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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 react 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
| Fund | Operator | 2020-21 | 2022-23 |
|
|---|---|---|---|---|
| General Revenue-Related (GR-R) Tax Collections |
+ | $98.79 | $106.48 | |
| Other GR-R Revenues | + | $15.04 | $15.65 | |
| Total GR-R Revenues | = | $113.83 | $122.13 | SUB TOTAL |
| Beginning Balance | + | $4.84 | $0.73 | |
| Total GR-R Revenue & Fund Balances | = | $118.67 | $122.86 | SUB TOTAL |
| 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 | = | $113.88 | $115.65 | TOTAL |
Severance Tax Transfers to the Rainy Day Fund and the State Highway Fund
The fiscal 2022 estimate transfers 1.26 billion dollars to both the State Highway Fund and the Economic Stabilization fund. The fiscal 2023 estimate transfers 1.67 billion dollars to each fund.
The State Highway Fund (SHF) and Economic Stabilization Fund (ESF) both receive oil and gas severence tax dollars. The SHF also recieves a share of sales tax revenue when annual collections exceed $28 billion.
* The original, constitutionally guaranteed prepaid tuition program is projected to have a cash shortfall of $271 million in the 2022-23 biennium. The BRE assumes the shortfall will be paid from general revenue.
Note: Totals may not sum because of rounding.