Texas Comptroller Glenn Hegar says state lawmakers have a record-breaking estimate of $188 billion to spend on the next budget texasnews
Hegar attributed Texas' economic wellbeing to several factors including how the state recovered from the COVID-19 pandemic along with high energy prices and the highest inflation in four decades.
Hegar warned that because most of the state's revenue comes from sales taxes the estimate could be hampered by increased interest rates or other attempts to stymie inflation that may deepen a recession and curb consumer spending. He also said volatility in the energy marketplace could impact the state's numbers.
"I must advise some caution as these decisions are made. Bluntly, don't count on me announcing another big revenue jump in two years from now," Hegar said."The revenue increases that we have seen have been in many ways unprecedented and we can not reasonably expect a repeat. We are unlikely to have an opportunity like this again."
Hegar said $10 billion will be held back for the highway fund and rainy day fund, the latter of which is expected to have an all-time high balance of more than $27 billion at the end of the 2024-25 cycle.
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