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July 11, 2018      6:22 PM

Hegar raises revenue estimate by $2.8 billion

"Due to better-than-expected economic and revenue growth through June of fiscal 2018 and an improved outlook for fiscal 2019, we now estimate the state will have $110.17 billion in General Revenue-Related (GR-R) funds available for general-purpose spending for the 2018-19 biennium"

Comptroller Glenn Hegar has bumped revenue estimates up going into the 86th legislative session, but not enough to overcome what will likely be a tight post-Harvey budget.

First, the good news: Last year’s revenue projection was that lawmakers would enter the budget cycle with only $94 million in available revenue, based on oil prices at $50 per barrel.

That was conservative. Now, with prices hovering around $70 a barrel, the returns on the oil-and-gas industry have exceeded expectations. Combined with better-than-expected sales tax collections, lawmakers come into the session with $2.8 billion. 

By Kimberly Reeves

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