AUSTIN – The Texas Comptroller estimates the state will have $110.7 billion in general revenue-related funds available for general purpose spending for the 2018-2019 biennium.
This raised the projected fiscal year 2019 ending balance to $2.67 billion. That's an increase from the $94 million ending balance projected in October 2017.
"Texas in particular benefited from rising oil prices and production and the consequent increase in economic activity," Comptroller Glenn Hegar said. "The best ongoing indicator of the robust Texas economy is the state's rate of job growth. Texas added more than 350,000 new jobs in the 12 months ending in May 2018, and the state's unemployment rate has been at or near historic lows in recent months."
Through June 2018, sales and use tax collections—Texas' largest source of state tax revenue—are up 10 percent from the year before. The Comptroller increased the sales tax revenue projection for fiscal 2018 by over $1.2 billion.
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