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Happy new year! As 2023 comes to a close and we prepare to welcome the new year, it is important to reflect on the current state of the economy and the challenges ahead. Texas is experiencing strong economic growth, ranking 8th in the world. It is outpacing the state’s economy, and Texas Comptroller Glenn Hegar’s latest economic outlook predicts continued growth for the state’s economy. These are good signs, but don’t be complacent.
At the end of its 88th regular session in May, the Legislature passed a supplemental appropriations bill containing a state budget totaling $321 billion in all funds for the next two years and appropriations totaling $13.2 billion. These investments will benefit many residents and communities in Senate District 20.
The proposed budget included funds for:
*$18 billion in property tax relief.
*$11.6 billion for mental and behavioral health, including $1.6 billion for new construction of mental health state hospitals.
*$5 billion for power generation equipment.
*$5 billion to expand benefits for retired teachers.
*$9.9 billion in official funding for higher education, including $2.2 billion for public junior colleges.
*$3.2 billion increase to fund Foundation Schools Programs.
*$1.5 billion for broadband infrastructure.
*$1 billion for water infrastructure projects.
*$1 billion for state parks.
*$750 million in flood mitigation, state match with federal Investment and Jobs Act funds for clean water and drinking water revolving fund programs
*$600 million for seaport infrastructure projects
*$1.4 billion for school safety initiatives.
*$233 million for graduate medical education to help retain Texas’ graduating physicians.
*$1.5 billion for financial aid programs such as the Texas Grant, Tuition Equalization Grant, and Texas Educational Opportunity Grant.
* $2 billion to increase base wages for Medicaid area employees.
*$447.2 million for women’s health programs.
*$38 billion for transportation infrastructure, an increase of $7 billion from the previous two years.
Despite all these investments, the Comptroller’s latest certified revenue estimate report shows that more funds were available than the Comptroller expected at the end of its regular meeting in May of this year. is showing. He is projected to be left with more than $18 billion in Congress at the end of this budget cycle, which ends in August 2025. The state’s rainy day fund balance is expected to be $23.8 billion. These numbers are encouraging, but as planning for the 2025 session begins now, we must use this surplus wisely to address the state’s urgent needs.
I look forward to the new year and meeting with constituents, community leaders, and public officials to hear about their needs. I also look forward to continuing my determination to work tirelessly to serve communities throughout the 20th Senate District.
I wish you and your family a happy and healthy 2024.
Editor’s note: The above commentary was provided by McAllen State Sen. Juan Hinojosa. This information first appeared on one of his media platforms, Sen. Hinojosa’s Social. This column is published in the Rio Grande Guardian International News Service with the permission of the author. Sen. Hinojosa can be reached by email via juan.hinojosa@senate.texas.gov.
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