Covid-19 Fund 728
Get Shift Done 728
Elizabeth 728
TRLA_728
john overall 728×90
Emergence June 11 – Sep 11, 2020 728
Spring Training 728
EPCON_2020 728
PBP_728
Utep Football Generic 728
ENTERPRISE 728
Mountains 728