(AUSTIN) State lawmakers will have a lot less money to spend when they meet to make a budget.
The Texas Comptroller`s Office on Monday released their estimate of available funds for budgeting, stating that lawmakers will have $104.9 billion to work with over the next 2 years. That represents about a $10 billion shortfall from the previous legislative session. State Comptroller Glenn Hager said the oil and gas slump is 1 major factor in that figure. In addition, state officials said various voter approved changes to the state constitution took several billion dollars off the table in order to dedicate certain amounts to the state highway fund. Voters also approved a property tax relief measure and cut the business tax. Despite the shortfall in funds, the state is still expected to have the 2nd larges amount of money available to budget.