Texas revenue forecast up about $1.2B
POSTED: Tuesday, May 17, 2011 - 3:30pm
UPDATED: Tuesday, May 17, 2011 - 3:33pm
AUSTIN, Texas — The Texas State Comptroller says lawmakers now have an extra $1.2 billion to spend.
Susan Combs updated her revenue forecast on Tuesday, including another $300 million that will go straight into the state's Rainy Day Fund.
Combs said sales tax receipts had gone up since her first forecast in January. The price of oil has also skyrocketed, giving the Texas economy a boost.
State lawmakers must draft a budget that is in line with the comptroller's forecast. They are struggling to deal with a $27 billion shortfall to maintain existing state services.