Texas’ $44 Billion 2023 Fiscal Budget Will Be Largest Ever
The 88th Texas Legislature is expected to have the largest Fund Balance ever to write the next budget for the state of Texas.
According to the revised estimate released by the Comptroller of Public Accounts, the fiscal year 2023 ending balance in the General Revenue Fund is projected to be $27 billion and $14 billion in the Economic Stabilization Fund (or “Rainy Day Fund”). The Legislature will also have access to remaining Federal Funds from the American Rescue Plan Act, which is estimated to be over $3 billion. The sum of these balances total $44 billion. The chart below compares recent projects to previous fund balances.
To demonstrate the magnitude of this fund balance, the $44 billion is 35 percent of the fiscal year 2023 budget and could fund the state government for over one-quarter of fiscal year 2023. When compared to the state population, the $44 billion fund balance is $1,517 per capita.
Budget development and discussions for the next biennial Texas budget have already started. As we proceed with this process, Texas must remain focused on long-term investments, reducing our liabilities, and ensuring our state is positioned to weather future economic uncertainty.