Texas has nearly $24 billion surplus and projected to have more than $28 billion in rainy day fund

California has a real deficit of about $80 billion.  To “balance” the next budget, Newsom is stealing $7 billion from our reserves.  When taken, the reserves will have less than $5 billion—obviously the L.A. fires will wipe that out—plus the $50 million to “Trump Proof” California—and to get attorneys for convicted criminals from foreign counties to have them stay here and produce more crimes!

“Texas Comptroller Glenn Hegar announced Monday the state will end its current budget with a surplus of $23.8 billion. 

It’s not as high as the record $32.7 billion the state had two years ago, but lawmakers will still have a lot to consider as they develop the next two-year budget. That’s separate from what’s called the state’s rainy-day fund, which is projected to have $28.5 billion by the end of the next two-year budget in August 2027. 

In all, lawmakers will have nearly $195 billion dollars in state revenues to spend in the next two-year budget. Over the next 140 days, lawmakers will have to develop and approve their spending blueprint.

We will spend $600 billion over two years, Texas will spend under $200 billion.  That is why they have no income taxes—and we charge 13%.  Maybe Greg Abbott would be willing to take a second job and fix California.

Texas has nearly $24 billion surplus and projected to have more than $28 billion in rainy day fund

By Jack Fink, CBS Texas, 1/13/25   https://www.cbsnews.com/texas/news/texas-has-nearly-24-billion-surplus-and-more-than-28-billion-in-rainy-day-fund/

AUSTIN — Texas Comptroller Glenn Hegar announced Monday the state will end its current budget with a surplus of $23.8 billion. 

It’s not as high as the record $32.7 billion the state had two years ago, but lawmakers will still have a lot to consider as they develop the next two-year budget. That’s separate from what’s called the state’s rainy-day fund, which is projected to have $28.5 billion by the end of the next two-year budget in August 2027. 

In all, lawmakers will have nearly $195 billion dollars in state revenues to spend in the next two-year budget. Over the next 140 days, lawmakers will have to develop and approve their spending blueprint.

We spoke with lawmakers about the surplus and how they believe the state should spend it. Incoming freshman Representative, Shelley Luther, R-Grayson County, said she is focused on property tax relief. 

“Our property taxes are crazy high in Texas and people are getting taxed out of their homes,” said Luther. “You don’t own your home in Texas ever. You can pay it off, but if you don’t pay your taxes, you don’t have a home. We have got to give them some property tax relief immediately, that’s first and foremost.” 

Representative Salman Bhojani, D-Euless, said he is looking at property tax relief but also making key investments in the state’s infrastructure. 

“I think we need to think about long-term and short-term,” Bhojani said. “The long-term water infrastructure is in real need of repair and fixing. I think that’s going to cost $150 billion in the next 50 years. Our schools are not funded well. They want them fully funded. Our teachers are not getting enough salaries. We need to pay teachers a living wage. Then we may think about giving property tax relief like we did last session.” 

There are thousands of bills that will be filed this legislative session, but there’s only one bill that is required by the Texas Constitution to pass, and that’s the two-year state budget.