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Texas Comptroller Glenn Hegar transfers $5.5 billion to state highway and Rainy Day funds

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(AUSTIN) — Texas Comptroller Glenn Hegar announced today he has completed the transfer of about $5.48 billion into the State Highway Fund (SHF) and the Economic Stabilization Fund (ESF; commonly known as the “Rainy Day Fund”). Each fund received about $2.74 billion, or 50 percent of the total transfer.

“These transfers into the ESF and SHF show the Texas economy remains strong and well positioned for continued growth albeit at a much more moderate pace than what we have seen in recent years,” said Hegar. “Although inflation has come down from the historic levels reached during the current administration, uncertainty remains in the global economy as consumers continue to grapple with elevated prices on everything from groceries to home and auto insurance, and geopolitical instability persists.

“That uncertainty is why lawmakers have safeguarded the Texas Rainy Day Fund and continued to invest in our transportation infrastructure. A healthy ESF balance provides a critical cushion against any future bumps in the road and gives the Legislature increased flexibility as they convene to tackle the critical issues important to Texans.”

The combined $5.48 billion severance tax transfers to the ESF and SHF 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 percent of the excess is transferred.

In November 2014, voters approved a constitutional amendment allocating at least half of these severance taxes to the ESF, with the remainder going to the SHF for use on non-toll highway construction, maintenance and right-of-way acquisition.

According to the Texas Constitution, the ESF and SHF transfers must occur within 90 days after the end of the fiscal year. 

When fiscal 2024 ended on Aug. 31, the ESF balance was $21.02 billion. With the most recent transfers, the new ESF balance is about $23.96 billion, not accounting for currently outstanding spending authority of approximately $486 million. The balance in the ESF will change as agencies spend down this remaining appropriation authority and investment earnings are realized.

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National Weather Service forecast

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Ice Potential & What to Know:
– Impacts will vary over SHORT distances due to different precip types/amounts.
– Travel will be MOST impacted Thu night- Fri morning. Any water on the roads will freeze!
– Most likely ice is up to 0.15″, with a 10% chance of 0.25″.

While we are forecasting a mix of precipitation, potential has increased for more icing. This is especially true along the corridor of orange on the map below, where totals up to 0.15 inches are possible. As mentioned above, there is a 10% chance of 0.25″ of ice. Continue to keep monitoring the forecast as updates come this way. Either way, travel will become hazardous through tomorrow morning. Conditions will likely deteriorate through tomorrow night into Friday morning. 

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Winter storm watch issued by weather service

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The National Weather Service has issued a winter storm watch from late Wednesday through Friday afternoon for most of North Texas including Montague, Cooke, Jack and Wise Counties.
The warning states heavy snow and mixed precipitation are possible with total snow accumulations between three and six inches and ice accumulations around one-tenth of an inch possible.
Roads and especially bridges and overpasses will likely become slick and hazardous. Travel will be difficult to impossible states the report and hazardous conditions could impact the Thursday morning and evening commutes.
Winter precipitations is forecast to start early Thursday morning and increase in intensity and coverage through the day Thursday and into Thursday night before tapering off during the day Friday.
NWS officials said the greatest uncertainty in the forecast is snowfall amounts across the west and northwest counties where accumulations may be lighter than currently forecast. The map shows Montague County located in an area forecast to get 3-6 inches of snowfall. As the storm moves south it turns more to ice.
Preparedness action include monitoring the latest forecasts and updates on the weather situation. Persons should consider delaying travel during this time.
If travel is absolutely necessary consider taking a winter storm kit along with you including tire chains, booster cables, flashlight, shovel, blankets and extra clothing. Also take water, a first aid kit and anything else that would help you survive in case you became stranded.
All 12 Texas Department of Transportation maintenance offices spent Monday pre-treating bridges and overpasses with brine in the Wichita Falls District. Crews in the largest cities sprayed brine on secondary highways and roads first before moving onto the primary freeways. Employees transformed more than 86 dump trucks into snowplows and adding brine tanks and sand spreaders.
Tuesday was spent laying down brine on all primary high traffic roadways and making more brine for the holding tanks and tanker trucks.
Motorists can obtain travel information, road conditions and see 15 Wichita Falls traffic cameras and 1 Vernon camera by visiting DriveTexas.org or calling (800) 452-9292. Traffic cameras are also at TxDOT.Gov. You also can follow the Wichita Falls District on its Facebook page.
If you experience an emergency on the road, call 9-1-1 for help and stay buckled up inside your vehicle.

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Schools to close on Thursday

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The following school districts have announced they will be closed on Jan. 9 due to concerns about the forecast for a winter storm. This list will be updated as information is released or provided to The Bowie News.

Bowie ISD

Gold-Burg ISD

Montague ISD

Nocona ISD

Prairie Valley ISD

Saint Jo ISD

NCTC campuses Thursday and Friday

Forestburg is already out for the county show Thursday and Friday

Bellevue School will start at 10 a.m. on Thursday.

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