Texas Ends Fiscal Year With $4.6 Billion Deficit

Jul 23, 2020

Credit Courtesy: Chuck Smith / Red River Radio News

TEXAS REVENUES DROP -  Texas  is forecast to end the fiscal year with a 4.6-billion dollar deficit, according to revised revenue projections released by the state comptroller  Glen Hegar  who estimates state tax revenues will be down nearly 10-percent due to economic contraction spurred by the coronavirus pandemic.   Earlier this week Hegar told lawmakers his forecast  assumes  public health restrictions will be lifted by the end of the year.   

"Until consumers and businesses are confident the virus is controlled, we are highly unlikely to see economic output, employment and revenues return to pre-pandemic levels," Hegar explained.

Glen Hegar is Comptroller for the state of Texas.
Credit Courtesy: Office of the Comptroller - State of Texas

Hegar plans to release updated tax revenue projections before the Texas  legislature convenes for its new session in January