Happy New Year! As we end 2023 and get ready to begin the new year, it's important to think about the current state of our economy and the challenges ahead. Texas has been a strong force in terms of economic growth, ranking 8th in the world. We've outperformed the national economy, and the latest economic outlook from Texas Comptroller Glenn Hegar predicts continuing growth of the state’s economy. These are good signs, but we can't become complacent.
At the end of the 88th Regular Session in May, the Legislature passed a state budget totaling $321 billion in All Funds for the next two years and a Supplemental Appropriations Bill which included a total of $13.2 billion in appropriations. These investments will benefit many of the residents of Senate District 20 and our communities.
The budget bills included funding for the following:
*$18 billion in property tax relief.
*$11.6 billion for mental and behavioral health including $1.6 billion for new construction of mental health state hospitals.
*$5 billion for electric generation facilities.
*$5 billion for benefit enhancements for retired teachers.
*$9.9 billion for higher education formula funding including $2.2 billion for public junior colleges.
*$3.2 billion increase to fund the Foundation School Program.
*$1.5 billion for broadband infrastructure.
*$1 billion for water infrastructure projects.
*$1 billion for state parks.
*$750 million for flood mitigation and the state match for federal Investment and Jobs Act funds for the Clean Water and Drinking Water Revolving Fund programs
*$600 million for maritime ports infrastructure projects
*$1.4 billion for school safety initiatives.
*$233 million for Graduate Medical Education to help retain graduating doctors in Texas.
*$1.5 billion for financial aid programs including TEXAS Grants, Tuition Equalization Grants, and Texas Educational Opportunity Grants.
*$2 billion to raise base wages for Medicaid community attendants.
*$447.2 million for women’s health programs.
*$38 billion for transportation infrastructure, a $7 billion increase from the previous biennium.
Even with all of these investments, the most recent Comptroller's Certification Revenue Estimate report shows that we have more money available than he had anticipated at the end of the Regular Session in May of this year. The Legislature is projected to have over $18 billion left over at the end of this budget cycle, which ends in August of 2025. The state’s Rainy Day Fund is expected to have a balance of $23.8 billion. These numbers are encouraging, but the planning for the 2025 session begins now and we need to use this surplus wisely to address the urgent needs of our state.
I am looking forward to the New Year, to meeting and hearing from my constituents, community leaders, and public officials about their needs, and to continue my commitment to working tirelessly to serve my communities across Senate District 20.
I wish you and your families a Happy and Healthy 2024!
Editor's Note: The above commentary was provided by state Sen. Juan Hinojosa of McAllen. It first appeared on one of Sen. Hinojosa's social media platforms. The column appears in The Rio Grande Guardian International News Service with the permission of the author. Sen. Hinojosa can be reached by reached by email via: juan.hinojosa@senate.texas.gov.
