Legislative Budget Board Meeting: Financial Condition of the State

Call to order. The meeting was called to order by the Lt. Governor. Approve minutes from July 11, 2018 Legislative Budget Board meeting. The minutes were approved. Review the items of information and methodology required to set the Article VIII constitutional limit on certain appropriations for the 2020-21 biennium. Staff Presentation. The level of appropriation from state tax revenue not dedicated by the Constitution for 2018-19 has been calculated to be $91.5 billion. Estimated rate of growth of the state’s economy from the 2018-19 biennium to the 2020-21 biennium (as required by law, this is growth in Texas personal income). Growth rates were published in the Texas Register and included in a memo to the Board (see below). Data from five forecasting houses was used and they ranged from 8.34% to 11.37%. The memo also included the compound inflationary population growth rates – these ranged from 7.52% to 8.44%. Memo November 7, 2018 - Spending Limit Update