Well probably finish funding what we need to fund in Medicaid well have the opportunity to fund what would have been a shortfall in public education which if we had funded it at the end of the last Legislative Session would have had a $2.2 billion price tag which we didnt have in the budget.
And interestingly that $2.2 billion price tag forecast by the Texas Education Agency was based upon forecasts that turned out to be accurate economically but not accurate for the number of kids. So now itll really be give or take about a $1.8 billion dollar bill.
What we found in fact is that more efficiencies could be made we could reduce spending and most importantly we reduced the rate of growth in spending. Thats what we did Hilderbran said.
Texas is the jobs leader in the nation we are doing better than any other state. Our revenue collections are higher and are now actually exceeding pre-recession numbers said Hilderbran.
Weve had a 12 growth rate for the last Fiscal Year which in Texas ended August 31st of this year.
That will be an advantage because we will be in Legislative Session while in the middle of the Fiscal Year and we can adjust things from September 1st of the current Fiscal Year. We have that ability starting in 2013 Hilderbran said.
Earlier in the summer Hilderbran told Texas Insider Theres some talk of repealing & then replacing the Margins Tax which is the Business Franchise Tax we have in Texas but quite frankly Im worried we might end up with something even worse.
Im starting to lean toward the idea of lets tweak it lets refine it lets do some things like specifically address the Small Business Exemption. Lets make the small business exemption permanent but we also need to expand it.