The Senate doesn't like the House's hit on the Rainy Day Fund. The House doesn't like the Senate's delay of a deposit into the state's highway fund. Neither wants to raise taxes. But all is not yet lost — unless they want to fight about it.
Most Texans don't know the state faces a tight budget, but asked what they'd do in a pinch, many of them say they'd dip into the state's savings account, according to the latest University of Texas/Texas Tribune Poll.
Facing sluggish economic forecasts, Comptroller Glenn Hegar announced Monday that lawmakers will have $104.87 billion in state funds at their disposal in crafting the next two-year budget, a 2.7 percent decrease from the last session two years ago.
In his first certified revenue estimate, Comptroller Glenn Hegar lowered his estimate for how much revenue the state will take in by more than $2 billion, pointing to reduced activity in oil and gas drilling as the main culprit.
The Texas Senate on Tuesday passed a measure granting Texas Comptroller Glenn Hegar more flexibility to invest a portion of the $8 billion in the state’s Rainy Day Fund, sending the bill to the governor's desk.
Comptroller Glenn Hegar is urging lawmakers to consider allowing his office to invest a portion of the Rainy Day Fund more aggressively, arguing that a greater return is worth the greater risk with the savings account.
Announcing a two-year revenue estimate that reflects "uncertainties in oil prices and the possibilities of a slowing global economy," Comptroller Glenn Hegar said Monday that lawmakers will have $113 billion to divvy up in the next two-year budget.