(Texas) State has extra $1.5 billion left over from last year

AP via Houston Chronicle ^ | Oct. 10, 2007, 7:09AM | AP (no byline)

[weegee]

AUSTIN — When Texas accountants closed the books on the 2007 budget period, the state had an unexpected $1.5 billion in unspent money, Comptroller Susan Combs told lawmakers Tuesday.

The ending balance for the 2007 fiscal year, which closed Aug. 31, was $8.5 billion, up from the $7 billion expected when Combs earlier this year set her biennial revenue estimate.

Most of the money can't be spent until lawmakers meet again and adopt spending legislation.

"The increase was brought about by greater revenues, attributable to strong state economic growth, and lower expenditures, attributable to legislative and agency spending restraint," Combs said.

[weegee]

No talk of GIVING IT BACK to the taxpayers. We got overcharged and now it will be used to establish a higher minimum budget.

[ClearCase_guy]

If this were to happen in MA, they’d probably rush through a tax increase so that we could hire more people to watch over the money and make sure it gets spent.

[TexasRedeye]

Most of the money can't be spent until lawmakers meet again and adopt spending legislation. GIVE IT BACK! Obviously, the state didn't NEED it!

[tx_eggman]

My dentist over charged me for my last visit. When he closed his quartely books I got a check in the mail

I'm not holding my breath for the folks up in Austin to do the same ...

[RightWhale]

Alaska is still in the black and will be for another couple of years. Also, BP has had another fire and 30,000 barrels a day had to be shut off. Again.

About two years from now Alaska will have to consider the income tax or shut down the State. Guess which?

[AprilfromTexas]

“The increase was brought about by greater revenues, attributable to strong state economic growth, and lower expenditures, attributable to legislative and agency spending restraint,” Combs said.

Sadly, I suspect you are right.

No mention either of future ‘taxation restraint’...God help us when these boneheads get back to Austin and start their spending spree.

[Hydroshock]

How about spending it on roads that Gov Goodhair's TXDOT say we can't afford.

[rednesss]

Here in Oregon we have a constitutional provision called "The Kicker Check" that does give back excess taxes. In fact we are getting one this year.

http://www.oregon.gov/DOR/PERTAX/faq-kicker.shtml

Of course they try to repeal it every chance they get though.

[Professional Engineer]

We need more toll roads to fill the gap!

[Between the Lines]

I think that it is great that in Texas any budget surplus automatically goes into the state’s economic stabilization fund (their version of a rainy day fund). Adding $1.5 billion to the fund will put it at near the highest level ever.

[isthisnickcool]

In Friendswood, Texas a new city councilmen was elected who decided to look at the city's books. He discovered that the city had a lot of unspent cash and eventually they gave it back to the taxpayers. A tax refund! The city councilman is a CPA (who supports the Fair Tax) and is currently running against Ron Paul for Paul's Congressional seat:

Chris Peden for Congress

If you want to drive the Ron Paul people crazy send money to this guy....

[KarlInOhio]

I was pleased to see in the Chronicle’s comment section that most people said “Send it back to the people” with only a few wanting to run off and spend it on their favorite programs.

[AprilfromTexas]

How nice to hear good news from your front in the war!! Hold the line!! And my best to Chris Peden!

[ravingnutter]

They need to put the money back that they stole from road construction.

[weegee]

Expect the rainy day to happen in NOLA again and the funding to go to Houston again.

[Sioux-san]

Send it to Michigan!

[Onelifetogive]

Send it to Michigan!

Piling it up and burning it would likely do less damage...

[FoxInSocks]

There was a surplus of a couple billion dollars in Virginia a couple years ago. I didn’t get a dime, and I have no idea how that money got wasted.

Unbelievable that there’s a $640 million shortfall this year.

[MaxMax]

Michigan should sue Texas for having more then they have.
And not being fiscally responsible in their spending.

[Grammy]

"If this were to happen in MA, they’d probably rush through a tax increase so that we could hire more people to watch over the money and make sure it gets spent."

That is what they actually did in Tennessee this year. Added $.50/pack cigarette tax (I think it was 50 cents, I don't smoke any more)