Texas Comptroller Glenn Hegar presented his revenue estimates for the remainder of fiscal year 2021 and the upcoming two-year budget cycle to the Texas Legislature Monday, Jan. 11.
Hegar said he expects to have $112.5 billion in funds available for general-purpose funding, down 0.4% from the funding available for the 2020-21 biennium. The Comptroller said he expects general-purpose tax collections to grow by nearly 7% in the latter half of fiscal year 2021, with growth continuing.
In a virtual press conference after his presentation, the comptroller said Texas entered the pandemic on a relatively stable economic footing with $4.8 billion in funds in the general-purpose balance – and with state sales tax revenues exceeding expectations – but the projected positive balance has since been wiped out, resulting in a near $1 billion deficit.
By Dustin Butler • [email protected]