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The General Appropriations Act – House Bill One – was passed out of committee with no action on Art. 3. This article has to do with education funding in Texas. Continuing discussions on education funding will go on. Good news was brought by Comptroller Susan Combs, telling us the forecast for revenues is up from early estimates.
We are updating the revenue estimate after reviewing numerous economic indicators and yesterday’s franchise tax filing deadline.
Sales tax revenue is up from the beginning of 2011, due in part to rising oil prices. This is considered to be good news for our economic future and for budget creation plans later this year.
Unfortunately, there is still a gap in public education funding plans, which differ between the Senate and House bills. Article three will continue to be discussed, in particular whether or not a special session will be needed to complete budget plans.