Industry & TETAF News
Comptroller Issues Revenue Estimate for First Called Session
The state comptroller today released a revenue estimate for the 85th Legislature, First Called Session:
July 17, 2017
The Honorable Greg Abbott, Governor
The Honorable Dan Patrick, Lieutenant Governor
The Honorable Joe Straus, Speaker of the House
Members of the 85th Legislature
Ladies and Gentlemen: In accordance with my responsibilities under Article III, Section 49a of the Texas Constitution, I am providing you with an estimate of revenue available for the 85th Legislature, First Called Session.
Following actions by the 85th Legislature, Regular Session, including appropriations for supplemental items, as well as appropriations made for the 2018-19 biennium; the approval, veto, or line item veto of certain items by the Governor; and updated projections by my office for revenue collections in the current fiscal year and the 2018-19 biennium, an estimated $42 million, of $108.8 billion available for general-purpose spending, remains unappropriated.
In January, I provided my Biennial Revenue Estimate (BRE), which projected $104.9 billion available for general-purpose spending by the 85th Legislature, Regular Session. Various actions taken by the Legislature resulted in an overall increase in available revenue.
In addition, thanks in part to a strong June, sales tax collections for fiscal 2017 are running slightly ahead of our January BRE projections, adding to available revenue. However, franchise tax collections for this fiscal year will finish below BRE projections, substantially reducing remaining revenue available for certification.
I will continue to monitor the Texas economy and state revenues closely, and will keep you informed of any significant events as they arise.
Texas Comptroller of Public Accounts