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Comptroller Says State Revenue To Drop $9 Billion

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Jan 12, 2009 11:51 am US/Central

Comptroller Says State Revenue To Drop $9 Billion

AUSTIN (AP) ― State Comptroller Susan Combs says Texas revenue will drop about $9 billion in the next two-year spending cycle.

The grim news came in an announcement Monday, the day before lawmakers convene in Austin for this year's legislative session. The revenue estimate covers the 2010-2011 fiscal years and is based mostly on sales tax forecasts.

There was one bright spot: Combs says the figure does not include the $6.7 billion in the state's "rainy day fund." That's the most money ever in that fund.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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