Comptroller Susan Combs increased her revenue estimate Monday for the current fiscal year by $300 million. She cited improved sales tax collections.
In January, Combs lowered her sales tax forecast for fiscal 2011, which ends Aug. 31, to $20.2 billion. Last session, she estimated Texas would pocket $22.6 billlion of sales tax this year.
In Monday's letter to the Legislature, Combs said receipts "have shown increasing strength" in recent months. Now, at the midpoint of the current fiscal year, she said, "it is clear that fiscal 2011 collections will exceed my current estimate."
By adding $300 million to this year's estimate, Combs said she's "improving this year's ending General Revenue balance by that amount. Accordingly, the total amount available for certification for the 2012-2013 biennium is raised to $72.5 billion."
That's an increase of under one half of one percent. Not huge, when the state faces a monster budget shortfall. But every little bit helps.
At a Senate Finance Committee hearing on Monday, Sen. Judith Zaffirini, D-Laredo, said based on past experience she expects a further, upward revision of the 2012-2013 revenue estimate later in the session.
"Can you guess how soon that would be," she asked Combs aide John Heleman.
"I have no knowledge of that, senator," Heleman replied.
Meanwhile, Committee Chairman Steve Ogden, R-Bryan, shed possible light on why House Appropriations abruptly cancelled a scheduled meeting Monday morning, at which it was planning to approve a bill tapping $4.3 billion of rainy-day dollars to cover a deficit in the current cycle.
Source: http://trailblazersblog.dallasnews.com/archives/2011/03/combs-adds-300m-to-her-revenue.html
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