Texas faces surprising surplus

Houston Comical ^ | Jan. 10, 2005, 11:51AM | AP staff

[The_Victor]

h2>$400 million surplus forecast for Texas

AUSTIN - Texas lawmakers will have more money to work with in this year's legislative session, Comptroller Carole Keeton Strayhorn said today.

In her highly anticipated revenue estimate released the day before the two-year legislate session begins, Strayhorn reported Texas will have $64.7 billion in state money for the 2006-2007 biennium.

That would give the state $400 million surplus after paying for existing programs, higher than earlier estimates. Republican Lt. Gov. David Dewhurst, who presides over the Senate, had said he expected a shortage of $1 billion to $2 billion.

"Our state's great economic engine is improving," Strayhorn said. "I expect to see a continuation of growth trend in 2005."

Monday's news was much better than Strayhorn's last estimate. Two years ago, she surprised lawmakers with an estimated budget shortfall of nearly $10 billion -- double expectations.

Lawmakers convene the 140-day legislative session Tuesday. They'll craft a two-year state budget that doles out state funds to programs such as public schools and Child Protective Services.

The state constitution prohibits deficit spending, so they will have to balance the budget within the constraints set by Strayhorn.

Most of the state's revenue comes from sales and business tax collections. The revenue estimate does not include federal money and other revenue.

[TXBSAFH]

They will fritter it away on pork as always.

[Fierce Allegiance]

I wish the media would get it right. I hate their terminology.

A surplus is overstaxation of the people.
A deficit is overspending by the government.

[TheBigB]

Has Strayhorn completely discredited herself yet?

[Redbob]

"Chicken Little" Strayhorn losing credibility in a big way!

I fully expect our legislators to find a way to fritter this away, though.

[Brilliant]

Again, it's Bush's fault.

[Redbob]

"Has Strayhorn completely discredited herself yet?"

Her supporters will scarcely notice.

[HHFi]

I will be anxiously awaiting my refund check.

Not.

[bushfamfan]

Compare Republican Texas to California.

[roostercashews]

I'm sure it will go to education, right?.... Oh, well then I know it will go toward communities to hire more police and firemen, right?..... Oh, well how about finishing I-35 in Austin, or I-20 outside Dallas, or the other five dozen highways that need repair and expansion?.....

Oh, it's going toward more scratch off lotto games? Not that it is, but it wouldn't surprise me.

[mathluv]

I just heard on the news that they will also be addressing trying to 'fix' Worker's Comp. It sure needs it!

[Constitutionalist Conservative]

Oh, well how about finishing I-35 in Austin, or I-20 outside Dallas, or the other five dozen highways that need repair and expansion?.....

Or how about doing away with that insane plan to turn every useful highway into a toll road?

[DrewsDad]

Almost every government these days overspends and overtaxes.

[Fiddlstix]

Ping

[38special]

How about reducing our property taxes?

[MeekOneGOP]

Thanks! Think I'll ping this one. :^D

[MeekOneGOP]

Texas faces surprising surplus

Excerpt:

AUSTIN - Texas lawmakers will have more money to work with in this year's legislative session, Comptroller Carole Keeton Strayhorn said today.

In her highly anticipated revenue estimate released the day before the two-year legislate session begins, Strayhorn reported Texas will have $64.7 billion in state money for the 2006-2007 biennium.

That would give the state $400 million surplus after paying for existing programs, higher than earlier estimates. Republican Lt. Gov. David Dewhurst, who presides over the Senate, had said he expected a shortage of $1 billion to $2 billion.

"Our state's great economic engine is improving," Strayhorn said. "I expect to see a continuation of growth trend in 2005."

Please let me know if you want ON or OFF my Texas ping list!. . .don't be shy.
No, you don't HAVE to be a Texan to get on this list!

[CindyDawg]

Oh Yea! Party time. How about sending it back to the tax payers or putting it in an emergency fund that can't be porked away?

[ValerieUSA]

Carole Keeton Strayhorn is one strange bird with an annoying voice and arrogant demeanor.

This should put an end to toll road plans in Austin. It won't.

[Texas Chrystal]

How about "fixing" Robin Hood so I can actually afford to buy a house and not get taxed out of it.

Thanks for the Ping MeekOne!