The Comptroller today released her revenue estimate for the remainder of fiscal year 2013 and the upcoming 2014-2015 biennium.
It’s estimated that General Revenue-related tax and fee collections will total $96.2 billion in 2014-2015. Sixty-four percent of revenue coming from the state sales tax. Of this $96.2 billion, approximately $3.6 billion in oil and natural gas revenues will be deposited to the Economic Stabilization Fund, better known as the rainy day fund.
The balance of the Economic Stabilization Fund is expected to total almost $11.8 billion by the end of 2014-2015. The constitutional limit on the Fund is estimated to be $14.4 billion during this time, so the constitutional limit will not be reached.
“The economy is improving in Texas and we’ll have more money available to us this session,” said Representative Gonzales. “However, that doesn’t make the budget process easy. With increased revenue comes different challenges. We still need to make fiscally responsible decisions related to spending.”
Strengthening these revenue collections is the ending 2012-2013 General revenue-related balance, projected to be $8.8 billion. This is a reflection of the state’s progress rebounding from the recession, as well as vigorous oil and natural gas activity.
In addition to these General Revenue-related funds, the State stands to collect $112 billion in federal receipts (used for specific purposes), bringing the total revenue collections to $208.2 billion.