Comptroller says state will not borrow to meet budget

AUSTIN — Texas Comptroller Glenn Hegar on July 7 announced his decision not to go the usual route to insure that Texas meets its budgetary obligations. The state’s chief financial officer explained that every year for the past three decades the state has issued a Tax Revenue Anticipation Note to deal with “periodic mismatches” between revenues and expenditures during the fiscal year and “anticipated mismatches” that result from the state’s providing nearly 50 percent of its payments to local school districts in the first three months of the fiscal year.
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