by Coy Holcombe.
This week, the state comptroller, Susan Combs, released her estimate of the revenue for the state of Texas for the 2010-2011 biennium. The entire report is attached at the top of this blog. If you have never read or reviewed one of these reports, I encourage you to take a few minutes and at least read the summary letter. The entire report is 98 pages long. While the details of the report can get a little tedious, it does provide good information for all Texans.
Overall, the comptroller is estimating a 10.5% decrease in the amount of money available for the coming biennium. Comptroller Combs is estimating that there will be approximately $2.1 billion dollars available from the previous biennium. This amount is less than previous estimates. There will be an estimated $77.1 billion available for general spending. Of this amount, 89% will come from tax revenue.
In addition to the state generated revenue, the comptroller is estimating that there will be about $91.0 billion in federal and other revenue. She points out that this revenue is designated for specific purposes and will not be available for general spending.
Comptroller Combs also states that while Texas has registered solid growth in the past two years, that we are in for a downturn because of overall economic conditions. She cautions that for 2009 our growth rate will drop to about 1.8%, improve slightly in 2010 to 1.9%, before rebounding nicely to about 3.8% in 2011. She also estimates that Texas will lose about 111,000 jobs in 2009.
While the news may not the be greatest, Texas is still in much better shape than many other states at this time. Lawmakers may not be able to provide as much additional help to schools as they would like, but I think that they will do what they can.