TEXAS REVENUES DROP - Texas is forecast to end the fiscal year with a 4.6-billion dollar deficit, according to revised revenue projections released by the state comptroller Glen Hegar who estimates state tax revenues will be down nearly 10-percent due to economic contraction spurred by the coronavirus pandemic. Earlier this week Hegar told lawmakers his forecast assumes public health restrictions will be lifted by the end of the year.
"Until consumers and businesses are confident the virus is controlled, we are highly unlikely to see economic output, employment and revenues return to pre-pandemic levels," Hegar explained.
Hegar plans to release updated tax revenue projections before the Texas legislature convenes for its new session in January
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