Corsicana Daily Sun, Corsicana, Texas

Latest News

January 7, 2013

Texas Comptroller reports big jump in revenue

AUSTIN — The state comptroller estimates that Texas will generate $96.2 billion in general revenue in 2014-2015, a major jump in tax collection from the last two-year budget cycle.

Republican Comptroller Susan Combs on Monday was releasing her biennial revenue estimate. The crucial number sets the limit on what lawmakers can spend for 2014 and 2015, when Democrats and teachers hope to reverse, or at least bandage, deep cuts in the current budget that included $5.4 billion slashed from public education.

Combs reported Monday that the state collected $8.8 billion more revenue during the current 2012-2013 revenue cycle than she initially forecast, giving lawmakers breathing room in settling a $5.2 billion deficit in the current budget.

"Texas experienced a very strong rebound from a severe recession," Combs said.

Over the next two years, Combs expects more than $3.6 billion will automatically go into the Rainy Day Fund, which is available to lawmakers when needed. That will leave $92.6 billion for lawmakers to divvy out.

But that doesn't mean they will spend all of it.

Lawmakers don't have to spend all the money Combs says is available — and chances are they probably won't. Gov. Rick Perry and Lt. Gov. David Dewhurst have promised to limit any increase in state spending to a sum of population growth plus inflation, or 9.85 percent.

Under current conditions, their plan would create a general revenue budget of $89.29 billion. Combs' estimate in January 2011 was $72.2 billion in general-purpose spending available.

Texas' economy is humming again after lawmakers in 2011 wrote a cut-to-the-bone budget as the nation lurched out of the Great Recession.

At the time, unemployment in the state was the highest in a decade and the Legislature faced a $27 billion shortfall. But unemployment now is at a four-year low of 6.2 percent, sales tax receipts are skyrocketing and money is pouring into state coffers behind a new energy boom.

 

1
Text Only
Latest News
  • TAMU.jpg Aggie Muster taking place Monday at Cook Center

    Former students of Texas A&M University will assemble in Corsicana on Monday, April 21, for the annual Texas Aggie Muster to honor all Texas Aggies who have passed away within the last year.

    April 19, 2014 1 Photo

  • CISD Trustees to meet Monday

    The Corsicana Independent School District Board of Trustees will meet in a regular session at 6 p.m. Monday at the administration building, 601 N. 13th St.

    April 19, 2014

  • Cancer Center Relay 1 Relay for Life fundraiser hits home as O'Neills offer drawing for weekend at guesthouse in Kemah

    Ten bucks. What will it get you these days? Maybe lunch. An eighth of a tank of gas. A pound of bacon. What about a beautiful weekend trip near the Texas coast? While helping an incredible local cause? You bet.

    April 18, 2014 3 Photos

  • Friday morning fire damages home

    A home in the 1700 block of West Ninth Avenue in Corsicana was damaged by an early morning fire Friday.

    April 18, 2014

  • 4-20 West Jump 1.jpg West honors 15 killed in year-ago explosion

    Rev. Terry McElrath heard the deafening boom. The pastor spun around and saw a column of smoke billowing into the sky above his small Texas town. He immediately thought, "Somebody has died tonight."

    April 18, 2014 1 Photo

  • 4-18-14 Campbell Award.jpg Campbell named ‘Texas Aviator of the Year’

    It was quite an honor for Corsicana's “Dr. Dave.” The longtime Corsicana physician, and namesake of C. David Campbell Field at the Corsicana airport was named 2014 Texas Aviator of the Year by the Texas Department of Transportation.

    April 17, 2014 1 Photo

  • 4-18-14 Hop 1.jpg Kids at Hop Downtown offer insights into holiday

    The Hop Downtown, sponsored by the Main Street Office and local businesses, was colorful, loud and joyous, with Easter Bunny photos, free eggs, cookies, a bounce house and face painting Thursday afternoon in downtown Corsicana.

    April 17, 2014 3 Photos

  • 4-18-14 Wesley UMC.jpg Two churches set to close

    Two local United Methodist churches are going through the early stages of closing their doors.
    Barry United Methodist Church and Wesley United Methodist Church in north Corsicana are both ending their ministries, according to their respective pastors.

    April 17, 2014 1 Photo

  • 4-18-14 NavarroRegional.jpg Baker named hospital ‘Employee of Year’

    Navarro Regional Hospital has named Sandy Baker as 2013 Employee of the Year. This award is the highest honor bestowed on a hospital employee each year. Baker was chosen from among 327 fellow employees for the honor.

    April 17, 2014 1 Photo

  • Church News for Friday, April 18, 2014

    News and announcements submitted by congregations throughout Navarro County.

    April 17, 2014