State Capitol HIGHLIGHTS

Submitted by Canton1 on
By Ed Sterling TEXAS PRESS ASSOCIATION
Revenue estimate reflects slowdown in energy sector
Texas Comptroller Glenn Hegar on Oct. 14 announced the release of his office’s Certification Revenue Estimate.

The “CRE” is an update to the Biennial Revenue Estimate, a document that gives state lawmakers a good idea of how much revenue will be available for general-purpose spending in 2016-2017, the next two-year state budget period. 

The CRE, Hegar said, reflects “any new laws from the session that could affect state revenue, as well as the most current fiscal and economic data.” The 140-day legislative session concluded four and half months ago, on June 1.

The new CRE shows a 2.3 percent decline in the estimate of revenues available for general-purpose spending from $113 billion to a revised figure of $110.4 billion. The figure primarily reflects our most current estimates of oil and natural gas prices and continuing weakness in Texas’ energy sector, Hegar said, adding that his office anticipates “no trouble in absorbing this reduction in available revenue.”

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