Texas comptroller bumps revenue estimate by $2.8B, thanks to higher oil prices, economic growth
https://www.dallasnews.com/news/texas-politics/2018/07/11/texas-comptroller-glenn-hegar-boosts-revenue-estimate-citing-economic-growth-higher-oil-prices Comptroller Glenn Hegar on Wednesday increased his revenue estimate for the current two-year budget cycle by $2.8 billion.
Hegar said tax collections have exceeded his expectations because of a strengthening Texas economy and higher oil prices and production.
"The best ongoing indicator of the robust Texas economy is the state's rate of job growth," the Republican comptroller said in a written statement.
"Texas added more than 350,000 new jobs in the 12 months ending in May 2018, and the state's unemployment rate has been at or near historic lows in recent months."...
...Early last year, he told the Legislature it would have $104.9 billion available in general-purpose revenue in the current cycle, which began last September. Last October, he bumped that up to $107.3 billion. On Wednesday, Hegar pushed the estimate to nearly $110.2 billion -- a 2.6 percent increase from October....
