Texas Comptroller 'Cautiously' Optimistic as State's Rainy Day Fund Reaches $15 Billion Record High

After running the numbers, Texas Comptroller Glenn Hegar offered Texas lawmakers a “cloudy” forecast of the state’s economy.

On Monday, Jan. 07, Hegar announced that the state will have $119.1 billion to put towards the 2020-2021 state budget to put toward public programs such as public schools, highways, and healthcare—an 8.1 percent increase from the last two-year budget. In addition to the higher budget forecast, the state’s saving account, or rainy day fund, is projected to hit a record high of $15 billion.

On Jan. 11, lawmakers announced that they were prepared to withdraw from the state’s rainy day find and allocate funds towards Hurricane Harvey Relief, school security, and teacher pensions.

“Not only is our economy producing jobs and opportunities, it is also generating the revenue we need to meet our growing needs and make historic investments in education, which is key to the future of Texas,” Jane Nelson, the chair of the Senate Finance Committee, said in a written statement.