The Texas Comptroller says the economic recovery is taking hold, producing higher than expected tax revenues.
State Comptroller Susan Combs said that could lead to a $1.6 billion budget surplus for the fiscal biennium ending in 2013. According to data she released Monday to the Legislature, the state is on track to collect $82.7 billion over the next two years. The 2012-2013 budget is only $81.1 billion.
In the last two budget cycles, lawmakers were forced to slash government spending to make up for budget deficits and tap the Rainy Day Fund.
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But Combs says the national economic recession is over and the economy is again expanding.