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2022-23 Revised Biennial Revenue Estimate – Updated May 2021
Before each legislative session, the Texas Comptroller issues the Biennial Revenue Estimate (BRE) to project the amount of money available to spend through the next two-year state budget period. The Comptroller is revising the BRE to reflect higher-than-expected revenues as the state navigates unprecedented economic uncertainty in the pandemic’s wake.
Revenue Available for General Purpose Spending – In Billions of Dollars
| | 2020-2021 | 2022-2023 |
|---|
General Revenue-Related (GR-R) Tax Collections
| +
| $98.41
| $106.48
|
|---|
Other GR-R Revenue
| +
| $15.04
| $15.65
|
|---|
Total GR-R Revenue
|
=
|
$113.45
|
$122.13 Subtotal
|
|---|
Beginning Balance
| +
| $4.84
| $0.73
|
|---|
Total GR-R Revenue & Fund Balances
|
=
|
$118.29
|
$122.86 Subtotal
|
|---|
Revenue Reserved for Transfers to the Economic Stabilization and State Highway Funds
| -
| $4.80
| $6.94
|
|---|
Amount Needed for Transfer to the Texas Tomorrow Fund*
| -
| N/A
| $0.27
|
|---|
Total Revenue Available for General-Purpose Spending
|
=
|
$113.50
|
$115.65 Total
|
|---|
*The original, constitutionally guaranteed prepaid tuition program is projected to have a cash shortfall of $271 million in the 2022-2023 biennium. The BRE assumes the shortfall will be paid from general revenue.
Note: Totals may not sum because of rounding.
Severance Tax Transfers to the Rainy Day Fund and the State Highway Fund
Fiscal 2022 Estimate
- Transfers to ESF $1.26 Billion
- Transfers to SHF $1.26 Billion
Fiscal 2023 Estimate
- Transfers to ESF $1.67 Billion
- Transfers to SHF $1.67 Billion
The State Highway Fund (SHF) and Economic Stabilization Fund (ESF) both receive oil and gas severance tax dollars. The SHF also receives a share of sales tax revenue when annual collections exceed $28 billion.
Source:
Glenn Hegar, Texas Comptroller of Public Accounts