(AUSTIN) — Texas Comptroller Glenn Hegar announced today the release of the Certification Revenue Estimate (CRE) for the fiscal 2018-19 biennium.
Before each regular legislative session, the Comptroller’s office issues a Biennial Revenue Estimate (BRE) that estimates how much revenue will be available for spending in the state’s next two-year budget cycle. After the session, the agency releases the CRE to provide the detailed basis by which the Comptroller certified the budget, to revise estimates in the BRE to reflect legislative activity and current economic information and to take into account final revenue numbers for the recently ended fiscal year.
“The diversity of the Texas economy, coupled with conservative fiscal management and strengthening in the oil and gas sector, allowed the state economy to return to its normal pattern of growth, which exceeds that of the national economy,” Hegar said.“Factoring in recent legislative activity, this CRE presents slightly higher revenue forecasts for the 2018-19 biennium than those we released in January.”
— Comptroller Glenn Hegar
Prior to the legislative session, the Comptroller issues a Biennial Revenue Estimate (BRE) to tell lawmakers how much they can spend over the next two years. After the legislative session, the Comptroller issues a Certification Revenue Estimate (CRE) to reflect legislative activity and the most current economic information, as well as to take into account final revenue numbers for the recently ended fiscal year.
Revenue | Biennial Revenue Estimate January 2017 |
Certification Revenue Estimate October 2017 |
Notes | |
---|---|---|---|---|
General Revenue-Related (GR-R) Revenues from Sales Taxes (Before allocation to State Highway Fund) | $61.97 | $62.31 | ||
Sales Taxes Allocated to State Highway Fund | minus$4.71 | minus$3.23* | * Legislative action during the 85th Regular Session deferred one transfer payment into the 2020-21 biennium. |
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* Legislative action during the 85th Regular Session deferred one transfer payment into the 2020-21 biennium. |
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Net GR-R Revenues from Sales Taxes |
equals$57.26 | equals$59.08 | ||
Other GR-R Revenues | plus$49.21 | plus$49.52 | ||
Total GR-R Revenues | equals$106.47 | equals$108.6 | SUBTOTAL | |
Beginning Balance (Funds carried forward from 2017) | plus$1.53 | plus$0.88 | ||
Change in GR-Dedicated Account Balances from the BRE | plusN/A | plus$1.22 | ||
Total GR-R Revenue &Fund Balances | equals$108.00 | equals$110.70 | SUBTOTAL | |
Revenue Reserved for Transfers to the Economic Stabilization and State Highway Funds | minus$3.13 | minus$3.37 | ||
Total Revenue Available for General-Purpose Spending | equals$104.87 | equals$107.33 | TOTAL |
Revenue Source | Percent of Total |
---|---|
Motor Vehicle Sales and Rental Taxes | 9.1% |
Oil Production Tax | 4.6% |
Francise Tax | 5.3% |
Motor Fuel Taxes | 1.8% |
Natural Gas Production Tax | 1.7% |
All Other State Taxes | 10.4% |
Sales Taxes | 54.4% |
Fees, Investments and Other Non-Tax Revenue | 12.7% |