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Report of the State Budget Crisis Task Force - Texas Report

Report of the State Budget Crisis Task Force - Texas Report

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Published by ProgressTX
The Lone Star State was fortunate that it entered the recession later than many states and suffered less from its economic dislocations, particularly compared to other fast-growing Sunbelt states. Still, Texas has had its share of fiscal challenges; the 2011 legislative session witnessed one of the most difficult budget processes in recent history. Since then, the state economy has begun to recover and state revenues have rebounded.

What Texas lacks — and should make a priority — is a long-term financial planning process that focuses on the size and shape of major issues that will confront the state in the future. The issues this process would address are familiar. Many are driven by the state’s changing demographic and socioeconomic make-up as dynamic growth makes Texas a more populous, more urban, and more ethnically diverse state.
The Lone Star State was fortunate that it entered the recession later than many states and suffered less from its economic dislocations, particularly compared to other fast-growing Sunbelt states. Still, Texas has had its share of fiscal challenges; the 2011 legislative session witnessed one of the most difficult budget processes in recent history. Since then, the state economy has begun to recover and state revenues have rebounded.

What Texas lacks — and should make a priority — is a long-term financial planning process that focuses on the size and shape of major issues that will confront the state in the future. The issues this process would address are familiar. Many are driven by the state’s changing demographic and socioeconomic make-up as dynamic growth makes Texas a more populous, more urban, and more ethnically diverse state.

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Published by: ProgressTX on Mar 14, 2013
Copyright:Attribution Non-commercial

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07/13/2014

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Report of theState Budget Crisis Task Force
 
TEXAS REPORT
 
 
More information is available atwww.statebudgetcrisis.org
State Budget Crisis Task Force, November 2012This is a report of the State Budget Crisis Task Force prepared in collaboration with BillyHamilton, a former Deputy Comptroller of the state of Texas, with assistance from Vicki Anderson.Task Force member Donald Boyd oversaw the production of this report.
 
 
 
Table of Contents
A Statement from the Task Force Co-Chairs ................................................................................ 3Foreword ......................................................................................................................................... 6Summary ........................................................................................................................................ 7Introduction ................................................................................................................................. 10Economy and Demographics ..................................................................................................... 11
Demographic Change in Texas .............................................................................................................................. 12Long-Term Implications of Demographic Change ................................................................................................ 13
State Budget Update .................................................................................................................. 15Politics and the Budget Process ................................................................................................ 18
The State Budget Ecosystem ................................................................................................................................ 19
Medicaid ...................................................................................................................................... 23
2011 Underfunding of Medicaid ........................................................................................................................... 24The Affordable Care Act ......................................................................................................................................... 25
Pensions and Other Post-Retirement Benefits ......................................................................... 27
Other Post-Retirement Benefits ............................................................................................................................ 28The Pew Study ........................................................................................................................................................ 29
Revenue System Performance .................................................................................................. 32
Performance Over Time and Base Erosion ........................................................................................................... 33Volatility .................................................................................................................................................................. 36Volatility of Non-Tax Revenues .............................................................................................................................. 38The “Fiscal Rollercoaster” ..................................................................................................................................... 39
Local Government ....................................................................................................................... 41
The Structure and Financing of Texas Local Government ................................................................................... 41State-Local Issues .................................................................................................................................................. 41The Problem of School Finance ............................................................................................................................ 46State Oversight and the Future of Texas Local Government .............................................................................. 47
Planning, Budgeting, and Reporting .......................................................................................... 48
Long-Range Planning ............................................................................................................................................. 48The Fiscal Noting Process ..................................................................................................................................... 50Tax Expenditure Reporting .................................................................................................................................... 50The Role of the Economic Stabilization Fund ....................................................................................................... 50Non-Recurring Budget Items ................................................................................................................................. 53

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