Economy Grows, Revenues Increase After Texas Slashes Spending
The Texas state comptroller estimated Texas will generate $96.2 billion in revenue for the 2014-2015 fiscal cycle and reported Texas collected $8.8 billion more in revenue than expected during the last fiscal year.
When unemployment in Texas was at its highest in a decade and the state government faced a $27 billion shortfall in 2011, legislators wrote what was then described as a “cut-to-the-bone” budget.
And it worked.
According to the Associated Press, “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.”