Texas Comptroller of Public Accounts Glenn Hegar recently confirmed the completion of a massive transfer amounting to approximately $8.52 billion into two vital state funds. The money will be split between the State Highway Fund (SHF) and the Economic Stabilization Fund (ESF), also known as the "Rainy Day Fund," with both funds being critical for the economic stability and infrastructure development of Texas.
The Rainy Day Fund, which usually receives an equivalent sum to that deposited into the SHF, was bolstered by an extra $2.41 billion resulting from a general revenue (GR) surplus following fiscal 2023. As stipulated by the Texas Constitution, an additional ESF transfer occurs at each biennium's end, equalling half of any remaining GR surplus. This constitutional mandate resulted in a significant transfer of uncommitted GR amounting to $2.41 billion to the ESF—the first such event since 2008. As per a press release from the Texas Comptroller of Public Accounts, as of August 31, 2023, the ESF balance stood at $14.17 billion. With these recent transfers factored in, this figure is predicted to rise to around $19.63 billion—excluding approximately $400 million in outstanding spending authority.
Hegar made his sentiments clear when he stated: "The strong Texas economy and judicious budgeting by lawmakers netted a surplus that, for the first time in more than a decade, allows us to set aside an additional bucket of money to ensure we are able to weather future downturns." He added further: "The Rainy Day and State Highway funds are tremendous assets for the taxpayers of Texas and help provide the foundation needed for the future of this great state."
Glenn Hegar has been serving as Texas' Comptroller of Public Accounts since November 2014 after winning elections that year. Having successfully defended his seat in 2018 and again in 2022, Hegar currently performs the critical role of Texas' chief financial officer. His responsibilities include duties as the state treasurer, check writer, tax collector, procurement officer, and revenue estimator as per the About page provided by the Texas Comptroller of Public Accounts.