Mainly other state funds and federal dollars
When all revenue is taken into consideration, mainly other state funds and federal dollars, the lawmakers should have a biennial budget of about $221 billion, Hegar said. In addition, the state’s savings account, commonly known as the Rainy Day Fund, is projected to be at $8.5 billion when the current biennium ends on Aug. 31.
The fund could grow to $11 billion by the end of the next biennium, unless the Legislature uses some of the funds.
“Texas remains a leader on the national economic stage and while we anticipate the robust pattern of growth the state has seen in recent years to moderate, we do expect continued expansion of the overall Texas economy,” Hegar said
Though the state is in solid fiscal shape, his office is predicting a moderate economic growth, mainly because of falling oil prices, Hegar stressed.
“The significant drop in oil prices in recent months will likely lead to a marked slowdown in oil exploration and production,” Hegar said. “This slowdown will dampen overall economic growth in Texas.”
The Wall Street Journal reported Monday that oil prices fell to $46.07 a barrel on New York Mercantile Exchange, the lowest level since April 2009.