No surprises – yet – but hearing that education is the highest expense is not good news for a college town.
Lawmakers battling the multibillion-dollar shortfall have agreed on all major parts of the budget except education. House and Senate negotiators are working to craft a compromise version of each chamber’s proposal. So far, they’ve agreed to all parts of the budget except the portion that funds public and higher education, Texas’ biggest expense. Source: Extra $1.2B found for Texas budget | Bryan/College Station, Texas – The Eagle.
That extra money comes from increases in sales tax collections, oil production tax, and motor vehicle sales tax. I also think property taxes are helping. The city pushed mine up 20%! I plan to protest, but I need to do it soon. The deadline to protest is June 1.
Most of the higher revenue estimate comes from a dramatic rise in sales tax receipts over the last year. The high price of oil also has helped fill the state coffers. Source: Extra $1.2B found for Texas budget | Bryan/College Station, Texas – The Eagle.