Texas Comptroller Glenn Hegar released the Biennial Revenue Estimate Monday, showing the state is projected to have a record $188.2 billion in revenue available for general-purpose spending during the 2024-25 biennium, a 26.3 percent increase from the 2022-23 biennium.
The increase is a direct result of vigorous economic growth since the end of COVID-19 pandemic restrictions, spikes in energy prices and, unfortunately, the highest rate of general price inflation in 40 years, Hegar said.
As state lawmakers begin the 88th session of the Texas Legislature on Tuesday, Hegar urged state policymakers to spend money wisely and prudently to benefit Texans now and in the future.
“We cannot, and we will not, lose sight of the fact that every tax dollar received by the state is coming out of Texans’ pockets,” Hegar said. “I know very well that the Legislature decides how to use all the money they have available, yet I must advise some caution as these decisions are made: Bluntly, don’t count on me announcing another big revenue jump two years from now. The revenue increases that we’ve seen have been, in many ways, unprecedented, and we cannot reasonably expect a repeat. We are unlikely to have an opportunity like this again. This budgeting session is truly a once-in-a-lifetime session.”
The $188.2 billion available for general-purpose spending includes 2024-25 collections of $165.9 billion in General Revenue-Related funds.
The estimate also includes a $32.7 billion budget surplus.
