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Comptroller Hegar Announces Biennial Revenue Estimate

Comptroller Glen Hegar laid out his revenue estimate for the upcoming 2016-17 biennium. Hegar noted that the state will have $113 billion in available revenue, which is $9.7 billion more than the previous biennium. He noted that the projections are based on a moderate expanding state economy, tempered with the uncertainty around oil prices and a slowing global economy. Other highlights from the press conference:

  • $220 billion in collections from all sources and for all purposes, which includes the $113 billion in available revenue
  • $7.5 billion budget surplus from the current biennium
    • $5 billion will flow to Rainy Day Fund and Highway Fund ($2.5 billion each)
  • Rainy Day Fund is expected to increase from $8.5 billion at the end of the current biennium to $11.1 billion by end of 2016–17 biennium ($16.1 billion limit)
  • Sales tax growth expected to increase by 8.9% with oil and gas tax revenues expected to decrease by approximately 14%

To view the full biennial review, Comptroller Review