Where did Texas’ $32.7 billion budget surplus come from?
Austin, Texas (KXAN) — You’ve heard me talk about the state’s record $32.7 billion budget surplus. A viewer contacted him at KXAN. report! I ask where the money came from.
Surplus is the money expected to remain at the end of the current year.
State Comptroller Glenn Hegar says many can thank inflation. People paying more for goods and services means more sales tax flows into the state.
Hegar also pointed out that energy and gas prices have skyrocketed for some of the surplus.
In total, lawmakers will spend about $188 billion in revenue over the 2024-2025 biennium, a 26% increase from the last go-around.
But Hegar says the state can’t expect to see money like this again anytime soon.
“Frankly, don’t expect me to announce another big sales increase two years from now,” Hegar said in January. “The revenue increases we have seen to date are unprecedented in many ways and cannot reasonably be expected to be repeated.”
“This budgeting session is truly a once-in-a-lifetime session,” he added.
A Republican strongman said he would like to use some of the funds to: Reduction of property tax — Details are under consideration.
In a statement before the legislative session, Lt. Gov. Dan Patrick said it was “essential” to “save a good chunk of it for the future.”
Democrats told KXAN that while they are not against lowering property taxes, they are focused on increasing investment in public education.
https://www.kxan.com/news/texas-politics/where-did-texas-record-budget-surplus-come-from/ Where did Texas’ $32.7 billion budget surplus come from?