Texas revenue forecast up about $1B

AUSTIN, TX Two officials with knowledge of a report to be released later Tuesday said the Texas State Comptroller Susan Combs was going to raise the revenue forecast based on recent economic data. The officials, who spoke on condition of anonymity pending the official announcement, estimated the new tax revenue at between $1 billion and $1.2 billion.

Texas has seen sales tax receipts rise dramatically since the beginning of the year, and the price of oil has helped fill the state coffers.

The report will ease concerns in the Legislature, as lawmakers battle a $27 billion shortfall to maintain existing state services. While the new funds will help balance the budget, lawmakers must still close a $4 billion to $8 billion gap in public education funding.

The Texas Constitution requires lawmakers to draft a budget within the comptroller's revenue forecast. In January Combs estimated the state would have $77.3 billion in revenues over the next two years.