The State of Texas Annual Cash Report for fiscal year 2024 is now available. “The Consolidated General Revenue Fund ended the year with a cash balance in the State Treasury of $37.3 billion, a decrease of $11.0 billion, or 22.8 percent, from fiscal 2023,” said Comptroller Glenn Hegar in the report. He noted the change in the balance is largely due to “constitutional amendments that authorized expenditures for infrastructure improvements, cost-of-living adjustments for Teacher Retirement System annuitants and provided property tax relief through the public school finance system.”
Of note, Hegar did point out the Economic Stabilization Fund (ESF), also known as the rainy day fund, ended fiscal 2024 with a total balance of $21.0 billion, and increase of $6.9 billion compared with the prior year.
Even though tax revenues decreased from the prior year by $300 million, or 0.03 percent, they still accounted for the largest revenue category totaling $81.9 billion. Federal income, the second largest revenue category, totaling $58.9 billion, decreased $9.8 billion, or 14.3 percent, from fiscal 2023.
The largest dollar spending increase by governmental function was in Education, which increased by $10.7 billion to a total of $61.1 billion. Of note on page 19 in the report, Under the Foundation School Program, grants are made to local school districts to pay the state’s share of public school costs. In fiscal 2024, these grants totaled $29.1 billion, 22.3 percent more than in fiscal 2023.
This report presents the state’s financial condition and details revenues and expenditures on a cash basis. The report reflects revenue and expenditure details for all funds in the state treasury. Revenue is reported in the period when cash is collected, and expenditures are reported in the period when cash disbursements are made. Funds held outside the state treasury are not included in the report, with the exception of petty cash, investments and Fund 0938 – Unemployment Trust Fund Account (in the federal treasury).
The full report can be found here.
