Newly elected State Comptroller Glenn Hegar estimates that Texas will collect $113 billion in revenues over the 2015-2016 biennium. That's an 11.4% increase over the estimate issued for the current biennium in 2013. The constitution limits the total expenditures that can be appropriated by the legislature to the revenue estimate set out by the Comptroller.
The estimate includes a projected $7.5 billion surplus for the current biennium and estimated future revenues of $110.4 billion, less the required contribution to the Rainy Day Fund and Transportation Fund of $5 billion.
Hegar estimates that the average per barrel price of oil for the current fiscal year ending Aug. 31, 2015 to be $65; and estimates the per barrel price will average between $65 and $70 during the next biennium. He stressed the likely volitility of both oil and gas severance taxes and sales taxes over the next two years and indicated he would stay on top of economic developments to provide updates on the revenue estimate as necessary.