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Fiscal Notes

 

Fiscal Notes

A Review of the Texas Economy from the Office of Susan Combs, Texas Comptroller of Public Accounts

Texas by the Numbers:
Revenue, Expenditures and Cash Condition

The Key Economic Indicators section of Texas by the Numbers is now called Tracking the Texas Economy. It has moved to Texas Ahead.

Some revenue and expenditure items have been reclassified, changing year-to-date totals. The ending cash balance is not affected because changes reflected in “total net revenues” and “total net expenditures” offset changes in “net interfund transfers and investments transactions” in the cash condition table.

Revenues and expenditures are reported for the most recent month available and as a running total for the current fiscal year-to-date. In addition, year-to-date figures are compared with the same period in the last fiscal year. These comparisons are reported as percentage changes, which may be positive or negative (shown by a minus sign).

The tables below report the balances and revenue and expenditures activity for All Funds in the State Treasury. All Funds, including Trust and Suspense Funds, as well as the Unemployment Trust Fund Account Fund 0938 held in the Federal Treasury, are reflected in this data.

Trust Funds are those funds created to account for assets held by the state in a trustee capacity for individuals, private organizations or other governmental entities and are therefore not available for the legislature to appropriate for state spending. Suspense Funds are those funds created to receive deposits that cannot be readily identified as belonging to a specific fund.

Excluded from the tables below are the balances and revenue and expenditures activity for funds authorized to be held outside the State Treasury and that are not processed through the Comptroller’s Uniform Statewide Accounting System (USAS).

Revenue

State Revenue by Major Tax – All Funds
(Amounts in millions of dollars)
Tax March 2014 FY 2014 Year
to Date Total
Percent Change
from Last Year
Sales Tax $2,099.4 $15,483.7 4.9%
Motor Vehicle Sales/Rental Taxes $365.7 $2,404.4 9.5%
Motor Fuel Taxes $253.7 $1,882.7 2.5%
Franchise Tax $235.8 $37.4 -39.2%
Insurance Taxes $320.9 $1,149.3 8.1%
Natural Gas Production Tax $184.3 $996.2 21.3%
Cigarette and Tobacco Taxes $117.0 $733.3 -14.2%
Alcoholic Beverages Taxes $83.9 $579.6 4.6%
Oil Production/Regulation Taxes $292.9 $2,137.2 32.4%
Inheritance Tax $0.0 $0.0 100.1%
Utility Taxes1 $0.3 $214.6 4.9%
Hotel Occupancy Tax $37.6 $258.5 8.0%
Other Taxes2 $8.2 $611.1 -2.3%
Total Tax Collections $3,999.9 $26,488.0 6.7%


State Revenue by Source – All Funds
(Amounts in millions of dollars)
Source
March 2014
FY 2014 Year
to Date Total
Percent Change
from Last Year
Total Tax Collections $3,999.9 $26,488.0 6.7%
Federal Income $2,695.2 $20,085.0 4.2%
Licenses, Fees, Fines, and Penalties $430.0 $4,839.0 18.9%
Interest and Investment Income $143.1 $931.7 4.3%
Net Lottery Proceeds3 $164.1 $1,135.5 4.9%
Sales of Goods and Services $53.2 $248.2 -24.8%
Settlement of Claims4 $2.8 $519.1 5.5%
Land Income $182.3 $1,072.2 59.3%
Contributions to Employee Benefits $600.2 $3,913.7 11.5%
Other Revenue Sources $758.1 $5,053.3 -5.7%
Total Net Revenue $9,028.9 $64,285.7 6.2%

1 Includes the public utility gross receipts assessment, gas, electric and water utility and gas utility pipeline taxes.

2 Includes the cement and sulphur taxes and other occupation and gross receipt taxes not separately identified.

3 Gross sales less retailer commissions and the smaller prizes paid by retailers.

4 Settlement of Claims previously included with Other Revenue Sources.

Expenditures

State Expenditures by Category – All Funds
(Amounts in millions of dollars)
Category March 2014 FY 2014
Year-To-Date
Percent change
YTD/YTD
Public Assistance Payments $3,161.8 $26,358.6 9.5%
Foundation School Program Grants $734.8 $11,701.3 1.3%
Other Public Education Grants $439.9 $2,955.2 -3.1%
Grants to Higher Education $94.5 $675.2 1.7%
Other Grants $289.7 $1,508.1 -16.4%
Highway Construction and Maintenance $394.9 $2,882.3 24.5%
Capital Outlay $54.5 $303.7 -6.0%
Cost of Goods Sold $50.5 $420.4 18.4%
Salaries and Wages $936.2 $6,560.3 3.8%
Employee Benefit Payments5 $583.9 $3,710.7 -1.5%
Payroll Related Costs5 $272.5 $1,818.4 7.9%
Professional Services and Fees $156.7 $1,545.9 14.2%
Travel $13.1 $91.4 5.6%
Supplies and Materials $81.2 $617.7 3.1%
Communication and Utilities $39.7 $295.2 12.6%
Repairs and Maintenance $52.5 $491.3 -9.1%
Rentals and Leases $24.8 $176.9 3.8%
Printing and Reproduction $4.7 $31.7 24.9%
Debt Service – Interest $338.7 $910.2 6.1%
Lottery Winnings Paid $48.5 $363.1 -11.2%
Claims and Judgments $7.3 $64.7 26.4%
Other Expenditures $239.5 $1,596.8 0.1%
Total Expenditures $8,019.8 $65,079.1 5.2%


State Expenditures by Function – All Funds
(Amounts in millions of dollars)
Function March 2014 FY 2014
Year-To-Date
Percent change
YTD/YTD
Executive $601.0 $4,055.2 4.7%
Legislative $10.1 $77.5 1.5%
Judicial $21.1 $181.1 20.2%
Government Subtotal $632.2 $4,313.8 5.2%
Education $1,874.3 $19,806.1 1.2%
Employee Benefits $777.1 $5,000.1 2.5%
Health and Human Services $3,044.7 $25,527.9 8.4%
Public Safety and Corrections $374.2 $2,624.6 1.2%
Transportation $649.3 $4,581.4 13.8%
Natural Resources/Recreational Services $192.5 $1,349.3 -0.3%
Regulatory Services $33.8 $298.9 46.8%
Lottery Winnings Paid6 $48.5 $363.1 -11.2%
Debt Service – Interest $338.7 $910.2 6.1%
Capital Outlay $54.5 $303.7 -6.0%
Total Expenditures $8,019.8 $65,079.1 5.2%

5 Employee Benefit Payments and Payroll Related Costs were previously shown as Employee Benefits/Teacher Retirement Contribution.

6 Does not include payments made by retailers.

Cash Condition

March Cash Condition 7
(Amounts rounded to millions of dollars)
General Revenue Other Funds Total Cash
Beginning Balance $9,788.8 $22,192.9 $31,981.7
Revenue $6,970.8 $2,058.1 $9,028.9
Expenditures $5,595.1 $2,424.7 $8,019.8
Net Increase/Decrease $1,375.7 -$366.5 $1,009.1
Net Interfund Transfers and Investment Transactions -$585.9 -$128.7 -$714.6
Total Transactions $789.7 -$495.2 $294.5
End Cash Balance $10,578.5 $21,697.7 $32,276.2
General Revenue Other Funds Total Cash
Other Sources $2,500.0 $3,577.7 $6,077.6
Other Uses $3,085.9 $3,706.4 $6,792.2
Net Interfund Transfers and Investments -$585.9 -$128.7 -$714.6

7Cash stated is from the Comptroller’s Uniform Statewide Accounting System (USAS) and will vary from the amounts reflected in the cash accounts of the Treasury Operations Division of the Comptroller’s office due to timing differences. The net amounts shown are less refunds. Totals may not add due to rounding.

The ending General Revenue Fund balance includes $6.95 billion derived from the sale of cash management notes.

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