AUSTIN (AP) — The Texas Comptroller says the economic recovery is taking hold, producing higher than expected tax revenues.
State Comptroller Susan Combs said that could lead to a $1.6 billion budget surplus for the fiscal biennium ending in 2013. According to data she released Monday to the Legislature, the state is on track to collect $82.7 billion over the next two years. The 2012-2013 budget is only $81.1 billion.
In the last two budget cycles, lawmakers were forced to slash government spending to make up for budget deficits and tap the Rainy Day Fund.
But Combs says the national economic recession is over and the economy is again expanding.
(Copyright 2011 by The Associated Press. All Rights Reserved.)