January 8, 1999
The Honorable George W. Bush
The Honorable Bob Bullock
The Honorable James E. "Pete" Laney
Members of the 76th Legislature
Dear Governor Bush, Governor Bullock, Speaker Laney, and Members:
In accordance with Article III, Section 49a of the Texas Constitution, I present herewith my revenue estimate for the remainder of fiscal 1999 and the 2000-01 biennium.
The state's major funds will have a total of $58.0 billion available for general purpose spending. Of the amount available, $4.4 billion will come from the 1998-99 major fund ending balance. Tax revenue will provide $44.4 billion, and the remainder, $9.7 billion, will come from non-tax receipts. This estimate assumes a transfer of approximately $471 million to the Economic Stabilization Fund.
In addition to the major funds, the state will draw $40.0 billion in revenue that cannot be used for general-purpose spending and must be deposited into dedicated funds and accounts for specific purposes as required by statute, the Texas Constitution, or federal law. Federal receipts, estimated to total $27.7 billion for the biennium, will constitute the major source of dedicated revenue.
State revenue from all sources, dedicated as well as non-dedicated, will total $94.0 billion in 2000-01.
This revenue estimate is based on an economic forecast that calls for moderate growth in many sectors of the economy. The forecast also recognizes potential threats from slowdowns in the national and international economies.
I will continue to monitor the fiscal status of the state and report to you as necessary.
CAROLE KEETON RYLANDER
Comptroller of Public Accounts
cc: Lt. Governor-Elect Rick Perry