The state's accountant says we've got more money coming in than he expected, but he says we're staring down some economic headwinds so he's got a conservative forecast for the next two years.
Texas Comptroller Glenn Hegar says Texas should have an estimated $18 Billion leftover from the current budget. He says that holds true even if voters approve all $27 Billion worth of projects this November that would expand broadband, finance water projects, and provide property tax relief.
Hegar says we are facing dangers to the economic outlook though. Those could include more interest rate hikes, collapsing real estate values, declining household savings, and increasing credit card debt. He says those factors have him estimating revenue conservatively for the 2024-25 budget cycle.
Hegar says Texas has outperformed the national economy and it could turn out economic growth continues like it is now. But he says it wouldn't be prudent to assume that.
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