Texas Comptroller Glenn Hegar has announced the transfer of $1.47 billion into the State Highway Fund and the Economic Stabilization Fund (ESF), commonly known as the Rainy Day Fund. Each fund received more than $734 million, or 50 percent of the total transfer. The transfer amounts are based on oil and natural gas production tax revenues and the Texas Constitution allocates at least half of these severance taxes to the ESF and the remainder to the State Highway Fund for use on non-toll highway construction, maintenance and right-of-way acquisition. After the most recent transfer, and accounting for current expenditures, the new balance of the ESF is $10.98 billion.
