Posted on 01/12/2009 3:47:21 PM PST by SwinneySwitch
AUSTIN -- State Comptroller Susan Combs delivered the bad news today that state lawmakers will have $9.1 billion less in state general revenue available than they did two years ago as they look to pay for everything from education to health care to prisons.
The figure includes a $2.2 billion expected drop in state general revenue in the two-year budget cycle that begins Sept. 1, plus a beginning balance that's $6.9 billion smaller than the one lawmakers had last time they met.
The budget picture is brightened a bit, however, by $6.7 billion saved in a state rainy day fund -- but that money only can be spent if two-thirds of lawmakers agree.
In addition, the figure doesn't take into account $3 billion that is dedicated to help the state meet a continuing obligation to help fund local school property tax relief.
"It was kind of a little bit less than our worst-case scenario," said House Appropriations Committee Chairman Warren Chisum, R-Pampa, of the highly anticipated revenue estimate.
Combs said her forecast is a "cautious" one given continuing turmoil in the national economy, auto industry, housing and financial markets.
"The state is not immune to the economic forces wreaking havoc in other sections of the country," Combs said.
I say...GOOD!!!!!
Taxes ping!
“In addition, the figure doesn’t take into account $3 billion that is dedicated to help the state meet a continuing obligation to help fund local school property tax relief.”
Now that is funny stuff.
Bailout calling. Obama will give Texas the money, or more specifically his national service corps of Alinsky style outreach workers on the bailout payroll.
Translation:
“We really need a state income tax.”
I’m no Craddick fan, but I’m nervous about Kraus... Dimocraps love him, press loves him...
Hide and watch.
It’s not really that funny. The idea that taxes can always be cut is not a fiscally responsible position. That is the crux of the problem that conservatives have have painted themselves into a corner with, and not just in this state. They paid for the “obligation” with surplus. Now that that surplus is running out that have a serious income issue. It wasn’t paid for by spending cuts, which is the conservative thing to do they paid for it with excess revenue they had taken in.
The joke is that despite the “tax cut” the school property taxes barely went down at all.
It was a tax cut that wasn’t.
I say leave that money alone. We have a lot of areas we can cut back in. Tighten things up and build that rainy day fund up higher.
if they don’t do a revenue enhancement or borrow to be able to spend it anyhow
Because the schools still needed the same money, actually more because of a growing population. It was being offset. They didn’t cut funding to the schools, they just paid for it in a different way.
Correct - they also sold it as reducing the typical property tax payers tax bill - it didn’t exactly work out that way.
If you look at state governments Texas is amongst the most efficient. The results of that you could argue with but at the same time there is not a whole lot of waste going on.
Well, mine went down last year. The point beinf is that it wasn’t constructed in a sustainable fashion. It was sustainable as long as the state took in more than what it needed to run. That is not the case right now. So, do we continue the “obligation” under state law? The whole setup was fiscally irresponsible, which was my point. I think we will see some increase in taxes.
Do you think TxDoT's TTC fiasco wasn't wasteful?
You mean the $131 million already spent on NOTHING? Road to nowhere seems to be appropriate. Yeah, I would say that was wasteful. But we have only our Good Gov. Rick to thank for that. In the bigger picture though, as painful as it is to say it is a drop in the bucket.
Whoa Whoa there, 6.7 Billion is Texans money not some kitty for the the Legis to do what they please. Where is the law that says Texas has the right to over tax and keep the money.
Lets see 6.7 Billion divided by 24 Million citizens = $ 2791.66 per citizen. They should be cutting checks.
I'll advocate cutting property taxes
I second that motion. Maybe this time they would be truthful about reducing property taxes.
Well that's a start. Now lets cut some fat from the budget and see if we can get back to a surplus again.
Government never thinks it has "enough" of our tax dollars to spend.
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