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"The Texas economy has outperformed the national economy, and the economic outlook included with this revenue estimate does not assume a recession in Texas," state Comptroller Glenn Hegar said.Texas is likely to avoid an anticipated recession and, on the contrary, is projected to have more than $18 billion in unspent money at the end of this two-year budget cycle, thanks to an unexpected increase in state revenue in recent months, Comptroller Glenn Hegar said Thursday.
It also predicts that the state's rainy day fund, known as the Economic Stabilization Fund, will have a balance of $23.8 billion. In November, voters will decide on whether to spend $27 billion in state taxes on several programs, including property tax relief, water infrastructure, research institutions and other big-ticket items.
Hegar hinted at such a rosy economic outlook for Texas last month at The Texas Tribune Festival, saying that an increase in collections from insurance claims - for which insurance providers are taxed by the state - would bring an unexpected jump in revenue for this cycle.
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