Texas Insider Report: AUSTIN Texas -- The Legislative Budget Board (LBB) today adopted an 8.92 estimated growth rate from the Texas Comptroller of Public Accounts for the 2012-13 fiscal biennium. The limit is designated for state tax revenues not dedicated in the Texas Constitution.
The constitutional spending limit is based on the spending limit of the previous biennium and the economic forecast from the Texas Comptroller of Public Accounts.
Im pleased that the Legislative Budget Board was able to reach a consensus on a conservative and fiscally responsible spending limit as we begin the process of crafting a balanced budget just like we did in 2003 without raising taxes or eliminating essential services said Lt. Gov. David Dewhurst.
I believe Texans understand and appreciate that government agencies have to tighten their belts just like small businesses and families are doing across our state and do more with less Dewhurst said.
While Texas is seeing signs of improvement in the economy we are still facing a significant budget shortfall next session" said Texas House Speaker Joe Straus.
The cuts we are making are essential to address Texas budget challenges to ensure we are fiscally responsible with taxpayer funds" said Straus.
The Legislative Budget Board (LBB) is a permanent joint committee of the Texas Legislature that develops budget and policy recommendations for legislative appropriations for all agencies of state government as well as completes fiscal analyses for proposed legislation.
The LBB also conducts evaluations and reviews for the purpose of identifying and recommending changes that improve the efficiency and performance of state and local operations and finances.
Legislation creating the LBB requires all state agencies to submit their budget requests to The Board for review and recommendations.
