Hegar transfers excess revenue into rainy day, highway funds
AUSTIN — Texas Comptroller Glenn Hegar on Nov. 25 announced the transfer of $3.33 billion into the State Highway Fund and into the Economic Stabilization Fund, commonly known as the Rainy Day Fund.
Each fund received more than $1.66 billion, or 50% of the total transfer. The transfer amounts are based on crude oil and natural gas production tax revenues in excess of 1987 collections. If either tax generates more revenue than the 1987 threshold, an amount equal to 75% of the excess is transferred, according to an agency news release.
In November 2014, voters approved a constitutional amendment allocating at least half of these severance taxes to the Rainy Day Fund, with the remainder going to the State Highway Fund for use on non-toll highway construction, maintenance and right-of-way acquisition.
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