Rainy day fund to overflow with oil and gas tax revenue
Resurgent oil and gas production in Texas could fill the state’s rainy day fund to capacity within the next four years, according to a report to be issued Tuesday.
New projections from the business-backed Texas Taxpayers and Research Association show the fund would soon replenish record balances even if voters approve two constitutional amendments that would authorize using billions from the fund for water infrastructure and roads.
“While the Legislature is asking Texas voters to weigh in on using some portion of the fund or its revenues to help fund the state’s infrastructure needs, those additional uses should not threaten its financial vitality,” wrote Dale Craymer, president of the think tank and a former chief revenue estimator for the state.
Voters will consider a ballot measure in November setting aside $2 billion from the fund for water infrastructure, such as reservoirs and pipelines. Next year, they will decide whether to redirect half of the oil and gas production taxes — about $1 billion — to transportation projects.
More at http://www.ttara.org/files/document/file-525464eab18e0.pdf .
