COMPTROLLER RELEASES BIENNIAL REVENUE ESTIMATE FOR 2022-23
The State of Texas is expected to have over $112-Billion in revenue for general-purpose spending during the 2022-23 biennium.
Texas Comptroller Glenn Hegar released the Biennial Revenue Estimate, Monday.
The revenue estimate represents a 0.4 percent decrease from funds available for the 2020-21 biennium. Hegar says the decline is a direct result of the COVID-19 pandemic, which caused revenue collections to fall well short of what was expected when the Legislature approved the 2020-21 budget. The ending 2020-21 balance will be close to a negative $1 billion.
Hegar says the estimate, based on the most recent information available, represents efforts to provide lawmakers with the most accurate forecast possible as they prepare the budget for the 2022-23 biennium.
The complete Biennial Revenue Estimate is available on the Comptroller’s website: https://comptroller.texas.gov/.
Ten years ago when the state faced this approximate revenue shortfall, it was the dept. of education that took most of the hit. We can only assume this dismantling of public education by the state will continue and that our property taxes will face a very large increase again.