As part of the Texas Legislature’s power of the purse, it sets a biennial budget for the state in the fiscal years 2024 and 2025.
The 88th Legislature is scheduled to convene Tuesday, Jan. 10, and conclude May 29. Ahead of the first session, State Comptroller Glenn Hegar revealed his biennial revenue estimate in a Jan. 9 news release.
The state is projected to have a record $188.2 billion in revenue available for general-purpose spending during the 2024-25 biennium, a 26.3% increase from the 2022-23 biennium, according to the news release. The $188.2 billion available for general-purpose spending includes 2024-25 collections of $165.9 billion in General Revenue-Related (GR-R) funds.
Reacting to the news of an increase, Lt. Governor Dan Patrick highlighted the success of the state’s economy.
“Since I’ve become Lt. Governor, we’ve taken the utmost care to manage our budget wisely and conservatively,” Patrick said. “We are leading the United States forward in the global marketplace and it is clear for all to see. Our conservative policies, including no income tax and minimal regulation, attract businesses and grow jobs.”
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