School property tax cuts, border security and pay raises for state employees are among the ways House leaders would spend part of the state’s nearly $33...
School property tax cuts, border security and pay raises for state employees are among the ways House leaders would spend part of the state’s nearly $33 billion revenue surplus, according to a starting point two year budget they introduced Wednesday.
A supplemental spending bill, to plug holes in the budget lawmakers passed in 2021, would start the pay raises this June – at 5% or $250 a month, whichever is greater. Texas is looking at a record-breaking, $32.7 billion ending balance of state discretionary money in the current cycle, plus strong revenue growth in the next two years,. Budget watchers say that together with the $27.1 billion of energy-tax money Hegar expects to build up in the state’s rainy day fund and $4 billion of unspent federal COVID-19 aid, lawmakers actually have as much as $72 billion to play with.
A key Democratic budget writer, Rep. Armando Walle of Houston, noted in a written statement Wednesday that the surplus and the projected fountain of available dollars came from Texans’ wallets. On Wednesday, Patrick said in a news release the higher homestead exemption would cost $3 billion over the next two years.
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