MEDIA ADVISORY: Texas Comptroller Glenn Hegar Issues Statement on the Texas Economy
Texas Comptroller of Public Accounts sent this bulletin at 03/09/2020 05:06 PM CDT
|
Contact: |
512-463-4070 |
1-800-531-5441 ext. 3-4070 |
| MEDIA ADVISORY | ||
|
March 9, 2020 Texas Comptroller Glenn Hegar Issues Statement on the Texas Economy“The fundamentals of the Texas economy remain strong. The agency is monitoring weakness in financial markets, including commodities and energy markets. We have been tracking revenues carefully since markets began to soften. "Certainly, Texas has exposure if oil prices remain depressed for a sustained period of time, and slowdowns in economic activity related to the COVID-19 outbreak could also be a headwind. We are still only six months into the current budget cycle, however, and it is too early to tell with certainty how current fluctuations will impact long-term economic performance and state revenues. "As I have said before during significant downturns in energy prices, the Texas economy is less reliant on severance taxes to fund the day-to-day functions of state government than it has been historically. In addition, the state leadership has numerous financial management tools that allow the state to react to and contend with economic pressures. Having said that, we will continue to monitor the economy and state revenues closely and will provide updates to lawmakers and the public as conditions warrant.” |
||
|
|
||
|
Our office does not monitor direct replies to this email address. To find contact information for Comptroller's office employees and divisions, please visit Comptroller.Texas.Gov.
|
