Texas legislators are contemplating how to spend their $32.7 billion surplus budget.
$32.7 Billion Budget for Texas Residents
The Biennial Revenue Estimate has been projected to be $32.7 billion. This surplus budget was not anticipated when the current budget was drafted in the 2021 legislative session. State legislators now face a dilemma on how to spend it as they are tasked to create a two-year budget. Some want to use the surplus for property tax relief which would benefit homeowners who are feeling the pinch of increasing market values says Austin-American Statesman.
Dale Craymer from Texas Taxpayers and Research Association commented that this changes the tax burden to others such as renters and businesses that don’t qualify for homestead exemptions. This will be contradicting the fact that businesses pay over half of school property taxes. With all these suggestions on how to use the surplus, Comptroller Hegar pushes lawmakers to make the choice to invest in infrastructure and services that will fuel growth for Texas in addition to tax relief.
Texas legislators are contemplating how to spend their $32.7 billion surplus budget. (Photo: Texas Tribune)
Texas Legislators to Decide How to Spend Surplus Budget
Texas has been growing at a rapid rate and its infrastructures are being compromised. But the main discovery was broadband concerns. It was reported that 7 million Texans still lack access and that several billion dollars are needed to get everyone connected. Another option is for the Texas Water Development Board which reported a widespread drought in 2022. This illustrates the drought’s reoccurring threat to cause significant harm to the state’s economy and endanger the health and safety of people.
The power grid also needs some attention. This would need several billion as the reliability via transmission, energy efficiency upgrades, and even more, capacity could be expedited. It would be possible to include the monthly utility bill relief by using some of the surpluses to buy down the securitization that was implemented to cover the high gas cost passed on to the consumer.
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