Texas Comptroller Adds $1.2 Billion to Available Revenue
Texas Comptroller Susan Combs gave the state's couches a good search and has come up with an extra $1.2 billion to spend in the next budget biennium.
The increase in funds available for the 2012-2013 budget was based on what her office considers is a strengthening economy. That increase will also send an extra $300 million to the state's so called Rainy Day fund.
The House and Senate are currently trying to agree on the state budget which cuts billions from state services and public and higher education. The extra money is expected to get quickly gobbled up in that process.
Here's some of the highlights from her press release:
“Maintaining a cautious outlook for the next biennium, my office estimates sales tax, oil production tax and motor vehicle sales tax will bring in more revenue than previously estimated in the next biennium. We are updating the revenue estimate after reviewing numerous economic indicators and yesterday’s franchise tax filing deadline.” “I will keep working with lawmakers as they go through the process of finalizing a budget for the 2012-13 biennium,” Combs said. “While Texas continues to add jobs as our state recovers from the recent recession, the state’s housing market is sluggish, with new home construction levels similar to those seen in the mid-1990s. We will also monitor different aspects of the economy, including any potential burden on consumers and businesses if oil prices move higher.”