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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 reflect 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
|General Revenue-Related (GR-R) Tax Collections||+||$98.41||$106.48|
|Other GR-R Revenue||+||$15.04||$15.65|
|Total GR-R Revenue||
Total GR-R Revenue & Fund Balances||
|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||
*The original, constitutionally guaranteed prepaid tuition program is projected to have a cash shortfall of $271 million in the 2022-2023 biennium. The BRE assumes the shortfall will be paid from general revenue.
Note: Totals may not sum because of rounding.
Severance Tax Transfers to the Rainy Day Fund and the State Highway Fund
Fiscal 2022 Estimate
- Transfers to ESF $1.26 Billion
- Transfers to SHF $1.26 Billion
Fiscal 2023 Estimate
- Transfers to ESF $1.67 Billion
- Transfers to SHF $1.67 Billion
The State Highway Fund (SHF) and Economic Stabilization Fund (ESF) both receive oil and gas severance tax dollars. The SHF also receives a share of sales tax revenue when annual collections exceed $28 billion.
Glenn Hegar, Texas Comptroller of Public Accounts