Comptroller Glenn Hegar
Comptroller of Public Accounts Glenn Hegar released the 2022-23 Biennial Revenue Estimate earlier today. According to the estimate, lawmakers will face a $946 million shortfall in the current budget, which could grow if the Legislature, as it customarily does, passes a supplemental appropriations bill to fund emergency items or shortfalls in major programs, such as Medicaid. Nevertheless, the news is not as bad as the Comptroller forecast last July, with only a slight 0.4% decrease in the amount of revenue available to the Legislature for the next budget. To cushion the potential blow a bit further, the Comptroller estimates that the Economic Stabilization Fund will grow from about $10.5 billion to $11.6 billion by the end of the next budget cycle. The Comptroller attributes the better news (though still bad enough) to an economic rebound and stronger than anticipated tax collections. For more detailed information, see the executive summary attached to this post.
22-23 BRE
