January 7, 2019      5:59 PM

Updated: Comptroller Hegar projects $119 billion available for the biennium

That's higher than last biennium, which was $104.9 billion, and is despite oil under $50 per barrel right now; the ESF is projected to be at $15 billion

Comptroller Glenn Hegar pulled back some of his more aggressive mid-session revenue estimates on the day before the 86th legislature opened, saying he was “cautiously optimistic” but the outlook on the Texas economy, for now, was “cloudy.”

Fluctuating energy prices, uncertain trade policy and a cooling global economy all point to more conservative economic growth projections from the Comptroller’s office, Hegar said. That’s left the state with revenues that have grown 8.1 percent, session over session, and a Rainy Day Fund with a projected balance of $15.4 billion by the end of the 2020-21 biennium.

By Kimberly Reeves

Copyright January 07, 2019, Harvey Kronberg, www.quorumreport.com, All rights are reserved