Thursday, December 12, 2013

Texas' Budget Surplus is "Larger than Expected"

This is simultaneously good news and dangerous:
The oil drilling boom’s impact on Texas coffers continues to outpace officials’ expectations, according to a report released by the Texas Comptroller’s Office on Thursday.

Comptroller Susan Combs reported that Texas ended the 2012-13 biennium with a $2.6 billion surplus, more than double the $964 million surplus her office projected over the summer. The report also predicts that Texas taxes paid by energy development firms will be at least $2 billion more than earlier projections, resulting in $8 billion in the state’s piggy bank by 2015.

The revisions means that the Rainy Day Fund could be more flush than expected for the 2015 legislative session.
As a general rule, we'd rather have money than be broke.  Unfortunately, the 83rd Texas Legislature (and, more specifically, the Republican "Leadership" of the Texas House) proved that even allegedly 'conservative' legislators will spend into oblivion when flush with cash.  Susan Combs announcement makes it more important than ever to elect people committed to structural spending reforms.

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