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State Discovers Extra Money

By: Associated Press
By: Associated Press

AUSTIN (AP) - Extra money is nice.

Texas accountants closed the books on the 2007 budget period and had an unexpected $1.5 billion in unspent money.

State Comptroller Susan Combs is telling lawmakers that the final balance for the 2007 fiscal year, ending August 31st, was $8.5 billion.

That's up from the seven billion dollars expected when Combs earlier this year set her biennial revenue estimate.

Most of the money can't be spent until lawmakers meet again and adopt spending legislation. The next regular legislative session is in 2009.

Combs says the increase was brought about by greater revenues, attributable to strong state economic growth, and lower expenditures, due to legislative and agency spending restraint.


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