Texas legislators have one constitutional duty every other year when the Legislature is in session: pass a budget. This biennium’s budget process featured operating with a historic surplus of more than $30 billion, generating robust debate on how to best spend those resources. The final version eclipsed 1,000 pages, so here are some highlights of what is included in the 2024-2025 budget.

Infrastructure

• $5 billion for construction, maintenance and modernization of dispatchable electric generating facilities
• $5 billion for highway planning and design; $2.5 billion from federal funds, $2.5 billion in the State Highway Fund
• $1.5 billion for the Texas Broadband Infrastructure fund, pending voter approval
• $1 billion for the Texas Water Fund, pending voter approval
• $625 million for the Flood Infrastructure Fund

Education

• $5 billion for public education funding, contingent on enactment of legislation
• $5 billion for retired teachers
  • $3.4 billion for a cost-of-living adjustment
  • $1.6 billion for a one-time supplemental “13^th check”
• $3 billion for creation of the Texas University Fund
• $1.1 billion for public ISD school safety
• $691 million in community college funding, tied to education and workforce outcomes rather than enrollment

Other/Miscellaneous

• $18 billion in property tax and franchise tax relief
• $2.2 billion for mental health services and inpatient facilities
• $200 million for the Moving Image Industry Incentive Program

Top Headlines

National

• CNBC | Fed meeting July 2023: Fed approves hike, interest rates rise to highest level in more than 22 years
• Politico | ‘Untaxed kickback’? Washington goes to war over rewards programs
• Roll Call | Nervous automakers await rules pushing them toward EVs
• Axios | Senate imposes new rules on outbound investments into China

State and Local

• FiscalNotes | An Economic Argument for Affordable Higher Education
• Star-Telegram | U.S. Army Corps give Fort Worth OK to build council chamber
• Fort Worth Report | Electric vehicle component supplier plans to add 120 jobs, invest $21M in Fort Worth plant

Upcoming Dates

• August 7: Rep. Beth Van Duyne North Texas Job Fair [More info]
• August 17: State of the County Luncheon featuring Tarrant County Judge Time O’Hare [More info]
• September 7: Leaders in Government featuring Congressman Roger Williams[More info]
• October 6: Mayor Mattie Parker’s State of the City[More info]