Texas Comptroller Glenn Hegar announced today (Wednesday) that the state has experienced better revenue growth than expected in this fiscal year.
In a letter to state leaders, Hegar says the state will have over $110 billion in general revenue-related funds available for spending for the 2018-19 fiscal year. This results in a projected fiscal ending balance of $2.67 billion, up from the $94 million ending balance projected in 2017’s revenue estimates.
Hegar says increases in oil production and job growth have aided the state’s economy considerably. Through June of this year, state sales tax revenue is up 10 percent from June of last year. Sales tax revenue projections have been increased by more than $1.2 billion.
Ending balances do not account for any appropriations the state legislature could make in the future.