The Texas Comptroller’s Office has unveiled the 2024-2025 Certification Revenue Estimate. This comprehensive report covers Texas’ economic outlook, the 2022-23 Ending Balance, transfers to the Economic Stabilization Fund and State Highway Fund, as well as tax and non-tax revenues that contribute to the revenue of all funds as outlined by the 2024-2025 Certification Revenue Estimate provided by the Texas Comptroller’s Office.
“Total estimated revenues do not include certain local funds appropriated but not deposited into the State Treasury but do include certain revenues deposited in the State Treasury but not appropriated, such as royalties deposited to the PSF,” The Texas Comptroller’s Office stated.
The 2024-2025 Certification Revenue Estimate indicates that the state of Texas is anticipating a significant increase in its general-purpose spending capacity for the 2024-25 biennium. With an estimated total of $194.57 billion, this marks a substantial 24.8% growth compared to the previous 2022-23 biennium. The total is derived from a combination of the ending balance from 2022-23, tax and non-tax revenue collections expected in 2024-25 while factoring in reserves for transfers to the Economic Stabilization Fund (ESF), and adjustments to General Revenue-dedicated account balances. The state’s overall revenue for all state funds in 2024-25 is projected to reach $359.42 billion, according to the 2024-2025 Certification Revenue Estimate provided by the Texas Comptroller’s Office.
The 2024-2025 Certification Revenue Estimate states that in the 2024-25 biennium, the primary source of General Revenue-related (GR-R) funding for Texas remains its tax system, which is expected to generate $147.11 billion. Non-tax revenue sources are projected to contribute another $19.91 billion to this total. Along with the $39.24 billion ending balance carried forward from the 2022-23 period, these three revenue sources collectively amount to $206.26 billion, according to the 2024-2025 Certification Revenue Estimate provided by the Texas Comptroller’s Office.
The 2024-2025 Certification Revenue Estimate reveals that the anticipated GR-R spending for the 2024-25 biennium is projected to reach $176.28 billion. When subtracting this spending amount from the estimated $194.57 billion available for general-purpose spending, it leaves an approximate ending balance of $18.29 billion for the 2024-25 period, according to the 2024-2025 Certification Revenue Estimate provided by the Texas Comptroller’s Office.
