Glenn Hegar: Texas Comptroller of Public Accounts

Glenn Hegar Texas Comptroller of Public Accounts
July 14, 2022
The Honorable Greg Abbott, Governor

The Honorable Dan Patrick, Lieutenant Governor
The Honorable Dade Phelan, Speaker of the House
Members of the 87th Legislature
Ladies and Gentlemen:
Rapid, historically high revenue growth in recent months, well in excess of last year’s estimate, warrants
update of the Certification Revenue Estimate (CRE) published in November 2021. We now estimate the
state will have $149.07 billion in General Revenue-related (GR-R) funds available for general-purpose
spending for the 2022-23 biennium, up $13.75 billion, or 10.2 percent, from our November estimate.
This results, after certain cost adjustments, in a projected fiscal 2023 ending balance of $26.95 billion, a
substantial upward revision of $14.95 billion from our previously projected surplus of $11.99 billion.
Of the increase to the projected ending balance, $13.75 billion is a net increase in estimated revenue after
setting aside transfers of severance tax revenues from the General Revenue Fund, and $1.2 billion is due
to net adjustments to projected GR-R costs for the Foundation School Program (FSP) and other probable
disbursements. Increased projections provided by the Texas Education Agency and the Legislative Budget
Board of local funding from property tax revenues, and our upward revision of estimated revenue accruing
to the Property Tax Relief Fund from franchise tax and to the Tax Reduction and Excellence in Education
Fund from sales taxes collected by online marketplace providers, result in a reduction of $1.97 billion
in GR-R costs for the FSP, offset in part by $771 million in other probable disbursements for certain
Medicaid costs funded by premium credits and for the recent budget execution order providing funds for
additional mental health and school safety initiatives.
In fiscal 2023, the Economic Stabilization Fund (ESF) and State Highway Fund (SHF) will each receive
$3.58 billion in transfers from the General Revenue Fund for severance taxes collected in fiscal 2022.
After accounting for appropriations and investment and interest earnings, we project an ESF fiscal 2023
ending balance of $13.66 billion.
The return of high and persistent general price inflation has impacted both the national and global
economies. Following the end of pandemic restrictions, elevated demand buoyed by last year’s stimulus
programs and savings accumulated during the pandemic when normal spending activities were curtailed,
has been met with continuing shortages and thus higher prices for many items due to still unresolved
supply chain disruptions and labor force participation still remaining below pre-pandemic levels. Already
increasing inflation was further exacerbated by spikes in oil and other commodity prices following the
Russian invasion of Ukraine. The result has been record high sales tax and severance tax revenues.
Comptroller.Texas.Gov 512-463-4444
P.O. Box 13528 Toll Free: 1-800-531-5441 ext: 3-4444

Austin, Texas 78711-3528 Fax: 512-463-4902
July 14, 2022
Page 2
The revised estimate is subject to substantial uncertainty. High inflation is now being met by
the Federal Reserve System and other central banks with the intent of curbing price pressures
by slowing economic activity in the U.S. and abroad. There is a significant risk that the shift to
restrictive monetary policy may push economies into recession. Economic activity could also be
impaired by further dislocations stemming from geopolitical conflict or renewed COVID restrictions
among our global trading partners. While this is not a recession forecast and continued economic
growth is expected, the rate of economic growth is anticipated to slow and revenue growth in
fiscal 2023 is estimated conservatively in view of the degree of uncertainty and heightened risk of
recession.
Our office will, of course, provide a new estimate for this biennium, along with our forecast for the
2024-25 biennium, when we publish the Biennial Revenue Estimate in January, prior to the start
of the 88th Regular Session of the Texas Legislature. In the meantime, I will continue to closely
monitor the Texas economy and state revenues, and will keep you informed of any significant events
as they arise.
Sincerely,
Glenn Hegar
Enclosure
cc: Jerry McGinty, Legislative Budget Board

The 2022-2023
Certification Revenue Estimate
Revised July 2022
T
he state of Texas will have an estimated while government employment (federal, state and local)
$149.07 billion available for general-pur- grew by 1.5 percent. The state’s rate of job growth was
pose spending in the 2022-23 biennium, the highest among the 10 most populous states and
26.8 percent more than in 2020-21. This the second highest among all states (behind Nevada).
figure represents the sum of the 2020-21 ending balance Employment growth is expected to be 5.5 percent in fis-
and tax and non-tax revenue collections in 2022-23, cal 2022 and 2.1 percent in 2023.
less revenue set aside for transfers to the Economic Sta- Texas real gross state product (GSP), after increasing
bilization Fund (ESF) and State Highway Fund (SHF) by 3.3 percent in fiscal 2021, is projected to grow by
and adjustments to General Revenue-dedicated account 4.6 percent in 2022, led by increases in the professional
balances. In all, the state is expected to collect $360.94 and business services, information, and leisure and hos-
billion for all state funds in 2022-23. pitality industries. Real GSP is expected to grow by an
The state’s tax system is the main source of General additional 1.4 percent in 2023.
Revenue-related (GR-R) funding. Tax collections in Texas nominal (current dollar) GSP increased by
2022-23 will generate $134.89 billion, while non-tax 6.8 percent in fiscal 2021 as Texas exited the recession
revenue sources will produce an additional $17.99 that resulted from the COVID-19 pandemic. Nomi-
billion. Factoring in the estimated $11.23 billion end- nal GSP is expected to grow by 14.1 percent in 2022,
ing balance carried forward from 2020-21, these three which would be the fastest rate of growth since at least
sources will total $164.12 billion. Against this amount, 1990. However, much of that growth is a result of rapid
$14.77 billion must be placed in reserve for future increases in the price level; projected 2022 inflation,
transfers to the ESF and SHF and $276 million must be measured by changes in the Consumer Price Index
deducted for various adjustments to General Revenue- (CPI), is 7.6 percent, the highest rate of inflation since
dedicated account balances (Table 1). 1981 (10.3 percent). Note also that changes in the
GR-R spending is expected to total $122.12 billion prices of natural gas and, especially, oil can have signifi-
in the 2022-23 biennium (Table 2). Subtracting this cant effects on the growth rates of Texas nominal GSP.
amount from the projected $149.07 billion available for Removing the value of mining industry output, nominal
general-purpose spending leaves an estimated 2022-23 GSP grew by 7 percent in 2021 and is projected to grow
ending balance of $26.95 billion (Table 3). by 12.1 percent in 2022. Nominal GSP is expected to
grow by 5.4 percent in 2023.
Texas Economic Outlook Texas personal income, buoyed by support from
The Texas economy added 762,400 nonfarm jobs federal pandemic relief spending, increased by 7 percent
from May 2021 to May 2022, an increase of 6.1 per- in fiscal 2021, following 5 percent growth in 2020.
cent, to reach 13,357,100. Texas added more new jobs Personal income is projected to grow by 5.1 percent in
than any other state except California over those 12 2022 and 4.2 percent in 2023.
months. Private-sector employment rose by 6.9 percent,
July 2022 1
Certification Revenue Estimate – Revised July 2022  2022-2023
From a historically low 3.6 percent in fiscal 2019, the Section 7-c (a) of the Texas Constitution provides that
Texas unemployment rate increased to an average of 6.8 annual state sales tax revenue in excess of $28 billion, up
percent in 2020. The rate fell somewhat in 2021 to 6.2 to a maximum of $2.5 billion, is dedicated for public
percent. The unemployment rate is expected to fall fur- roadways other than toll roads. In both fiscal 2022 and
ther this biennium, to an average of 4.5 percent in 2022 2023, $2.5 billion is expected to be transferred to the
and to 4.4 percent in 2023. SHF.
In sum, after a short, but severe, recession induced by Article VIII, Section 7-c (b) of the Texas Constitu-
the COVID-19 pandemic, the Texas economy returned tion directs that 35 percent of motor vehicle sales, rental
to real GSP growth in fiscal 2021. Growth accelerated in and use tax revenue exceeding $5 billion be transferred
2022 and is expected to continue in 2023, although at a to the SHF, beginning in fiscal 2020. The threshold for
rate lower than the average growth rate over the past 20 such a transfer, however, was not met until fiscal 2021,
years of 3.1 percent. with $237 million being transferred that year. In fiscal
2022, the transfer from motor vehicle sales and use taxes
The 2020-21 Ending Balance is projected to be $437 million, with a transfer of $456
The ending GR-R certification balance for 2020-21 million expected in fiscal 2023.
was $11.23 billion, after setting aside $2.91 billion for After the fiscal 2023 transfers, and accounting for
constitutionally required transfers to the ESF and SHF interest and other investment earnings, the total ESF
from fiscal 2021 oil and natural gas severance tax collec- balance — cash and the invested balance — is projected
tions. The ending balance, in addition to estimated net to reach $13.66 billion at the end of the 2022-23 bien-
revenue collections in the 2022-23 biennium, will be nium, absent any additional appropriations from the
used to fund 2022-23 appropriations (Table 3). fund. The constitutional limit on the ESF balance,
$20.26 billion during the 2022-23 biennium, will not
Transfers to the Economic Stabilization be reached.
Fund and State Highway Fund
The constitutionally required transfers of fiscal 2021 Tax Revenue
oil and natural gas production tax collections reserved The state’s tax system is the main source of GR-R
for deposit to the ESF and SHF in fiscal 2022 totaled funding. Tax collections in the 2022-23 biennium
$2.91 billion, an amount that was divided equally are expected to total $134.89 billion, a 32.6 percent
between the two funds. These transfer amounts have increase from 2020-21 collections of $101.76 billion. In
been deducted from revenues and balances available for 2022-23, tax collections are expected to be 88.2 percent
the 2022-23 biennium. of total net general revenues (Table 1).
In fiscal 2023, the two funds will receive equal shares Since 1988, state sales tax revenues have accounted
from an estimated $7.17 billion reserved from oil and for more than half of all state GR-R tax collections.
natural gas production taxes collected in fiscal 2022. An In the 2022-23 biennium, sales tax collections, net of
estimated $7.6 billion will be reserved from those tax transfers to the SHF and the accounts of the Texas Parks
collections in fiscal 2023 for transfers to the two funds and Wildlife Department and the Texas Historical Com-
in fiscal 2024, in the next biennium. mission, are expected to be $77.92 billion, accounting
Beginning in fiscal 2018, the SHF also started to for 57.8 percent of all GR-R tax collections. The oil
receive transfers of state sales tax revenue. Article VIII, production tax, at $12.81 billion, and the motor vehicle
2 July 2022
sales and rental taxes, at $11.69 billion, are the next Franchise tax collections are allocated to GR and to
largest sources of GR-R revenue for 2022-23. the Property Tax Relief Fund (PTRF). The GR amount
Sales and Use Taxes: GR-R collections from the is based on the Comptroller’s estimate of the amount of
state sales tax were $63.05 billion in the 2020-21 bien- revenue that would have accrued if the tax as it existed
nium, an increase of 3.8 percent from 2018-19 collec- in fiscal 2007 had remained in effect. Any collections
tions of $60.73 billion. The GR-R amount for 2020-21 in excess of the estimate for the old tax are credited
is net of $5 billion allocated to the SHF, as required by to the PTRF and used to help fund the Foundation
the Texas Constitution. On an all funds basis, 2020-21 School Program. For the 2022-23 biennium, the esti-
state sales tax collections were $70.12 billion, grow- mated GR-R amount is $7.64 billion and the estimated
ing only by 6.3 percent from the previous biennium as amount for the PTRF is $3.27 billion.
growth was slowed by effects of the COVID-19 pan- Motor Vehicle Sales and Rental Taxes: The Texas
demic. motor vehicle sales and use tax (including seller-financed
All funds sales tax revenue includes amounts depos- sales) applies to the retail sales of new and used motor
ited to the Tax Reduction and Excellence in Education vehicles at a rate of 6.25 percent of the sale’s total con-
Fund (TREE fund) collected from online marketplace sideration. Also included in this group of related taxes
providers, attributable to the requirement that they col- are the motor vehicle rental tax (10 percent of gross
lect and remit tax as provided by House Bill 1525, 86th receipts on rentals of 30 days or less, or 6.25 percent
Legislature. Deposits to the TREE fund were $1.83 bil- of gross receipts on rentals of 31 to 180 days) and the
lion in the 2020-21 biennium and are forecast to reach manufactured housing sales and use tax (5 percent of 65
$2.69 billion in 2022-23. percent of the sales price of a new manufactured home).
Following extraordinary annual growth in fiscal 2022 Together, the GR-R collections from this entire group of
collections fueled by inflation and rebounding economic motor vehicle-related taxes are expected to reach $11.69
activity after the end of pandemic restrictions, growth is billion in the 2022-23 biennium, an increase of 14.4
expected to slow in 2023 as household savings balances percent from 2020-21 collections of $10.22 billion.
built up during the pandemic have been spent down Revenue collections from motor vehicle-related taxes are
and higher interest rates curb demand. For the 2022-23 expected to continue to increase through the 2022-23
biennium, GR-R sales tax revenue is forecast to grow biennium, albeit at a slower pace than fiscal 2021, as
by 23.6 percent, to $77.92 billion. All funds sales tax post COVID-19 pent-up demand dissipates and prices
revenue is forecast to reach $86.2 billion, 22.9 percent moderate.
more than the 2020-21 biennium. The GR-R amount for 2020-21 is net of revenue
Franchise Tax: Franchise tax collections grew mod- allocated to the SHF as required by the Texas Constitu-
estly in fiscal 2021, to $4.53 billion at an annual rate of tion, which dedicates 35 percent of the portion of annu-
2.5 percent. For the 2020-21 biennium, total franchise al motor vehicle sales and rental tax revenue collections
tax collections were $8.95 billion, 13.2 percent above in excess of $5 billion to the SHF. An estimated amount
2018-19 collections. The revenue outlook for the 2022- of $893 million of motor vehicle-related sales and rental
23 biennium is for rapid compound average annual taxes will be deposited to the SHF during the 2022-23
growth of 10.3 percent. This will push biennial collec- biennium. An estimated additional $64 million from
tions to an estimated $10.92 billion, 22 percent above 2022-23 collections will be deposited outside of GR-R
2020-21 collections. to the PTRF.
July 2022 3
Oil and Natural Gas Production Taxes: The taxes fiscal year and through fiscal 2022 due to tightening
in this group consist of the oil production tax, levied at supply concerns during the winter withdrawal period
4.6 percent of market value, and the natural gas produc- and worldwide geopolitical issues creating uncertainty
tion tax, levied at 7.5 percent of market value. Conden- in the market. Prices are expected to average $5.30 in
sate from natural gas production is taxed at the oil tax 2022 and $5.75 in 2023. Natural gas tax collections
rate, with the resulting tax receipts included in natural in the 2022-23 biennium are expected to be $9.15 bil-
gas tax revenues. The fiscal 2020 average NYMEX lion, 266.8 percent above 2020-21 collections of $2.49
market price was $45.46 per barrel, 23.7 percent less billion.
than the 2019 average of $59.62, as demand collapsed Insurance Taxes: As a result of decreased economic
and working storage was tight amid the COVID-19 activity related to the COVID-19 pandemic, fiscal 2021
pandemic lockdown. Prices rebounded in 2021 to GR-R insurance tax collections (based on calendar year
an average of $54.49, an increase of 19.9 percent, as 2020 insurance premiums) were 1.5 percent less than
demand returned after the lockdown of the pandemic. fiscal 2020 collections, the first year-over-year decrease
Consequently, oil tax collections decreased to $3.23 since 2009. Economic growth resumed in late 2020 and
billion in fiscal 2020, 16.9 percent less than collections continued through 2021, and fiscal 2022 insurance tax
of $3.89 billion in fiscal 2019, before rebounding to collections based on that increased activity are projected
$3.45 billion in fiscal 2021. In fiscal 2022 and 2023, to increase substantially by 18.4 percent. Revenue is
Texas oil production is expected to increase slightly, and expected to further increase in fiscal 2023 and is pro-
market prices are expected to average $90 in 2022 and jected to be $6.51 billion in the 2022-23 biennium, up
$97 in 2023. With much higher average prices than 19.7 percent from the $5.44 billion collected in 2020-
the previous biennium, oil tax collections are expected 21. The tax base is expected to grow throughout the
to increase, generating $12.81 billion in the 2022-23 biennium due to increases in the price level, population,
biennium, 91.8 percent more than the $6.68 billion col- property values and the volume of real estate sales. In
lected in 2020-21. recent years, the expansion of Medicaid managed care
Natural gas production in Texas hit peak levels in (which is subject to insurance premium and mainte-
2015, modestly declined in 2016 and has grown consid- nance taxes, while Medicaid on a fee-for-service basis
erably in the last three years to surpass the 2015 peak. is not) has led to significant year-over-year growth in
Production is expected to continue near current levels in insurance premium tax collections, averaging 8.4 per-
2022 and 2023 due to the influx of casinghead gas from cent from fiscal 2012 through 2022. That expansion,
oil production in the Permian Basin and the Eagle Ford however, is largely complete, and future growth in insur-
regions. ance tax collections is not expected to differ significantly
The market price for natural gas averaged $2.65 from the rate of growth of the Texas economy.
per million BTUs in fiscal 2021, 26.8 percent above Tobacco and Alcoholic Beverages Taxes: Collections
the $2.09 average in 2020. Prices dipped through fis- to all funds in the 2022-23 biennium from the taxes on
cal 2020; however, they reversed course starting in the cigarettes (at a tax rate of $1.41 per pack), cigars (from
winter of fiscal 2021 due to concerns about low inven- 1 cent per 10 cigars to $15 per 1,000 cigars) and other
tory levels. The February 2021 winter storm also caused tobacco products ($1.22 per ounce for snuff, chew-
a price spike, with NYMEX prices exceeding $3.00. ing tobacco, roll-your-own tobacco and pipe tobacco)
Prices continued to climb through the end of the 2021 are expected to decline by 5.4 percent to $2.55 billion
4 July 2022
from 2020-21 collections of $2.7 billion, a trend that is in 2020. The growth in 2022-23 GR-R collections is
consistent with recent fiscal periods. From 2022-23 col- attributed to continued population growth and a recov-
lections, $1.09 billion is expected to be deposited to GR ering economy.
and $1.46 billion to the PTRF. Hotel Occupancy Tax: The hotel occupancy tax is
Texas levies six alcoholic beverage taxes: the mixed imposed on a person who pays for a hotel, motel or a
beverage gross receipts tax (6.7 percent of the vendor’s similar facility at a state tax rate of 6 percent of the price
gross receipts); the mixed beverage sales tax (8.25 per- paid for the room. Local taxing authorities are autho-
cent of the consumer’s payment); and excise taxes on rized to impose an additional hotel tax that is collected
liquor ($2.40 per gallon), beer ($6 per barrel or 19.4 at the local level and is used for local governmental pur-
cents per gallon), wine (from 20.4 to 51.6 cents per gal- poses. Fiscal 2021 was a year of significant recovery in
lon) and ale (19.8 cents per gallon). Effective Sept. 1, hotel tax collections, reaching $488 million, an increase
2021, the beer tax was renamed malt beverage tax, and of 3.6 percent from the 2020 level of $471 million. For
the malt liquor tax was repealed and replaced with malt the 2020-21 biennium, collections were $959 million
beverage tax, which includes malt liquor, ale and beer. (22.5 percent below 2018-19) – a direct result of travel
Alcoholic beverage tax collections are deposited to GR. restrictions. In 2022-23, collections are expected to
During fiscal 2020, mixed beverage taxes were signifi- reach $1.42 billion, a 48.3 percent increase from 2020-
cantly impacted by forced bar and restaurant closures 21. This estimate is the result of higher prices per room
due to the COVID-19 pandemic and saw some of the and assumes that business and leisure travel return to
biggest declines on record. These taxes experienced a pre-pandemic levels.
steady increase throughout fiscal 2021, finishing on a Utility Taxes: The utility taxes group has three sepa-
relatively strong upward trend. Wine, liquor and beer rate taxes: the gas, electric and water utility tax, which
tax collections rose throughout the pandemic, surpass- accounts for about 80 percent of the group’s tax collec-
ing pre-pandemic levels. After falling by 10.5 percent to tions; the public utility gross receipts assessment; and
$2.38 billion in the 2020-21 biennium, alcoholic bever- the gas utility pipeline tax. Collections from the utility
ages taxes are expected to grow by 38.5 percent in 2022- taxes are deposited to GR, and in the 2020-21 bien-
23, to $3.3 billion. nium, total collections were $1.02 billion, an increase
Motor Fuel Taxes: Taxes on motor fuels are levied of 10.1 percent from 2018-19. Much of this increase
at a rate of 20 cents per gallon for gasoline and diesel is attributable to high natural gas and electricity prices
fuel, and at a rate of 15 cents per gallon on liquefied during the February 2021 winter storm; the COVID-19
and compressed natural gas. Approximately 75 percent pandemic had only a minor negative impact on collec-
of collections from these taxes are deposited to the SHF, tions. In the 2022-23 biennium, revenue collections are
with the remaining deposited to GR-R funds. GR-R expected to rise, largely due to sustained higher natural
collections from these taxes are estimated to be $1.99 gas prices, resulting in an increase of 7.3 percent from
billion in the 2022-23 biennium, an increase of 3.3 per- the 2020-21 biennium, to $1.09 billion.
cent from 2020-21 collections of $1.93 billion. GR-R Other Taxes: This category includes the taxes on
collections in 2020-21 were 3.1 percent lower than col- oil well services, coin-operated amusement machines,
lections in the 2018-19 biennium. This was the result cement and combative sports admissions, as well as tax
of reductions in motor fuel revenues brought about by refunds to employers of certain welfare recipients. Total
COVID-19-related shutdowns and curtailment of travel GR-R collections for the category are estimated to be
July 2022 5
$270 million in the 2022-23 biennium, 16.8 percent comes from the federally mandated and state-supple-
higher than 2020-21 collections of $231 million. Most mental Medicaid vendor drug programs that consist of
of the increase is related to an increase in oil well service rebates the state collects from manufacturers of drugs
tax collections. that are covered by state Medicaid programs. Based on
estimates provided by the Texas Health and Human
Non-Tax Revenue Services Commission and the Legislative Budget Board,
In the 2022-23 biennium, the state’s GR-R funds are in 2022-23 the GR portion of these rebates is expected
expected to receive $17.99 billion in non-tax revenue, to total $2.38 billion, 78.1 percent more than the $1.33
14.4 percent more than the $15.72 billion collected in billion received in 2020-21.
2020-21. The major revenue sources are interest and Net Lottery Proceeds: This category primarily com-
investment income; licenses, fees, fines and penalties; prises revenue received from the sale of all Texas lottery
state health service fees and rebates; net lottery proceeds; games, less prize payouts administered by lottery retail-
escheated estates; and settlements of claims. ers, a retailer commission of 5 percent and other items.
Interest and Investment Income: GR-R interest Approximately 60 percent of net lottery proceeds are
and investment income in the 2022-23 biennium is transferred to the Foundation School Account in GR
expected to be $4.6 billion, an increase of 33.9 per- to support public education in Texas. These transfers in
cent from the $3.43 billion collected in 2020-21. The the 2022-23 biennium are expected to total $3.55 bil-
Permanent School Fund (PSF) traditionally produces lion, an increase of 0.2 percent from the $3.54 billion
most of the investment income accruing to GR-R transferred in 2020-21. Lottery sales had an unexpected
funds. This revenue category includes interest earn- boost in the 2020-21 biennium due to consumers seek-
ings on state deposits. Several factors contributed to ing alternate entertainment options that were still avail-
the substantial increase in estimated revenue. First, the able during the COVID-19 lockdown. The estimate
increase is due to a larger PSF corpus balance and dis- assumes average jackpot levels in 2022-23, along with
tributions from the PSF to the Available School Fund subdued growth in scratch-off games. While large jack-
(ASF) adopted by the State Board of Education and pots on multi-state draw games (i.e., games in which
the School Land Board (SLB) for 2022-23. Second, customers select numbers for play, such as Powerball
the total assumes a supplemental distribution of $875 and Mega Millions) can result in substantially increased
million from the SLB during the biennium. Combined game sales and transfers for public education, their
distributions from both boards are expected to bring occurrence is random and unpredictable.
$2.15 billion to the ASF in fiscal 2022 and $2.19 bil- Unclaimed Property and Escheated Estates: For
lion in fiscal 2023, a biennial increase of $932 million this revenue category, which includes unclaimed proper-
or 27.4 percent from 2020-21. And finally, it is due to ty submitted to the state, GR-R collections are expected
higher interest that will be earned on the balances of to be $1.68 billion in the 2022-23 biennium, 11.4
GR-R funds in the State Treasury as a result of higher percent more than 2020-21 collections of $1.51 billion.
treasury pool rates. The category’s revenues are the proceeds from aban-
State Health Service Fees and Rebates: For 2022- doned personal property such as checking accounts, sav-
23, GR-R collections in this category are expected to be ings accounts, certificates of deposit, safe deposit boxes,
$2.88 billion, 58.8 percent more than the $1.81 billion stocks, bonds, mutual funds, mineral proceeds and other
received in 2020-21. Most of the category’s revenue types of property. The impacts of COVID-19 are not
6 July 2022
apparent at this time given that most property types are Dedicated federal income in 2022-23 is expected to
dormant for three to five years before being remitted to account for $143.45 billion, or 2.4 percent more than
the state. the $140.06 billion received in 2020-21, during which
Tobacco Suit Settlement Claims: In fiscal 1999, the state received a substantial increase in federal rev-
Texas began receiving regularly scheduled court settle- enue to cover costs associated with COVID-19. Federal
ment payments from tobacco product manufacturers. revenue to the Coronavirus Relief Fund in 2020-21
In the 2022-23 biennium, Texas tobacco settlement was $44.08 billion, compared to the $33.88 billion
receipts are expected to total $1.08 billion, a 1.4 per- expected for 2022-23. The American Rescue Plan Act of
cent decline from the $1.09 billion collected in 2020- 2020 enacted on March 11, 2021, provided states with
21. Tobacco settlement payments have been affected additional federal funding, including state and local
negatively by the declining trend in national cigarette recovery funds, disaster assistance, education, health and
consumption, which has reduced the sales volume of human services programs, nutrition assistance, hous-
the settling cigarette manufacturers and thereby lowered ing programs and federal funds to cover revenue losses
settlement payments. as a result of the pandemic. A second large source of
all funds revenue is the SHF share of motor fuel tax rev-
Revenue to All Funds enues; this fund is constitutionally dedicated to activities
Revenue collections deposited to all funds are expect- associated with the state highway system.
ed to total $360.94 billion in the 2022-23 biennium, Total estimated revenues do not include certain local
15.7 percent more than the $312.07 billion collected in funds appropriated but not deposited into the State
2020-21. In 2022-23, GR-R receipts are projected to Treasury, but do include certain revenues deposited in
total $152.88 billion, 30.1 percent more than the 2020- the State Treasury but not appropriated, such as royalties
21 total of $117.49 billion. deposited to the PSF.
Note: This report contains estimates and projections that are based on available information, assumptions and estimates as of the date
of the forecasts upon which they are based. Assumptions involve judgments about future economic and market conditions and events
that are difficult to predict. Actual results could differ from those predicted, and the difference could be material.
The spreadsheets in this report are available in accessible data form (Excel) at:
https://comptroller.texas.gov/transparency/reports/certification-revenue-estimate/2022-23-update/docs/cre-2022-23-update.xlsx
July 2022 7
TABLE 1
General Revenue-Related Funds, by Source and Biennium
(In Millions of Dollars)
Percent
2020-21 2022-23 Change
TAX COLLECTIONS
Sales Taxes $ 63,053 $ 77,923 23.6 %
Motor Vehicle Sales and Rental Taxes 10,219 11,689 14.4
Motor Fuel Taxes 1,927 1,991 3.3
Franchise Tax 6,226 7,641 22.7
Oil Production Tax 6,678 12,811 91.8
Insurance Taxes 5,439 6,512 19.7
Cigarette and Tobacco Taxes 1,137 1,091 (4.0)
Natural Gas Production Tax 2,494 9,149 266.8
Alcoholic Beverages Taxes 2,383 3,301 38.5
Hotel Occupancy Tax 959 1,422 48.3
Utility Taxes 1,017 1,091 7.3
Other Taxes 231 270 16.8
TOTAL TAX COLLECTIONS $ 101,764 $ 134,891 32.6 %
NON-TAX COLLECTIONS
Licenses, Fees, Fines, and Penalties 2,838 2,925 3.1 %
State Health Service Fees and Rebates 1,813 2,879 58.8
Net Lottery Proceeds 3,540 3,548 0.2
Land Income 10 12 23.6
Interest and Investment Income 3,434 4,597 33.9
Settlements of Claims 1,308 1,158 (11.5)
Escheated Estates 1,508 1,680 11.4
Sales of Goods and Services 266 273 2.9
Other Revenue 1,008 919 (8.8)
TOTAL NON-TAX COLLECTIONS $ 15,725 $ 17,991 14.4 %
TOTAL NET REVENUE $ 117,488 $ 152,882 30.1 %
BALANCES AND ADJUSTMENTS

Beginning Balance in Fund 1 $ 4,290 $ 10,771
Beginning Balances in Funds 2 and 3 431 464
Change in GR-Dedicated Account Balances 554 (276)
Reserve for Transfers to Economic Stabilization
and State Highway Funds (5,182) (14,772)
TOTAL BALANCES AND ADJUSTMENTS $ 93 $ (3,813)
TOTAL GENERAL REVENUE-RELATED FUNDS

AVAILABLE FOR CERTIFICATION $ 117,581 $ 149,068 26.8 %
Note: Totals may not sum because of rounding.

SOURCE: Glenn Hegar, Texas Comptroller of Public Accounts.
8 July 2022
TABLE 2
General Revenue-Related Spending in the 2022-23 Biennium
General Appropriations Act* $ 116,368
Emergency Appropriations and Reductions, and Other Legislation Making Appropriations, net** 1,648
Subtotal: Certified General-Revenue Related Appropriations*** $ 118,016
Fiscal Year End and Other Adjustments to Disbursements, net**** 4,107
TOTAL $ 122,123
* Conference Committee Report for SB 1, 87th Legislature, Regular Session.

** Includes methods of reclassification of appropriations made in SB 1 and reductions and other appropriations
made in SB 1605, 87th Legislature, Regular Session; HB 5 and HB 9, 87th Legislature, Second Called Session;
and SB 8, 87th Legislature, Third Called Session.
*** The sufficient balance of the Economic Stabilization Fund for 2022-23, based on certified General Revenue-Related
appropriations, is $8,261.15 million.
**** Includes reductions and increases in General Revenue costs as a result of: (1) revisions of estimated revenue to the
Property Tax Relief and Tax Reduction and Excellence in Education Funds, and (2) adjustments to fiscal year-end
settle-up payments to the Teacher Retirement System and other fiscal year-end payments.
July 2022 9
TABLE 3
General Revenue-Related Balances and Available Revenue
FISCAL 2022 BALANCES

Beginning General Revenue Fund Cash $ 14,408
Less: Dedicated Oil Overcharge Account (70)
Less: Dedicated Lottery Account (150)
Less: Texas Enterprise Account (322)
Less: Statewide Electronic Filing Account (23)
Less: Governor's University Research Initiative Account (106)
Less: Constitutionally Dedicated Victims of Crime Accounts (26)
Less: Texas Military Revolving Account (0)
Less: Federal Elections Improvement Account (19)
Less: Judicial and Court Personnel Training Fund Account (6)
Less: BP Oil Spill Fund Account (0)
Less: Reserve for Economic Stabilization and State Highway Funds Transfer (2,915)
Beginning Balances in Funds 2 and 3 464
BALANCES AVAILABLE FOR CERTIFICATION $ 11,235
FISCAL 2022-23 REVENUES

Estimated Tax Collections $ 134,891
Estimated Other Revenue 17,991
TOTAL ESTIMATED NET REVENUE $ 152,882
FISCAL 2022-23 OTHER ADJUSTMENTS

Change in Dedicated General Revenue Account Balances $ (276)
Reserve for Economic Stabilization and State Highway Funds Transfers (14,772)
$ (15,048)
TOTAL FISCAL 2022-23 ESTIMATED AVAILABLE REVENUE AND BALANCES $ 149,068
Less: Fiscal 2022-23 Estimated Expenditures (122,123)
FISCAL 2022-23 ENDING CERTIFICATION BALANCE $ 26,945

10 July 2022
TABLE 4
Texas Economic History and Outlook for Fiscal Years 2014 to 2023
Summer 2022 Forecast
TEXAS ECONOMY 2014 2015 2016 2017 2018 2019 2020 2021 2022* 2023*
Real Gross State Product (Billion 2012$) 1,513 1,593 1,618 1,648 1,714 1,768 1,746 1,804 1,887 1,914
Annual percent change 2.9 5.3 1.5 1.9 4.0 3.2 (1.3) 3.3 4.6 1.4
Gross State Product (Billion Current $) 1,567 1,578 1,570 1,647 1,781 1,851 1,793 1,915 2,186 2,305
Annual percent change 4.9 0.7 (0.6) 4.9 8.2 3.9 (3.1) 6.8 14.1 5.4
Personal Income (Billion Current $) 1,251 1,302 1,291 1,361 1,461 1,531 1,608 1,721 1,809 1,885
Annual percent change 6.0 4.1 (0.8) 5.5 7.3 4.8 5.0 7.0 5.1 4.2
Nonfarm Employment (Thousands) 11,497 11,825 11,979 12,173 12,443 12,746 12,424 12,531 13,220 13,491
Resident Population (Thousands) 26,857 27,342 27,782 28,156 28,487 28,831 29,177 29,485 29,805 30,145
Annual percent change 1.7 1.8 1.6 1.3 1.2 1.2 1.2 1.1 1.1 1.1
Unemployment Rate (Percent) 5.5 4.5 4.6 4.5 4.0 3.6 6.8 6.2 4.5 4.4
NYMEX Oil Price ($ per Barrel) $ 101.05 $ 64.93 $ 41.40 $ 48.77 $ 60.58 $ 59.62 $ 45.46 $ 54.49 $ 90.00 $ 97.00
NYMEX Natural Gas Price ($ per Million BTUs) $ 4.18 $ 3.34 $ 2.30 $ 3.04 $ 2.89 $ 2.99 $ 2.09 $ 2.65 $ 5.30 $ 5.75
U.S. ECONOMY
Real Gross Domestic Product (Billion 2012$) 16,825 17,310 17,593 17,958 18,501 18,912 18,493 19,168 19,836 20,191
Consumer Price Index (1982-4=100) 236.0 236.8 238.9 243.8 249.7 254.4 258.1 266.6 286.7 299.4
Personal Consumption Expenditures Deflator

(2012=100) 102.6 103.1 103.8 105.6 107.8 109.5 110.9 114.0 120.8 125.5
Prime Interest Rate (Percent) 3.3 3.3 3.4 3.9 4.7 5.4 3.9 3.3 3.8 6.0
* Estimated or projected
SOURCES: Glenn Hegar, Texas Comptroller of Public Accounts; and IHS Markit.
July 2022 11
TABLE A-1
Estimated General Revenue-Related Balances, Revenue,
Disbursements, and Appropriation Authority
Thousands of Dollars
2022 2023
REVENUE AND BEGINNING FUND BALANCES
General Revenue-Related Adjusted Fund Balance* $ 11,234,891 $ 16,184,357
General Revenue-Related Revenue** 75,474,598 77,406,966
Adjustment to Dedicated Account Balances (137,845) (137,845)
Total Revenue and Beginning Fund Balances $ 86,571,645 $ 93,453,479
PROBABLE DISBURSEMENTS AND OTHER ADJUSTMENTS

Disbursements for Foundation School Programs $ 15,864,852 $ 19,955,471
State Technology and Instructional Materials Disbursements 414,759 10,000
Other Probable Disbursements 46,939,915 38,938,180
Reserve for Transfers to the Economic Stabilization and State Highway Funds 7,167,762 7,604,589
TOTAL PROBABLE DISBURSEMENTS AND OTHER ADJUSTMENTS $ 70,387,287 $ 66,508,240
ESTIMATED ENDING CERTIFICATION BALANCE, AUGUST 31 $ 16,184,357 $ 26,945,239
APPROPRIATION AUTHORITY
Prior-Year Authority $ 2,473,204
Current-Year Authority 63,219,525
TOTAL APPROPRIATION AUTHORITY $ 65,692,729
* Excludes constitutionally restricted accounts, dedicated lottery proceeds, oil overcharge and other general revenue-dedicated
account balances that are not available for certification.
** Excludes constitutionally restricted motor fuel, sales and motor vehicle sales taxes transfers to the State Highway Fund.
12 July 2022
TABLE A-2
Estimated General Revenue-Related Revenue and Balances
Available for Certification
2020-21 2022-23
BEGINNING FUND BALANCES
Consolidated General Revenue Fund Adjusted Balance $ 4,289,697 $ 10,770,773
Available School Fund Balance 58,188 26,810
State Technology and Instructional Materials Fund Balance 372,930 437,309
TOTAL BEGINNING FUND BALANCES $ 4,720,816 $ 11,234,891
REVENUE
General Revenue Fund $ 110,383,314 $ 144,874,008
Available School Fund 3,407,222 4,340,002
State Technology and Instructional Materials Fund 9,416 9,988
Foundation School Account 3,688,108 3,657,566
TOTAL REVENUE $ 117,488,061 $ 152,881,564
OTHER ADJUSTMENTS
Change in General Revenue-Dedicated Account Balances $ 554,474 $ (275,690)
Reserve for Transfers to the Economic Stabilization and State Highway Funds (5,181,895) (14,772,351)
TOTAL OTHER ADJUSTMENTS $ (4,627,422) $ (15,048,041)
TOTAL GENERAL REVENUE-RELATED REVENUE AND BALANCES $ 117,581,455 $ 149,068,415

July 2022 13
TABLE A-3
Estimated General Revenue-Related Funds Revenue
Object Thousands of Dollars
Code Description 2022 2023
GENERAL REVENUE FUND

3004 Motor Vehicle Sales and Use Tax $ 5,580,000 $ 5,621,900
3005 Motor Vehicle Rental Tax 440,000 448,800
3007 Gasoline Tax 2,647,958 2,671,002
3008 Diesel Fuel Tax 1,012,097 1,039,269
3016 Motor Vehicle Sales and Use Tax–Seller Financed Motor Vehicles 196,982 199,937
3027 Driver Record Information Fees 4,973 5,098
3102 Limited Sales and Use Tax 41,297,202 41,905,800
3111 Boat and Boat Motor Sales and Use Tax 109,149 111,332
3114 Escheated Estates 842,789 837,173
3130 Franchise/Business Margins Tax 3,780,000 3,859,400
3139 Hotel Occupancy Tax 698,000 723,800
3175 Professional Fees 65,871 63,874
3186 Securities Fees 181,912 160,000
3201 Insurance Premium Taxes 3,050,000 3,172,000
3219 Insurance Maintenance Tax–Workers' Compensation Division and OIEC 46,326 47,716
3230 Public Utility Gross Receipts Assessment 57,146 57,691
3233 Gas, Electric and Water Utility Tax 440,760 461,522
3250 Mixed Beverage Gross Receipts Tax 612,000 631,600
3251 Mixed Beverage Sales Tax 753,600 777,700
3253 Liquor Tax 119,600 119,600
3258 Beer Tax 124,700 125,800
3275 Cigarette Tax 312,700 341,600
3278 Cigar and Tobacco Products Tax 222,861 214,192
3290 Oil Production Tax 6,227,857 6,582,800
3291 Natural Gas Production Tax 4,460,807 4,688,300
3849 Tobacco Suit Settlement Receipts 548,300 528,500
3854 Interest Other–General, Non-Program 1,556 1,556
3950 Allocations to General Revenue from Special Funds 3,804 0
3952 Allocation of Uncompensated Care and Disproportionate Share Revenues 265,207 236,984
Other General Revenue Fund Revenue 3,250,241 3,669,622
3901 Less: Motor Fuel Taxes Allocation to State Highway Fund (2,676,443) (2,714,549)
3924 Less: Sporting Goods Sales Taxes Allocation to the TPWD and THC (246,166) (254,781)
3925 Less: Sales Taxes Allocation to State Highway Fund (2,500,000) (2,500,000)
3928 Less: Motor Vehicle Sales Taxes Allocation to State Highway Fund (437,076) (455,939)
SUBTOTAL, GENERAL REVENUE FUND $ 71,494,709 $ 73,379,299
SCHOOL FUNDS*
3851 Interest on State Deposits/Investments–General, Non-Program $ 6,106 $ 8,884
3910 Allocation from Permanent School Fund to Available School Fund 2,145,000 2,190,000
3922 State Gain from Lottery Proceeds 1,773,781 1,773,781
Other School Funds Revenue 55,002 55,002
SUBTOTAL, SCHOOL FUNDS $ 3,979,889 $ 4,027,667
TOTAL ESTIMATED NET GENERAL REVENUE-RELATED FUNDS $ 75,474,598 $ 77,406,966
* Includes net revenue for the Available School Fund, the State Technology and Instructional Materials Fund, and the Foundation School Account.
14 July 2022
TABLE A-4
Estimated General Revenue-Dedicated Accounts Revenue
Account Thousands of Dollars
Number Account 2022 2023
9 Game, Fish, and Water Safety $ 150,128 $ 150,243

27 Coastal Protection 16,845 17,105
64 State Parks 238,255 238,603
151 Clean Air 67,573 68,105
153 Water Resource Management 86,282 87,746
225 University of Houston Current 78,446 78,446
238 University of Texas at Dallas Current 53,632 54,688
242 Texas A&M University Current 113,282 113,782
244 University of Texas at Arlington Current 68,142 68,706
248 University of Texas at Austin Current 113,667 113,667
249 University of Texas at San Antonio Current 45,065 45,516
250 University of Texas at El Paso Current 31,435 32,016
255 Texas Tech University Current 58,372 58,372
258 University of North Texas Current 48,754 49,724
259 Sam Houston State University Current 27,368 27,574
421 Criminal Justice Planning 14,793 14,793
469 Compensation to Victims of Crime 59,782 60,045
549 Waste Management 36,449 36,697
550 Hazardous and Solid Waste Remediation Fees 28,898 29,015
655 Petroleum Storage Tank Remediation 16,846 17,077
5000 Solid Waste Disposal Fees 11,606 11,720
5007 Commission on State Emergency Communications 18,355 18,355
5025 Lottery* 542,864 542,864
5050 9-1-1 Service Fees 32,511 32,449
5064 Volunteer Fire Department Assistance 21,652 21,642
5073 Fair Defense 33,532 33,532
5080 Quality Assurance 60,057 60,057
5094 Operating Permit Fees 39,757 40,093
5111 Designated Trauma Facility and EMS 89,163 88,599
5155 Oil and Gas Regulation and Cleanup 71,697 74,249
Other Accounts 989,906 950,515
TOTAL ESTIMATED GENERAL REVENUE-DEDICATED ACCOUNTS $ 3,265,114 $ 3,235,995
* Net of proceeds to the Foundation School Account and other dedicated accounts.
July 2022 15
TABLE A-5
Estimated Federal Income, by Fund or Account
Fund/
Number Fund or Account 2022 2023
1 General Revenue Fund $ 38,924,817 $ 41,037,165

6 State Highway Fund 4,803,138 5,229,894
9 Game, Fish, and Water Safety Account 58,019 58,019
37 Federal Child Welfare Service Account 512,693 518,687
92 Federal Disaster Account 185,718 278,496
127 Community Affairs Federal Account 280,726 282,887
148 Federal Health, Education and Welfare Account 3,351,406 3,519,735
171 Federal School Lunch Account 3,180,816 2,086,180
222 Department of Public Safety Federal Account 1,850 1,850
224 Governor's Office Federal Projects Account 115,591 123,278
273 Federal Health and Health Lab Funding Excess Revenue Account 301,277 301,277
325 Coronavirus Relief Fund 15,295,554 18,580,706
421 Criminal Justice Planning Account 218,678 218,539
449 Texas Military Federal Account 68,797 67,864
469 Compensation to Victims of Crime Account 20,511 21,249
549 Waste Management Account 6,750 6,750
5026 Workforce Commission Federal Account 1,579,444 1,667,827
5091 Office of Rural Community Affairs Federal Account 67,777 67,777
Other Funds and Accounts 206,722 203,009
TOTAL ESTIMATED FEDERAL INCOME $ 69,180,284 $ 74,271,189

16 July 2022
TABLE A-6
Estimated Other Funds Revenue, by Fund or Account
Fund/
Number Fund or Account 2022 2023
6 State Highway Fund $ 7,592,429 $ 7,691,647

11 Available University Fund 1,220,037 1,278,669
193 Foundation School Account/Local Recapture–Attendance Credits 3,247,922 2,792,551
304 Property Tax Relief Fund 2,350,893 2,449,420
365 Texas Mobility Fund 367,961 367,038
573 Judicial Fund 77,292 77,292
Disproportionate Share Revenue/State & Local Hospitals 6,859,575 5,989,047
Appropriated Receipts 613,198 615,287
Other Funds 6,932,896 7,587,449
TOTAL ESTIMATED OTHER FUNDS REVENUE $ 29,262,203 $ 28,848,400
Note: Excludes certain local funds that are appropriated but not deposited in the State Treasury, and deposits by semi-independent agencies.
Includes certain state revenue deposited in the State Treasury but not appropriated. Excludes federal income.
July 2022 17
TABLE A-7
Estimated All Funds Revenue, Excluding Trust Funds
Source 2022 2023
General Revenue-Related $ 75,474,598 $ 77,406,966

General Revenue-Dedicated 3,265,114 3,235,995
Federal Income 69,180,284 74,271,189
Other Funds 29,262,203 28,848,400
TOTAL ESTIMATED ALL FUNDS REVENUE $ 177,182,199 $ 183,762,550
Note: Excludes local funds and deposits by semi-independent agencies. Includes certain state revenue deposited in
the State Treasury but not appropriated.
18 July 2022
TABLE A-8
Estimated Allocations and Transfers from the General Revenue Fund
2022 2023
ALLOCATIONS AND TRANSFERS TO OTHER FUNDS
Available School Fund–Motor Fuel Taxes $ 899,033 $ 911,854
State Highway Fund–Motor Fuel Taxes 2,676,443 2,714,549
State Highway Fund–Severance Taxes 1,457,260 3,583,881
State Highway Fund–Sales Taxes 2,500,000 2,500,000
State Highway Fund–Motor Vehicle Sales Taxes 437,076 455,939
County and Road District Highway Fund–Motor Fuel Taxes 7,300 7,300
Economic Stabilization Fund–Severance Taxes 1,457,260 3,583,881
Teacher Retirement System Trust Fund (excl. health insurance) 3,145,706 2,578,328
TOTAL ALLOCATIONS AND TRANSFERS TO OTHER FUNDS $ 12,580,077 $ 16,335,733
ALLOCATIONS AND TRANSFERS TO GENERAL REVENUE-DEDICATED ACCOUNTS

Motor Fuel Allocation to Parks and Wildlife $ 18,854 $ 19,018
Motor Fuel Enforcement Allocation 33,029 33,527
State Parks Account–Sporting Goods Sales Tax (SGST) 183,901 184,249
Texas Recreation and Parks Account–SGST 13,577 13,587
Parks and Wildlife Conservation Capital Account–SGST 26,069 33,738
Large County & Municipal Recreation and Parks Account–SGST 5,387 5,372
Historic Sites Account–SGST 17,232 17,835
Foundation School Account–Occupation Taxes 3,577,626 3,760,653
Hotel Occupancy Tax–Economic Development 58,166 60,316
Alcoholic Beverage Taxes–Specialty Court 13,656 14,093
Texas Department of Insurance Operating Account–Insurance Maintenance Taxes and Fees 144,606 144,053
Rural Volunteer Fire Department Insurance Account–Sales Tax 2,160 2,280
TOTAL ALLOCATIONS AND TRANSFERS TO GENERAL REVENUE-DEDICATED ACCOUNTS $ 4,094,263 $ 4,288,721
TOTAL ALLOCATIONS AND TRANSFERS FROM GENERAL REVENUE $ 16,674,340 $ 20,624,454
Details of the Economic Stabilization Fund – Cash Basis Reporting

2022 2023
TOTAL BEGINNING BALANCE* $ 10,274,492 $ 10,614,691
TRANSFERS, INTEREST AND INVESTMENT INCOME

Oil Production Tax Transfer 1,093,973 2,135,995
Natural Gas Production Tax Transfer 363,287 1,447,886
Unencumbered Balance Transfer 0 0
Interest Income 21,671 88,835
Investment Income** (203,933) 206,315
TOTAL TRANSFERS AND INTEREST INCOME $ 1,274,997 $ 3,879,031
APPROPRIATIONS 934,799 829,565
TOTAL ENDING BALANCE OF ESF $ 10,614,691 $ 13,664,157
* The total beginning balance includes cash balance in the State Treasury and invested balance with Texas Treasury Safekeeping Trust Company.
Invested balance and gain on those investments are based on the projected earnings as of June 24, 2022.
** Investment income represents the change in fair value of invested assets due to market interest rate increases. It does not represent realized
losses in the portfolio.
July 2022 19
TABLE A-9
Available School Fund and State Technology and
Instructional Materials Fund
Estimated Balances, Revenues and Expenditures
2022 2023
BEGINNING CASH BALANCES
Available School Fund $ 26,810 $ 18,476
State Technology and Instructional Materials Fund 437,309 452,502
TOTAL BEGINNING CASH BALANCES $ 464,119 $ 470,978
ESTIMATED REVENUE
Available School Fund
Total Return Allocation from Permanent School Fund $ 2,145,000 $ 2,190,000
Interest on State Deposits/Investments–General, Non-Program 1,112 3,890
Allocation from General Revenue Fund 899,033 911,854
TOTAL ESTIMATED AVAILABLE SCHOOL FUND REVENUE $ 3,045,145 $ 3,105,744
State Technology and Instructional Materials Fund

Sale of Textbooks $ 0 $ 0
Interest on State Deposits/Investments–General, Non-Program 4,994 4,994
Other Revenue 0 0
TOTAL ESTIMATED STATE TECHNOLOGY AND
INSTRUCTIONAL MATERIALS FUND REVENUE $ 4,994 $ 4,994
TOTAL ESTIMATED REVENUE AND BEGINNING CASH BALANCES $ 3,514,258 $ 3,581,716
ESTIMATED EXPENDITURES
State Technology and Instructional Materials* $ 414,759 $ 10,000
Administration–State Technology and Instructional Materials Fund 2,271 2,271
Administration–Available School Fund 0 0
Per Capita Apportionment
5,140,538 (prior year ADA) @ $511 2,626,250
5,127,583 (prior year ADA) @ $609 3,124,100
TOTAL ESTIMATED EXPENDITURES $ 3,043,280 $ 3,136,371
ENDING CASH BALANCE $ 470,978 $ 445,345
* Represents only state revenue.

20 July 2022
TABLE A-10
Foundation School Program and Other School Programs
Funded Through State General Revenue-Related Funds,
the Property Tax Relief and the Tax Reduction and Excellence in
Education Funds, and Local Funds
2022 2023
COST OF PUBLIC SCHOOL PROGRAMS
State Share of the Foundation School Program $ 20,531,110 $ 24,104,806
State Share of Other School Programs 17,136 17,136
Local Recapture–Attendance Credits 3,247,922 2,792,551
Local Funds Assignment and Other Local Funds 26,804,419 26,195,506
TOTAL COST OF PUBLIC SCHOOL PROGRAMS $ 50,600,586 $ 53,109,998
FUNDING
State Funds
Available School Fund $ 2,626,250 $ 3,124,100
Foundation School Account–Opening Balance 848,080 0
Foundation School Account–Occupation Taxes 3,577,626 3,760,653
Foundation School Account–Lottery Proceeds 1,773,781 1,773,781
General Revenue 7,039,115 11,296,937
Property Tax Relief Fund 3,350,893 2,449,420
Tax Reduction and Excellence in Education Fund 1,332,500 1,361,800
Total State Funds $ 20,548,245 $ 23,766,691
Local Funds
Local Recapture–Attendance Credits $ 3,247,922 $ 2,792,551
Local Funds Assignment and Other Local Funds 26,804,419 26,195,506
Total Local Funds $ 30,052,341 $ 28,988,057
TOTAL STATE AND LOCAL FUNDING* $ 50,600,586 $ 52,754,748
Sources of Property Tax Relief Fund Revenue

2022 2023
BEGINNING CASH BALANCE $ 1,000,000 $ 0
REVENUE
3004 Motor Vehicle Sales and Use Tax 31,806 32,045
3130 Franchise/Business Margins Tax 1,620,000 1,654,000
3275 Cigarette Tax 676,400 738,900
3278 Cigar and Tobacco Products Tax 21,438 21,609
3851 Interest on State Deposits/Investments–General, Non-Program 1,249 2,866
TOTAL REVENUE $ 2,350,893 $ 2,449,420
NET TRANSFERS 0 0
APPROPRIATIONS 3,350,893 2,449,420
ENDING CASH BALANCE $ 0 $ 0
* As appropriated in SB 1, 87th Legislature, Regular Session.

SOURCE: Glenn Hegar, Texas Comptroller of Public Accounts; and Legislative Budget Board.
July 2022 21
TABLE A-11
Sources of State Highway Fund Revenue
Object Thousands of Dollars
Code Description 2022 2023
STATE REVENUE
3010 Motor Fuel Lubricants Sales Tax $ 37,500 $ 37,500
3014 Motor Vehicle Registration Fees 1,615,657 1,656,048
3018 Special Vehicle Permits Fees 125,119 127,557
3752 Sale of Publications/Advertising 4,683 4,729
3767 Supplies/Equipment/Services–Federal/Other 20,474 20,679
3851 Interest on State Deposits/Investments–General, Non-Program 13,013 12,411
3901 Motor Fuel Taxes Allocation 2,676,443 2,714,549
3969 Severance Taxes Allocation 1,457,260 3,583,881
3925 Sales Taxes Allocation 2,500,000 2,500,000
3928 Motor Vehicle Sales Taxes Allocation 437,076 455,939
Other Revenue 162,464 162,235
TOTAL STATE REVENUE $ 9,049,689 $ 11,275,528
FEDERAL INCOME
3001 Federal Receipts Matched–Transportation Programs* $ 4,803,138 $ 5,229,894
3701 Federal Receipts Not Matched–Other Programs 0 0
TOTAL FEDERAL INCOME $ 4,803,138 $ 5,229,894
TOTAL STATE HIGHWAY FUND REVENUE $ 13,852,827 $ 16,505,422
* The estimate for Federal Income is based on the Texas Department of Transportation's June cash forecast.
22 July 2022
TABLE A-12
State Revenue, by Source and Fiscal Year
General Revenue-Related
2020 2021 2022 2023
Actual Actual Estimated Estimated
TAX COLLECTIONS
Sales Taxes $ 30,799,500 $ 32,253,565 $ 38,660,185 $ 39,262,351
Motor Vehicle Sales and Rental Taxes 4,773,615 5,445,758 5,827,101 5,861,893
Motor Fuel Taxes 913,780 1,013,339 989,599 1,001,891
Franchise Tax 3,055,377 3,170,881 3,782,027 3,859,400
Oil Production Tax 3,229,347 3,449,132 6,227,857 6,582,800
Insurance Taxes 2,740,586 2,698,504 3,194,999 3,316,616
Cigarette and Tobacco Taxes 546,724 590,222 535,561 555,792
Natural Gas Production Tax 925,473 1,568,542 4,460,807 4,688,300
Alcoholic Beverages Taxes 1,125,322 1,257,444 1,628,480 1,672,700
Hotel Occupancy Tax 470,703 487,815 698,000 723,800
Utility Taxes 478,155 538,815 534,162 556,713
Other Taxes 138,326 92,581 131,424 138,318
TOTAL TAX COLLECTIONS $ 49,196,907 $ 52,566,598 $ 66,670,202 $ 68,220,574
REVENUE BY SOURCE
Tax Collections $ 49,196,907 $ 52,566,598 $ 66,670,202 $ 68,220,574
Licenses, Fees, Fines, and Penalties 1,439,320 1,398,708 1,482,461 1,442,922
State Health Service Fees and Rebates 985,540 827,438 1,272,417 1,606,663
Net Lottery Proceeds 1,655,764 1,884,455 1,773,781 1,773,781
Land Income 6,389 3,628 6,090 6,292
Interest and Investment Income 1,729,079 1,704,891 2,240,057 2,356,500
Settlements of Claims 594,637 713,540 588,667 568,867
Escheated Estates 715,456 792,564 842,789 837,173
Sales of Goods and Services 125,203 140,426 136,628 136,628
Other Revenue 534,852 472,664 461,506 457,566
TOTAL NET REVENUE $ 56,983,148 $ 60,504,913 $ 75,474,598 $ 77,406,966

July 2022 23
TABLE A-13
Percent Change in State Revenue, by Source and Fiscal Year
2020 2021 2022 2023
TAX COLLECTIONS
Sales Taxes 3.2 % 4.7 % 19.9 % 1.6 %
Motor Vehicle Sales and Rental Taxes (3.9) 14.1 7.0 0.6
Motor Fuel Taxes (9.4) 10.9 (2.3) 1.2
Franchise Tax 3.1 3.8 19.3 2.0
Oil Production Tax (16.9) 6.8 80.6 5.7
Insurance Taxes 5.5 (1.5) 18.4 3.8
Cigarette and Tobacco Taxes (8.0) 8.0 (9.3) 3.8
Natural Gas Production Tax (45.1) 69.5 184.4 5.1
Alcoholic Beverages Taxes (17.8) 11.7 29.5 2.7
Hotel Occupancy Tax (26.0) 3.6 43.1 3.7
Utility Taxes 1.4 12.7 (0.9) 4.2
Other Taxes (35.2) (33.1) 42.0 5.2
TOTAL TAX COLLECTIONS (2.1) % 6.8 % 26.8 % 2.3 %
REVENUE BY SOURCE
Tax Collections (2.1) % 6.8 % 26.8 % 2.3 %
Licenses, Fees, Fines, and Penalties 1.7 (2.8) 6.0 (2.7)
State Health Service Fees and Rebates (6.9) (16.0) 53.8 26.3
Net Lottery Proceeds 8.7 13.8 (5.9) 0.0
Land Income (18.6) (43.2) 67.8 3.3
Interest and Investment Income 2.5 (1.4) 31.4 5.2
Settlements of Claims (3.7) 20.0 (17.5) (3.4)
Escheated Estates 3.2 10.8 6.3 (0.7)
Sales of Goods and Services (5.7) 12.2 (2.7) 0.0
Other Revenue 6.7 (11.6) (2.4) (0.9)
TOTAL NET REVENUE (1.5) % 6.2 % 24.7 % 2.6 %
24 July 2022
TABLE A-14
State Revenue, by Source and Biennium
2018-19 2020-21 2022-23
Actual Actual Estimated
TAX COLLECTIONS
Sales Taxes $ 60,727,319 $ 63,053,065 $ 77,922,536
Motor Vehicle Sales and Rental Taxes 9,897,902 10,219,373 11,688,994
Motor Fuel Taxes 1,988,997 1,927,120 1,991,490
Franchise Tax 5,791,958 6,226,258 7,641,427
Oil Production Tax 7,278,341 6,678,479 12,810,657
Insurance Taxes 5,105,102 5,439,090 6,511,615
Cigarette and Tobacco Taxes 1,155,971 1,136,946 1,091,353
Natural Gas Production Tax 3,116,787 2,494,015 9,149,107
Alcoholic Beverages Taxes 2,661,391 2,382,766 3,301,180
Hotel Occupancy Tax 1,237,354 958,518 1,421,800
Utility Taxes 923,753 1,016,969 1,090,875
Other Taxes 419,005 230,907 269,742
TOTAL TAX COLLECTIONS $ 100,303,880 $ 101,763,505 $ 134,890,776
REVENUE BY SOURCE
Tax Collections $ 100,303,880 $ 101,763,505 $ 134,890,776
Licenses, Fees, Fines, and Penalties 2,827,193 2,838,028 2,925,383
State Health Service Fees and Rebates 2,317,376 1,812,979 2,879,080
Net Lottery Proceeds 2,907,636 3,540,218 3,547,562
Land Income 3,834 10,018 12,382
Interest and Investment Income 2,933,745 3,433,970 4,596,557
Settlements of Claims 1,135,150 1,308,177 1,157,534
Escheated Estates 1,329,612 1,508,021 1,679,962
Sales of Goods and Services 260,803 265,629 273,256
Other Revenue 1,002,958 1,007,516 919,072
TOTAL NET REVENUE $ 115,022,186 $ 117,488,061 $ 152,881,564

July 2022 25
TABLE A-15
Percent Change in State Revenue, by Source and Biennium
2018-19 2020-21 2022-23
TAX COLLECTIONS
Sales Taxes 6.7 % 3.8 % 23.6 %
Motor Vehicle Sales and Rental Taxes 9.1 3.2 14.4
Motor Fuel Taxes 5.4 (3.1) 3.3
Franchise Tax 3.9 7.5 22.7
Oil Production Tax 91.0 (8.2) 91.8
Insurance Taxes 11.0 6.5 19.7
Cigarette and Tobacco Taxes (2.6) (1.6) (4.0)
Natural Gas Production Tax 99.6 (20.0) 266.8
Alcoholic Beverages Taxes 10.9 (10.5) 38.5
Hotel Occupancy Tax 17.6 (22.5) 48.3
Utility Taxes 5.7 10.1 7.3
Other Taxes 135.5 (44.9) 16.8
TOTAL TAX COLLECTIONS 12.5 % 1.5 % 32.6 %
REVENUE BY SOURCE
Tax Collections 12.5 % 1.5 % 32.6 %
Licenses, Fees, Fines, and Penalties (1.9) 0.4 3.1
State Health Service Fees and Rebates (12.6) (21.8) 58.8
Net Lottery Proceeds 16.1 21.8 0.2
Land Income (86.8) 161.3 23.6
Interest and Investment Income 35.3 17.1 33.9
Settlements of Claims 3.3 15.2 (11.5)
Escheated Estates (12.9) 13.4 11.4
Sales of Goods and Services 6.2 1.9 2.9
Other Revenue 21.3 0.5 (8.8)
TOTAL NET REVENUE 11.6 % 2.1 % 30.1 %
26 July 2022
TABLE A-16
State Revenue, by Source and Fiscal Year
All Funds, Excluding Trust Funds
2020 2021 2022 2023
Tax Collections
Sales Taxes $ 34,099,115 $ 36,019,605 $ 42,782,096 $ 43,422,292
Motor Vehicle Sales and Rental Taxes 4,815,240 5,730,934 6,295,983 6,349,877
Motor Fuel Taxes 3,524,712 3,596,892 3,666,042 3,716,440
Franchise Tax 4,418,420 4,529,830 5,402,027 5,513,400
Oil Production Tax 3,229,347 3,449,132 6,227,857 6,582,800
Insurance Taxes 2,741,653 2,699,643 3,196,182 3,317,689
Cigarette and Tobacco Taxes 1,299,014 1,397,304 1,233,399 1,316,301
Natural Gas Production Tax 925,473 1,568,542 4,460,807 4,688,300
Alcoholic Beverages Taxes 1,125,322 1,257,444 1,628,480 1,672,700
Hotel Occupancy Tax 470,703 487,815 698,000 723,800
Utility Taxes 478,155 538,815 534,162 556,713
Other Taxes 252,664 197,529 245,059 255,725
TOTAL TAX COLLECTIONS $ 57,379,818 $ 61,473,483 $ 76,370,094 $ 78,116,037
REVENUE BY SOURCE
Tax Collections $ 57,379,818 $ 61,473,483 $ 76,370,094 $ 78,116,037
Federal Income 58,116,754 81,940,096 69,180,284 74,271,189
Licenses, Fees, Fines, and Penalties 6,178,186 6,325,234 6,319,499 6,340,453
State Health Service Fees and Rebates 7,560,515 6,815,774 10,076,560 9,714,461
Net Lottery Proceeds 2,391,653 2,954,627 2,900,595 2,900,595
Land Income 1,809,261 2,147,842 4,129,366 4,585,722
Interest and Investment Income 2,529,037 1,975,496 1,805,637 1,964,298
Settlements of Claims 624,354 761,239 676,257 600,353
Escheated Estates 715,456 792,564 842,789 837,173
Sales of Goods and Services 254,791 321,237 272,705 273,032
Other Revenue 4,016,497 4,988,858 4,608,413 4,159,237
TOTAL NET REVENUE $ 141,576,323 $ 170,496,451 $ 177,182,199 $ 183,762,550
Note: Excludes local funds and deposits by semi-independent agencies. Includes certain state revenues deposited in the State Treasury but not appropriated.
July 2022 27
TABLE A-17
Percent Change in State Revenue, by Source and Fiscal Year
2020 2021 2022 2023
TAX COLLECTIONS
Sales Taxes 0.2 % 5.6 % 18.8 % 1.5 %
Motor Vehicle Sales and Rental Taxes (3.9) 19.0 9.9 0.9
Motor Fuel Taxes (5.8) 2.0 1.9 1.4
Franchise Tax 4.8 2.5 19.3 2.1
Oil Production Tax (16.9) 6.8 80.6 5.7
Insurance Taxes 5.5 (1.5) 18.4 3.8
Cigarette and Tobacco Taxes (7.9) 7.6 (11.7) 6.7
Natural Gas Production Tax (45.1) 69.5 184.4 5.1
Alcoholic Beverages Taxes (17.8) 11.7 29.5 2.7
Hotel Occupancy Tax (26.0) 3.6 43.1 3.7
Utility Taxes 1.4 12.7 (0.9) 4.2
Other Taxes (22.6) (21.8) 24.1 4.4
TOTAL TAX COLLECTIONS (3.4) % 7.1 % 24.2 % 2.3 %
REVENUE BY SOURCE
Tax Collections (3.4) % 7.1 % 24.2 % 2.3 %
Federal Income 38.7 41.0 (15.6) 7.4
Licenses, Fees, Fines, and Penalties (4.6) 2.4 (0.1) 0.3
State Health Service Fees and Rebates 5.7 (9.9) 47.8 (3.6)
Net Lottery Proceeds (4.7) 23.5 (1.8) 0.0
Land Income (19.6) 18.7 92.3 11.1
Interest and Investment Income 1.0 (21.9) (8.6) 8.8
Settlements of Claims (3.4) 21.9 (11.2) (11.2)
Escheated Estates 3.2 10.8 6.3 (0.7)
Sales of Goods and Services (8.6) 26.1 (15.1) 0.1
Other Revenue (3.0) 24.2 (7.6) (9.7)
TOTAL NET REVENUE 10.7 % 20.4 % 3.9 % 3.7 %
28 July 2022
TABLE A-18
State Revenue, by Source and Biennium
2018-19 2020-21 2022-23
TAX COLLECTIONS
Sales Taxes $ 65,961,151 $ 70,118,721 $ 86,204,388
Motor Vehicle Sales and Rental Taxes 9,984,033 10,546,174 12,645,860
Motor Fuel Taxes 7,418,001 7,121,604 7,382,482
Franchise Tax 7,903,809 8,948,250 10,915,427
Oil Production Tax 7,278,341 6,678,479 12,810,657
Insurance Taxes 5,107,459 5,441,297 6,513,871
Cigarette and Tobacco Taxes 2,730,930 2,696,318 2,549,700
Natural Gas Production Tax 3,116,787 2,494,015 9,149,107
Alcoholic Beverages Taxes 2,661,391 2,382,766 3,301,180
Hotel Occupancy Tax 1,237,354 958,518 1,421,800
Utility Taxes 923,753 1,016,969 1,090,875
Other Taxes 642,488 450,193 500,784
TOTAL TAX COLLECTIONS $ 114,965,497 $ 118,853,302 $ 154,486,131
REVENUE BY SOURCE
Tax Collections $ 114,965,497 $ 118,853,302 $ 154,486,131
Federal Income 81,523,043 140,056,849 143,451,473
Licenses, Fees, Fines, and Penalties 12,889,304 12,503,421 12,659,952
State Health Service Fees and Rebates 14,816,981 14,376,289 19,791,021
Net Lottery Proceeds 4,738,922 5,346,281 5,801,190
Land Income 4,312,293 3,957,103 8,715,088
Interest and Investment Income 4,353,442 4,504,533 3,769,935
Settlements of Claims 1,190,673 1,385,593 1,276,610
Escheated Estates 1,329,612 1,508,021 1,679,962
Sales of Goods and Services 564,011 576,028 545,737
Other Revenue 7,423,243 9,005,354 8,767,650
TOTAL NET REVENUE $ 248,107,022 $ 312,072,774 $ 360,944,749
Note: Excludes local funds and deposits by semi-independent agencies. Includes certain state revenues deposited in the State Treasury
but not appropriated.
July 2022 29
TABLE A-19
Percent Change in State Revenue, by Source and Biennium
2018-19 2020-21 2022-23
TAX COLLECTIONS
Sales Taxes 15.4 % 6.3 % 22.9 %
Motor Vehicle Sales and Rental Taxes 9.1 5.6 19.9
Motor Fuel Taxes 4.5 (4.0) 3.7
Franchise Tax 11.0 13.2 22.0
Oil Production Tax 91.0 (8.2) 91.8
Insurance Taxes 11.0 6.5 19.7
Cigarette and Tobacco Taxes (6.2) (1.3) (5.4)
Natural Gas Production Tax 99.6 (20.0) 266.8
Alcoholic Beverages Taxes 10.9 (10.5) 38.5
Hotel Occupancy Tax 17.6 (22.5) 48.3
Utility Taxes 5.7 10.1 7.3
Other Taxes 64.2 (29.9) 11.2
TOTAL TAX COLLECTIONS 17.2 % 3.4 % 30.0 %
REVENUE BY SOURCE
Tax Collections 17.2 % 3.4 % 30.0 %
Federal Income 4.7 71.8 2.4
Licenses, Fees, Fines, and Penalties 4.7 (3.0) 1.3
State Health Service Fees and Rebates (0.2) (3.0) 37.7
Net Lottery Proceeds 10.9 12.8 8.5
Land Income 52.2 (8.2) 120.2
Interest and Investment Income 42.6 3.5 (16.3)
Settlements of Claims 0.9 16.4 (7.9)
Escheated Estates (12.9) 13.4 11.4
Sales of Goods and Services (6.2) 2.1 (5.3)
Other Revenue 26.0 21.3 (2.6)
TOTAL NET REVENUE 11.5 % 25.8 % 15.7 %
30 July 2022

Glenn Hegar: Texas Comptroller of Public Accounts

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Glenn Hegar: Texas Comptroller of Public Accounts

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Glenn Hegar Texas Comptroller of Public Accounts

July 14, 2022

The Honorable Greg Abbott, Governor

Ladies and Gentlemen:

P.O. Box 13528 Toll Free: 1-800-531-5441 ext: 3-4444

cc: Jerry McGinty, Legislative Budget Board

TOTAL NET REVENUE $ 117,488 $ 152,882 30.1 %

BALANCES AND ADJUSTMENTS

TOTAL GENERAL REVENUE-RELATED FUNDS

Note: Totals may not sum because of rounding.

General Appropriations Act* $ 116,368

Subtotal: Certified General-Revenue Related Appropriations*** $ 118,016

Fiscal Year End and Other Adjustments to Disbursements, net**** 4,107

* Conference Committee Report for SB 1, 87th Legislature, Regular Session.

FISCAL 2022 BALANCES

FISCAL 2022-23 REVENUES

FISCAL 2022-23 OTHER ADJUSTMENTS

TOTAL FISCAL 2022-23 ESTIMATED AVAILABLE REVENUE AND BALANCES $ 149,068

Less: Fiscal 2022-23 Estimated Expenditures (122,123)

FISCAL 2022-23 ENDING CERTIFICATION BALANCE $ 26,945

Note: Totals may not sum because of rounding.

Personal Consumption Expenditures Deflator

PROBABLE DISBURSEMENTS AND OTHER ADJUSTMENTS

ESTIMATED ENDING CERTIFICATION BALANCE, AUGUST 31 $ 16,184,357 $ 26,945,239

TOTAL GENERAL REVENUE-RELATED REVENUE AND BALANCES $ 117,581,455 $ 149,068,415

Note: Totals may not sum because of rounding.

GENERAL REVENUE FUND

TOTAL ESTIMATED NET GENERAL REVENUE-RELATED FUNDS $ 75,474,598 $ 77,406,966

9 Game, Fish, and Water Safety $ 150,128 $ 150,243

1 General Revenue Fund $ 38,924,817 $ 41,037,165

Note: Totals may not sum because of rounding.

6 State Highway Fund $ 7,592,429 $ 7,691,647

General Revenue-Related $ 75,474,598 $ 77,406,966

ALLOCATIONS AND TRANSFERS TO GENERAL REVENUE-DEDICATED ACCOUNTS

TOTAL ALLOCATIONS AND TRANSFERS FROM GENERAL REVENUE $ 16,674,340 $ 20,624,454

Details of the Economic Stabilization Fund – Cash Basis Reporting

TOTAL BEGINNING BALANCE* $ 10,274,492 $ 10,614,691

TRANSFERS, INTEREST AND INVESTMENT INCOME

APPROPRIATIONS 934,799 829,565

TOTAL ENDING BALANCE OF ESF $ 10,614,691 $ 13,664,157

State Technology and Instructional Materials Fund

TOTAL ESTIMATED REVENUE AND BEGINNING CASH BALANCES $ 3,514,258 $ 3,581,716

ENDING CASH BALANCE $ 470,978 $ 445,345

* Represents only state revenue.

TOTAL STATE AND LOCAL FUNDING* $ 50,600,586 $ 52,754,748

Sources of Property Tax Relief Fund Revenue

BEGINNING CASH BALANCE $ 1,000,000 $ 0

APPROPRIATIONS 3,350,893 2,449,420

ENDING CASH BALANCE $ 0 $ 0

* As appropriated in SB 1, 87th Legislature, Regular Session.

TOTAL STATE HIGHWAY FUND REVENUE $ 13,852,827 $ 16,505,422

Note: Totals may not sum because of rounding.

SOURCE: Glenn Hegar, Texas Comptroller of Public Accounts.

Note: Totals may not sum because of rounding.

SOURCE: Glenn Hegar, Texas Comptroller of Public Accounts.

SOURCE: Glenn Hegar, Texas Comptroller of Public Accounts.

SOURCE: Glenn Hegar, Texas Comptroller of Public Accounts.

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