AUSTIN, Texas (AP) — The state's chief accountant says a booming Texas economy has created an extra $2.5 billion in unspent revenue.
Republican Comptroller Susan Combs on Thursday delivered lawmakers a report certifying the 2014-15 state budget passed this spring. The spending included restoring most of the $5.4 billion slashed by the Legislature in 2011 to close a massive budget shortfall.
Combs said oil and gas exploration are driving the state's fiscal fortunes. She also expects the state's Rainy Day Fund to have a balance of about $8 billion by the end of 2015.
Combs, who isn't seeking re-election next year, has been criticized for giving lawmakers overly conservative revenue estimates that impact their spending decisions. Budget-writers returned to the Capitol this spring greeted with an extra $8.8 billion in unspent revenue.