Texas Projects Record $32.7 Billion Budget Surplus, Driven by Sales Tax
- Comptroller sees $188.2 billion for next two-year budget
- Extra cash is from strong economic rebound, sales tax revenue
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Texas is forecasting a record $32.7 billion budget surplus as a surge in sales taxes boosts the government’s revenue by billions more than what analysts had estimated.
The expected surplus, also called a cash carryover balance, is the largest on record for the Lone Star State and 21% more than the $27 billion forecast in July, Comptroller Glenn Hegar announced Monday. Including the extra cash and taking into account transfers to reserve funds, he projects the state will have $188.2 billion of revenue available for general-purpose spending during the two-year period that begins in September. That’s a 26.3% increase from the 2022-2023 biennium.