Texas Comproller Susan Combs Certifies 2014-2015 State Budget
Texas Comptroller Susan Combs issued the 2014-2015 Certification Revenue Estimate to state lawmakers on Thursday.
In process of verifying the 2014-2015 budget, the report also states that economic growth has created a $2.5 billion surplus.
Combs said oil and gas exploration are driving the state’s fiscal fortunes. She also expects the state’s Rainy Day Fund to have a balance of about $8 billion by the end of 2015.
Governor Rick Perry was pleased with the news, "Texas government budgets like Texas families, limiting spending and saving hard-earned dollars. As a result, Comptroller Susan Combs estimates our current 2014-2015 budget will end with a positive balance of nearly $2.6 billion. What’s most remarkable is we’ve done this while passing $1.4 billion in tax cuts, and we’ve made historic investments in water and, if voters approve, roads. It’s a shame Washington still hasn’t learned, you can’t tax and spend your way to prosperity.”
Combs, who isn’t seeking re-election next year, has been criticized over the years for giving lawmakers overly conservative revenue estimates that impact their spending decisions. Budget-writers returned to the Capitol this spring greeted with an extra $8.8 billion in unspent revenue.
Information from the Associated Press used in this report