Earlier this week, the Senate Finance Committee unanimously passed SB 1 – the state budget for fiscal years 2014-15. The committee substitute, for SB 1 will probably be on the Senate floor by next Wednesday.
In all funds, SB 1 totals $195.4 billion, which is $8.6 billion more than the original bill filed in January. The bulk of the increase, $5.1 billion, comes from general revenue, while the remainder comes from federal and other funds.
The bill also adds $2.57 billion to Article III, which includes public and higher education agencies.
According to the chair of the Senate Finance Committee, Sen. Tommy Williams (R-The Woodlands), SB 1 is roughly $1 billion below the spending cap – leaving additional funds on the table for other possible programs and projects. He also noted that the increases are still below the rate of population growth plus inflation.
Additional analysis on SB 1 and the impact it has on counties will be made available next week, hopefully by Thursday, March 21.
For more information on the state budget, contact Paul Emerson, TAC state financial analyst, at (800) 456-5974.