The Texas State Comptroller’s Office on January 7 issued its latest Biennial Revenue Estimate (BRE) 2020-21. Under the state constitution, the BRE sets a legislative cap on annual spending and is a key part of the state’s governance framework, which KBRA views very favorably. The 2020-21 biennium starts at the close of the current fiscal year, on June 30. The BRE provides a valuable review of current and expected economic conditions and the revenue outlook. It also provides insight into the state’s revenue forecasting and budgetary performance, which have historically been favorable.

To view the full report, click here.

Related Publications: (available at www.kbra.com)

  • State of Texas General Obligation Bonds Surveillance Report
  • State of Texas, Tax and Revenue Anticipation Notes Rating Report


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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.