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.
Rainy Day Fund
Posted in
Economy
Rainy Day Fund Could Be Invested More Aggressively
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.
Posted inState Government
Hegar Suggests Shift in Rainy Day Fund Strategy
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.
Posted in
Economy
Extra Cash Should Go to Paying Debt, Otto Says
State Rep. John Otto wants a constitutional amendment requiring that excess cash in the state’s Rainy Day Fund be used to pay off state debt early.
Posted in
Economy
Hegar: Revenue Estimate “Based on Expectations of Moderate Expansion”
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.
Posted in
State Government
Lawmakers Set $7 Billion “Floor” for State Savings Account
Lawmakers on Thursday chose $7 billion as an appropriate minimum balance for the Rainy Day Fund in a meeting that took just a few minutes but will have far-reaching consequences.
Posted in
Transportation
Business Group: Legislature Should Stop Gas Tax Diversions
The Texas Association of Business’ 2015 agenda calls for the Legislature to end diversions of state gas taxes from road funding and to dedicate half of motor vehicle sales taxes to road construction and maintenance.
Posted inState Government
As Campaigns Conclude, It’s Up to the Voters Now
It’s Election Day, and Texans will turn over every statewide executive office, settle some locally important legislative and congressional races, and decide on issues like transportation funding.
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University of Texas/Texas Tribune Polls
UT/TT Poll: Green Light for Transportation Plan
Using oil and gas tax money for transportation — instead of sending all of that money to the state’s Rainy Day Fund — appears to be just fine with the state’s voters, according to the latest University of Texas/Texas Tribune Poll.
Posted in
Politics
Perry Wins Special Election for Senate Seat
State Rep. Charles Perry, R-Lubbock, has won Tuesday’s special election for Senate District 28, avoiding a runoff in the six-candidate race. He will take the seat vacated by Robert Duncan, who is now the chancellor of the Texas Tech University System.