State of Texas
Annual Cash Report
Revenues and Expenditures of State Funds for the Year Ended August 31, 2012
November 5, 2012
The Honorable Rick Perry
State of Texas
Capitol Building, Room 2S.1
Austin, Texas 78701
Dear Governor Perry:
We are pleased to announce the publication of the Texas Annual Cash Report for the fiscal year ended Aug. 31, 2012. This report presents the state’s financial position and details revenues and expenditures on a cash basis as required by Texas Government Code Section 403.013.
The Consolidated General Revenue Fund ended the year with a cash balance in the state treasury of $1.99 billion, a decrease of $640 million, or 24.4 percent, from fiscal 2011. Contributing to this decrease was the net effect of a $533 million increase in total net revenue and other sources and a $1.9 billion increase in net expenditures and other transfers from the General Revenue Fund. The General Revenue Fund is appropriated to support general government expenditures.
Balances in Special Revenue and Trust Funds increased from $19.9 billion in fiscal 2011 to $30.3 billion in fiscal 2012, primarily due to the differences in the timing of the receipt of the Tax and Revenue Anticipation Notes in the two years. The Economic Stabilization Fund finished fiscal 2012 with $6.1 billion, up $1.1 billion, and the Unemployment Trust Fund ended fiscal 2012 at $1.3 billion, up $480 million from the end of fiscal 2011.
Net revenues for all funds excluding trust increased by $376 million, or 0.4 percent, from fiscal 2011, to a total of $94.7 billion in fiscal 2012. Tax collections totaling $44.1 billion, accounted for the largest revenue category and the largest dollar increase in revenue, up $5.2 billion, or 13.4 percent, from fiscal 2011. Federal income, the second largest revenue category, totaled $32.9 billion, a decrease of $5.5 billion, or 14.3 percent, from fiscal 2011.
Total net expenditures for all funds excluding trust decreased by $1.3 billion, or 1.3 percent, from fiscal 2011, to a total of $94.3 billion in fiscal 2012. The largest dollar spending decrease by governmental function was in General Government – Executive, which contracted by $1.3 billion to a total of $2.6 billion.
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