Today the Senate Finance Committee approved its substitute for the Senate budget proposal (Senate Bill 1), the General Appropriations Act for 2018 and 2019. Total spending proposed for the next budget cycle in SB 1 is $217.7 billion, a 0.7 percent increase compared to the $216 billion in state and federal revenue budgeted for 2016-17. This means a real spending drop of almost eight percent, once population growth and inflation are taken into account. Total General Revenue spending would be $106.3 billion, which would be a 1.6 percent drop from 2016-17 even before any population or inflation adjustment.
Here’s what we know so far Today, the Senate and House released starting-point budgets for education, health care, and other state-funded services in 2018 and 2019. Each legislative chamber will hold public hearings on the proposals (SB 1 and HB 1) and “mark up” their respective drafts for full Senate and House approval. Then, before […]
On Tuesday, Senators Jane Nelson and Charles Schwertner drew much attention when they announced several major tax cut proposals, including a homestead exemption increase. As part of our week-long series on tax policies, today we’re looking at proposals to address frustrations with residential property taxes, such as the homestead exemption increase. While many of the […]