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.
By BARBARA GREEN
editor@bowienewsonline.com
The City of Nocona has been nominated as a rural Opportunity Zone by Texas Governor Greg Abbott and Mayor Christopher Nunneley said they will begin “pitching” this federal tax angle to potential businesses.”
At a Tuesday afternoon press conference Nunneley, Donna Culpepper, executive director for the Nocona Economic Development Corporation and Michelle Page of the Nocona Chamber of Commerce announced the nomination and offered a brief overview of the federal tax incentives that can become available.
Read the full story in the Thursday Bowie News.
Remember Sept. 11 2001, 25 years later
While history will remember Sept. 11, 2001 among the darkest days in America’s history, it also is a day marked not only by tremendous heroism and bravery by first responders, but also every day Americans from all walks of life who showed the world our country would not be intimidated by terrorism.
There were 2,996 people killed during the attacks on Sept. 11, 2001 including 343 firefighters and paramedics, 23 New York city police officers and 37 Port Authority police officers. Tens of thousands more suffered in the aftermath due to exposure to chemicals and industrial debris.
The Bowie News editor asked some local lawmen, firefighters, a pilot and two retired FBI agents their memories of this tragic day and how their jobs were impacted by the events. We thank them for sharing their reflections.
Read the full feature in your Thursday Bowie News.
By BARBARA GREEN
editor@bowienewsonline.com
Looking toward the future, the Bowie City Council Tuesday night voted to add an assistant city manager position promoting Public Works Director Stony Lowrance to the job.
The agenda listed an executive session to discuss evaluation of the city manager. Councilors went to closed session at 6:30 p.m. and 15 minutes later asked City Manager Bert Cunningham and Lowrance to come in. After 15 minutes they left the session and a few minutes later the full council came back to open session.
Councilor Brent Shaw, in making the motion for the assistant city manager, pointed to expanded duties the manager has undertaken. Councilor Boyd Hulstine made the second as the vote received unanimous approval.
Read the full story in the Thursday Bowie News.
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