Texas is going to end the two year fiscal period in August of 2015 with $.6 billion in the bank, according to a revenue estimate from the State Comptroller’s office.
1200 WOAI news reports this huge surplus follows measures replacing most of $5 billion that was cut from public education during the ‘recession session’ of 2011, and implementing $1.4 billion in business tax cuts.
“Texas government budget like Texas families, limiting spending and saving hard earned dollars,” Governor Rick Perry said. “It’s a shame that Washington still hasn’t learned, you can’t tax and spend your way to prosperity.”
Perry points out that the budget surplus exists despite major investments in roads, water projects, and other infrastructure.
The Comptroller also says the Rainy Day Fund will have a balance of about $8 billion by August of 2015, despite voter approval of a measure to remove $2 billion from the fund for water projects.
Combs credits the state’s booming economy, especially the state’s vigorous oil and gas industry for the overflowing state treasury. The state just this week reported it had collected a record amount of sales taxes for one month.