TITLE

Texas Senate Leans Toward One-Time Revenues

AUTHOR(S)
Albanese, Elizabeth
PUB. DATE
March 2003
SOURCE
Bond Buyer;3/27/2003, Vol. 343 Issue 31802, p30
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The Texas Senate appears poised to support, as of March 27, 2003, the wishes of governor Rick Perry, and comptroller Carole Keeton Strayhorn by tapping one-time revenue sources to balance the state's approximately 113 billion dollar budget for the 2004–2005 biennium. Senate Finance Committee chairman Teel Bivins, R-Amarillo, said he did not believe the full Senate would vote for a spending plan that includes the 12 percent budget cuts necessary to meet the 54.1 billion dollars state revenue estimate for the next two years released in January by Strayhorn's office. Discussions included using various sources of funding to keep programs intact, including delaying payments to local school districts for some public education expenses, tapping the 1 billion dollar rainy-day fund, and securitizing part of the state's tobacco receipts or borrowing from a roughly 1 billion dollar endowment of tobacco receipts collected over the last four years. She wants lawmakers to write a budget that does not rely on accounting tricks. However, the proposed non-tax revenues also include savings suggested in December by Strayhorn, such as abolishing the aircraft pooling board used for state travel and allowing taxpayers an amnesty period to pay their back taxes without penalty.
ACCESSION #
9440147

 

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