Order photos

Bienniel revenue estimate released

by | Jan 20, 2023 | Latest

As part of the Texas Legislature’s power of the purse, it sets a biennial budget for the state in the fiscal years 2024 and 2025.

The 88th Legislature is scheduled to convene Tuesday, Jan. 10, and conclude May 29. Ahead of the first session, State Comptroller Glenn Hegar revealed his biennial revenue estimate in a Jan. 9 news release.

The state is projected to have a record $188.2 billion in revenue available for general-purpose spending during the 2024-25 biennium, a 26.3% increase from the 2022-23 biennium, according to the news release. The $188.2 billion available for general-purpose spending includes 2024-25 collections of $165.9 billion in General Revenue-Related (GR-R) funds.

Reacting to the news of an increase, Lt. Governor Dan Patrick highlighted the success of the state’s economy.

“Since I’ve become Lt. Governor, we’ve taken the utmost care to manage our budget wisely and conservatively,” Patrick said. “We are leading the United States forward in the global marketplace and it is clear for all to see. Our conservative policies, including no income tax and minimal regulation, attract businesses and grow jobs.”

These collections are augmented by an expected 2022-23 ending GR-R balance of $32.7 billion. Of the total, $10.2 billion must be reserved from 2024-25 oil and natural gas tax collections for transfers to the Economic Stabilization Fund (ESF), also known as the state’s “Rainy Day Fund,” and the State Highway Fund (SHF). These reserves would be $4.5 billion higher but for the constitutional limit on the ESF balance, which will be met beginning in 2025. Another $155 million must be set aside to cover a shortfall in the Texas Guaranteed Tuition Plan, also known as the Texas Tomorrow Fund.

For the full story, see the Jan. 19 issue of The Sachse News.

Subscribe Mothers Day 2024 Leaderboard

0 Comments

Related News

Scholarship awarded, bids rejected

Scholarship awarded, bids rejected

Mayor Jeff Bickerstaff announced Garland High School senior Margaret Bryant as the recipient of the 2024 City of Sachse Scholarship. Now in its 11th year, the annual scholarship awards $1,000 to a local senior and is funded by the city’s solid waste provider,...

read more
Share your vision for the city’s future

Share your vision for the city’s future

The city has kicked off community engagement efforts for the Comprehensive Plan update. The outreach will help residents share their vision for the city’s future. A joint project between the city and the Economic Development Corporation (EDC), the Comprehensive Plan...

read more
Fire Chief presents SFR update

Fire Chief presents SFR update

It’s budget season and city of Sachse department heads are celebrating last year’s achievements and revealing plans for future wants and needs in the fiscal years ahead. At the regular council meeting Monday, May 6, it was the fire department’s turn. Fire Chief Marty...

read more
Residents have traffic concerns

Residents have traffic concerns

Mayor Jeff Bickerstaff started last week’s regular council meeting with a little extra mayoral help. Sitting next to him on the dais was Makayla Hoermann, a fourth grader from Whitt Elementary proclaimed as “Junior Mayor for the Day.” He even let her strike the gavel....

read more
Fake school threats, real consequences

Fake school threats, real consequences

Wylie ISD parents and students should know that there are no fake school threats according to Texas law, or the school district. As several surprisingly young students have learned this year, one comment made in jest can lead to an arrest.  According to Assistant...

read more
Bois d’ Arc Lake beckons

Bois d’ Arc Lake beckons

After 20 years of planning and four years of construction, Texas’ first major reservoir to be built in more than three decades glistens in the sun as a recreational beacon. The North Texas Municipal Water District (NTMWD), based in Wylie, owns and operates Bois d’Arc...

read more
Collin County values continue to rise

Collin County values continue to rise

Collin County property values once again show an increase, according to figures released by Collin Central Appraisal District (CCAD). The CCAD mailed the 2024 real property appraisal notices to property owners on April 15. Business personal property mailings were...

read more
Incumbents reelected to Sachse City Council

Incumbents reelected to Sachse City Council

Unofficial election results are in with 100% of Collin and Dallas County precincts reporting for the May 4 general election. Sachse’s contested races for Place 1 and Place 2 saw incumbents defeat their challengers. Sachse City Council Place 1 Brett Franks won his bid...

read more
Residents have traffic concerns

Residents have traffic concerns

A few residents addressed council during the public comment portion of the meeting to express concerns about increased traffic near The Station, particularly on Commons Parkway. “Please don’t wait until an accident happens to make a change,” one resident said, at the...

read more
Subscribe Love