How the Legislature Might Address the Less-Than-Dire Budget Shortfall

How the Legislature Might Address the Less-Than-Dire Budget Shortfall

state budget Glenn HegarAfter the collapse of oil prices and the economic contractions following the spread of the coronavirus early last spring, Governor Greg Abbott and other state leaders worried about a state budget deficit as large as $4.6 billion. On Monday, ahead of the convening of the Texas Legislature, comptroller Glenn Hegar offered a sunnier, though still concerning picture. For the current budget cycle, which ends in August, the Republican projected that revenues will fall short by a more modest $1 billion, spurred by a rebound in consumer spending and the oil and gas industry. And the next budget, which begins in August and runs through August 2023, the state is estimated to have $6.3 billion less than the previous cycle, though budget-writers had unusually healthy tax…View Original Post

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Source: Texas Monthly