Now that the Texas fiscal year has ended, Comptroller Glenn Hegar has released actual revenue versus his office’s revenue estimates to the Legislature. It’s no surprise that the oil and gas sector downturn has been a drag on an otherwise sprinting Lone Star economy.
“Given the prolonged weakness in the oil and gas sector and the continued downward trend of sales taxes when compared year over year, we expected total tax collections to come in below estimates,” Hegar said. “However, the current budget continues to work. Unlike other energy states, Texas doesn’t need to make cuts to the current budget and will end the fiscal year with a substantial balance.”
You may wish to believe that all the political parties are the same but they are not. Texas Republicans have managed the overall budget in a stellar manner through several up- and down-turns since becoming the legislative majority.
So yes, the sales tax revenue was about a billion dollars short of projections; oil tax revenue was one-hundred million short; natural gas tax revenue was about three-hundred million short of projections, and; state franchise tax revenue was actually ahead of projections by about four-hundred million.
The key statement from Hegar is this: “However, the current budget continues to work. Unlike other energy states, Texas doesn’t need to make cuts to the current budget and will end the fiscal year with a substantial balance.”
You may wish to believe that all the political parties are the same but they are not. Texas Republicans have managed the overall budget in a stellar manner through several up- and down-turns since becoming the legislative majority. Meanwhile in good budget times Democrats have insisted we spend everything including our savings and in down times they’ve insisted on tax increases.
Republicans managing Texas have outperformed other states yet again.
Texas Republicans show political parties are not the same
Robert Pratt
Now that the Texas fiscal year has ended, Comptroller Glenn Hegar has released actual revenue versus his office’s revenue estimates to the Legislature. It’s no surprise that the oil and gas sector downturn has been a drag on an otherwise sprinting Lone Star economy.
“Given the prolonged weakness in the oil and gas sector and the continued downward trend of sales taxes when compared year over year, we expected total tax collections to come in below estimates,” Hegar said. “However, the current budget continues to work. Unlike other energy states, Texas doesn’t need to make cuts to the current budget and will end the fiscal year with a substantial balance.”
You may wish to believe that all the political parties are the same but they are not. Texas Republicans have managed the overall budget in a stellar manner through several up- and down-turns since becoming the legislative majority.
So yes, the sales tax revenue was about a billion dollars short of projections; oil tax revenue was one-hundred million short; natural gas tax revenue was about three-hundred million short of projections, and; state franchise tax revenue was actually ahead of projections by about four-hundred million.
The key statement from Hegar is this: “However, the current budget continues to work. Unlike other energy states, Texas doesn’t need to make cuts to the current budget and will end the fiscal year with a substantial balance.”
You may wish to believe that all the political parties are the same but they are not. Texas Republicans have managed the overall budget in a stellar manner through several up- and down-turns since becoming the legislative majority. Meanwhile in good budget times Democrats have insisted we spend everything including our savings and in down times they’ve insisted on tax increases.
Republicans managing Texas have outperformed other states yet again.