Prior to the 87th Legislative Session in July of 2020, Comptroller Hegar provided a revised Certification of Revenue Estimate (CRE) estimating the state would have $110.19 billion in General Revenue-related (GR-R) funds available for general-purpose spending for the 2020-21 biennium, down $11.57 billion, or 9.5 percent, from the previous estimate. This resulted in a projected fiscal 2021 ending deficit of $4.58 billion, a substantial downward revision from the previously projected surplus of $2.89 billion.
This July prior to the 88th Legislative Session, Comptroller Hegar provided a revised Certification of Revenue Estimate (CRE) estimating the state will have $149.07 billion in General Revenue-related (GR-R) funds available for general-purpose spending for the 2022-23 biennium, up $13.75 billion, or 10.2 percent, from the previous estimate. This resulted in after certain cost adjustments, in a projected fiscal 2023 ending balance of $26.95 billion, a substantial upward revision of $14.95 billion from our previously projected surplus of $11.99 billion.
