Texas Comptroller Glenn Hegar announced his certification today based on May's revenue projections, Senate Bill 1 was approved during the 87th legislative session and is now heading to Governor Greg Abbott's desk.
The bill will allocate $248.6 billion in spending for the state of Texas, for 2022 and 2023.
“I commend the Legislature for crafting a conservative state budget while also addressing key issues facing our state,” Hegar said. “Our state’s financial forecast improved before lawmakers completed their work, and I was pleased to have the opportunity to work with lawmakers as they wrote the budget under rapidly evolving circumstances. The Legislature took key steps to address issues like power grid reliability and employee pension reform, but equally important is the fundamental work ensuring our school districts, universities and myriad state programs can rely on a specific amount of state funding. I’m proud to certify this budget and send it to Gov. Abbott for final approval.”
The pandemic plays a large role in making it impossible to predict what will happen in the economy, Hegar said.
“As the extreme shifts in economic conditions we’ve experienced in the last 15 months show, we still do not fully understand exactly what will happen with the pandemic’s long-term effects on businesses, workplace practices, employee availability and consumer behavior,” Hegar said. “But what we can do, and will do, is carefully track what’s going on and keep everyone informed as we collect and analyze information.”
The legislature's revision of General Revenue-Related funds is a result of the Texas economy opening further due to the decline in COVID-19 cases.
The next budget cycle ends Aug. 31, 2023.