How the Legislature Might Address the Less-Than-Dire Budget Shortfall
After the collapse of oil prices and the economic contractions following the spread of the coronavirus early last spring, Governor Greg Abbott and o ther 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