Texas registered a record budget surplus during 2022–23 that topped earlier estimates by $5 billion and has triggered discussions on how best to utilize the excess funds, including using it for potential tax cuts and boosting the state’s infrastructure.
The $32.7 billion budget surplus is higher than the $27 billion estimate which state Comptroller Glenn Hegar had suggested last summer. It is now up to state lawmakers to decide how to spend the surplus. During an event hosted by The Texas Tribune on Monday, Lt. Gov. Dan Patrick said that any conversation on surplus spending must start with reducing property taxes.
“Every member of the Texas Senate will have ideas on how to use this unprecedented revenue,” Patrick said at the event. “We will introduce our budget in the coming days. As I stated previously in my November press conference, Texas taxpayers must first receive tax relief before we commit to any new spending.”…