Texas Comptroller Glenn Hegar announced today the release of the Certification Revenue Estimate (CRE) for the fiscal 2018-19 biennium. As a result of actions taken by the Legislature and an updated economic forecast, the Comptroller's office now expects revenue available for general spending in 2018-19 to total about $107.33 billion, versus the BRE estimate of about $104.87 billion. This revenue will support the $107.23 billion in general-purpose spending called for by the 85th Legislature, and will result in a final balance available for certification of $94 million.
Hegar commented, "The diversity of the Texas economy, coupled with conservative fiscal management and strengthening in the oil and gas sector, allowed the state economy to return to its normal pattern of growth, which exceeds that of the national economy,” Hegar said. “While revenues remained in line with the estimates we made in January, some uncertainty remains in our outlook for the biennium due in part to the ongoing assessment of the economic impact of Hurricane Harvey.
“Despite this uncertainty, we are continuing to project steady expansion of the Texas economy following a brief slowdown due to the storm’s impact,” Hegar added. “Factoring in recent legislative activity, this CRE presents slightly higher revenue forecasts for the 2018-19 biennium than those we released in January.”
More details: Certification Revenue Estimate 2018-19
