Texas Comptroller Glenn Hegar announced he recently completed the transfer of $2.27 billion into the State Highway Fund (SHF) and the Economic Stabilization Fund (ESF; commonly known as the “Rainy Day Fund”). Each fund received more than $1.13 billion, or 50 percent of the total transfer. The economic contraction associated with the COVID-19 pandemic and recent volatility in oil prices contributed to the transfer amounts being lower than the $1.66 billion each fund received in fiscal 2020. When fiscal 2020 ended on Aug. 31, the ESF balance was $10 billion. With this most recent transfer, the new balance will be about $10.7 billion, not accounting for currently outstanding spending authority of approximately $1.86 billion. The balance in the ESF will change as agencies spend down this remaining appropriation authority and investment earnings are realized.
Comptroller Announces Transfer of $2.3 Billion to State Highway and Rainy Day Funds
