Along with his monthly sales tax allocation announcement, Texas Comptroller Glenn Hegar has released totals for overall state revenues, as well as some of the state’s most significant revenue sources. "State revenues for fiscal 2015 came in very close to the amounts we projected in January before the legislative session," Hegar said in a news release. "As we predicted, the Texas economy has seen moderate growth despite weakness in the energy sector."
- All Funds revenue for the year finished at $109.5 billion, 0.2 percent less than the $109.7 billion projected in the Biennial Revenue Estimate (BRE).
- General Revenue-related revenue was $52.6 billion, 0.1 percent ahead of the BRE projection of $52.58 billion.
- Sales tax revenue for the year was 0.6 percent below estimate, at $28.9 billion. The BRE forecast was $29.07 billion.
- Oil production and regulation tax revenue came in 4.2 percent above the BRE forecast, while natural gas tax revenue was 20.6 percent below estimate.
"The accuracy of our fiscal 2015 estimate provides a firm foundation as we begin to prepare the Certification Revenue Estimate,” Hegar further pointed out in his news release.
The primary purpose of the Certification Revenue Estimate (CRE) is to revise revenue projections following a legislative session, taking into account actions taken by the Legislature affecting revenue and final revenue numbers for the recently ended fiscal year. It also allows the Comptroller’s office to revise previous revenue projections and the economic forecast based on the most current information.