Public officials in Texas like to brag that their belief in limited government and low taxes is a better way to run a state than high-tax, big-spending California. Turns out that California is expecting an $8-billion surplus in state budget revenue next fiscal year, while Texas is looking at an $8-billion dollar budget deficit which, in spite of accounting gimmicks, could further lower the Lone Star State's budget reserves. More from KVCR's Ken Vincent.
ADDENDUM: In an August, 2017 Houston Public Media story titled, "Report: Texas Budget Shortfall Could Balloon To Nearly $8 Billion In 2019," reporter Andrew Schneider writes:
Come 2019, Texas could face a budget shortfall that dwarfs the one lawmakers had to deal with this year. A study by the nonpartisan Texas Taxpayers and Research Association (TTARA) puts the gap for the next two-year budget cycle at $7.9 billion....
...The state’s Rainy Day Fund balance now stands at $10.2 billion. Absent further appropriations by the legislature, the comptroller expects that will reach $11.9 billion by the end of the 2018-2019 budget cycle.