NEWS
Texas Comptroller Glenn Hegar transfers $5.5 billion to state highway and Rainy Day funds
(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.
Mayor Gaylynn Burris and members of the Bowie Community Development Board presented White’s Magneto & Supply with the Texas Treasure Business Award from the Texas Historical Commission. Current owners Eddy and Gina Robinson accepted the award. Eddy was a longtime employee before buying the business in 2021. It was founded in 1948 by Albert E. Si White and his wife Sallie and has continued to evolve through the years to meet the needs of the greater Bowie area. (Photo by Barbara Green)
Less than a month before her trial for theft of property former 97th district attorney Casey Hall received an amended indictment changing it to theft by a public servant and adding a count of misappropriation of fiduciary/financial property.
The court’s legal filing also reported the pending March 17 jury trial was cancelled, but as of Tuesday no new date was stated. After the new indictment a motion was filed for a continuance as the state investigates some possible new allegations.
Hall was indicted last July on a single count of theft of property $2,500-$30,000, a state jail felony, related to a pair of allegations that she allegedly deposited a state voucher for an employee’s salary supplement into her personal account instead of the office account between May 31 and Oct. 4, 2022.
The two deposits were $9,116.97 each, which is $18,233.94. The vouchers were requested from the AG grant funds used for salary supplements in the DA’s office.
The amended indictment was filed on Feb. 11. Theft by a public servant is a third degree felony and misapplication is a state jail felony. A fiduciary includes a trustee, guardian or administrator who handles property he holds as a fiduciary or property of a financial institution in a manner that involves substantial risk of loss to the owner of the property or to the person for whose benefit the property is held.
Read the full story in the Thursday Bowie News.
By BARBARA GREEN
[email protected]
One Bowie City Council member called the infrastructure facts presented by the public works director as “brutal,” as he outlined more than $20 million in estimated needs from the water plant to the old lake line that serves customers along U.S. Highway 81.
Councilors met for a workshop Tuesday night to discuss infrastructure problems and water rates that could help fund the costs. Public Works Director Stony Lowrance and Water Plant Director Jerry Sutton both made presentations, afterwhich finance director Pamela Woods offered rate suggested based on consumption that meter readings.
Sutton referred to a May 2024 inspection from Texas Commission on Environmental Quality staff where they found the raw water pumping capacity to be non compliant and directed the city staff to add one more pump. The plant “should be” doing 2,724 gallons per minute or 3,923,000 gallons per day based on TCEQ criteria, but it is doing 2,100 gallons per minute with 3,240,000 gallons per day, which is 80% of its capacity.
Read the full story in the Thursday Bowie News.
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