The Texas Economy and the Budget: What Lies Ahead
As the 87th Session of the Texas Legislature approaches, the state faces a daunting financial challenge. The economic recession, triggered by the global pandemic that significantly restricted all avenues of state revenue, has lawmakers starting the budget process in an estimated $4.3 billion dollar hole. But the news is not all bad. That projected budget deficit has continued to shrink from the original estimations earlier in the year and Texas has more than $10 billion dollars in the Economic Stabilization or ‘Rainy Day’ Fund. Understanding the pandemic’s impact to the current state budget and its projected impact to the next biennium is critical for Texas lawmakers to plan the state’s recovery and its future financial stability.
We are hosting a conversation with Texas Comptroller Glenn Hegar to discuss the challenges the state faces today and in the upcoming legislative session.