96-1251 Cash Flow Report Sept-Aug Fiscal Year 2019 · 2019. 9. 18. · Cash Flow Report September–August Fiscal Year 2019. Texas Comptroller of Public Accounts. ii Cas Flo Report

Cash Flow Report

September–August Fiscal Year 2019

Texas Comptroller of Public Accounts

iiCash Flow Report • Fiscal 2019

The data represented in this report is available in accessible data form (Excel).

https://comptroller.texas.gov/transparency/reports/cash-flow/docs/cashflow-2019q4.xlsx

iiiFiscal 2019 • Cash Flow Report

Cash Flow ReportFiscal 2019

TABLE OF CONTENTS

PAGE

G E N E R A L R E V E N U E F U N D C A S H F L O W 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R E V E N U E S A N D E X P E N D I T U R E S , Y E A R T O D A T E 2

G E N E R A L R E V E N U E F U N D D A I L Y B A L A N C E S 4

G E N E R A L R E V E N U E F U N D N E T C A S H F L O W 4

T O T A L R E V E N U E 5

S A L E S T A X 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

O I L P R O D U C T I O N T A X 6

N A T U R A L G A S P R O D U C T I O N T A X 6

M O T O R V E H I C L E S A L E S / R E N T A L T A X 7

F R A N C H I S E T A X 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

M O T O R F U E L S T A X E S 8

I N S U R A N C E T A X E S 8

T O T A L E X P E N D I T U R E S 9

P A Y R O L L / B E N E F I T S E X P E N D I T U R E S 9

P U B L I C E D U C A T I O N E X P E N D I T U R E S 1 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

L O T T E R Y T I C K E T S A L E S 1 0

S A L E S T A X C O L L E C T I O N S 1 1

D A I L Y R E P O B A L A N C E S 1 1

ivCash Flow Report • Fiscal 2019

1Fiscal 2019 • Cash Flow Report

STATE OF TEXASGeneral Revenue Fund Cash Flow1

Fiscal 2019, September – August

category ACTUAL FORECASTACTUAL

LESS FORECASTBEGINNING CASH BALANCE ($586,549,892) ($1,014,226,752) $427,676,861 REVENUE:

Sales Tax $33,899,344,983 $33,394,653,712 $504,691,271 Natural Gas Production Tax 1,685,680,675 1,463,210,369 222,470,305 Oil Production Tax 3,886,823,879 3,919,820,364 (32,996,486)Motor Vehicle Sales & Rental Taxes 4,966,892,139 4,892,859,000 74,033,139 Motor Fuels Taxes 3,743,004,327 3,756,643,000 (13,638,673)Franchise Tax 2,962,146,000 2,995,676,225 (33,530,225)Alcoholic Beverage Taxes 1,369,402,271 1,344,545,354 24,856,917 Insurance Taxes 2,597,819,353 2,640,985,778 (43,166,425)Utility Taxes 471,361,566 462,399,598 8,961,967 Property Tax Relief 2,099,387,384 1,721,368,871 378,018,513 Hotel Occupancy Tax 636,110,128 590,381,544 45,728,583 Lottery 2,510,143,199 2,367,873,000 142,270,199 Federal Funds 29,932,902,166 27,452,798,163 2,480,104,004 Cigarette and Tobacco Taxes 594,145,403 603,624,887 (9,479,484)State Health Service Fees and Rebates2 7,087,931,884 7,734,447,445 (646,515,561)Other Revenue 6,462,222,586 6,183,995,462 278,227,124 Tobacco Settlement Money 489,872,318 452,100,000 37,772,318 Transfer from Tax and Revenue Anticipation Note Fund 7,200,000,000 7,200,000,000 0

TOTAL REVENUE $112,595,190,261 $109,177,382,773 $3,417,807,488

EXPENDITURES:Construction/Equipment/Materials $821,197,253 $858,115,481 ($36,918,227)Payroll/Benefits 16,066,784,749 16,340,210,904 (273,426,156)Public Assistance Payments 47,361,730,127 47,368,968,471 (7,238,344)Intergovernmental Payments 2,489,786,396 2,544,205,812 (54,419,416)Professional Service and Fees 1,940,120,609 2,119,676,433 (179,555,825)Other Expenditures 4,308,661,407 4,771,520,982 (462,859,575)Transfers to Foundation School Program 18,163,776,307 18,627,983,555 (464,207,248)Transfers to Tax and Revenue Anticipation Note Fund 7,200,000,000 7,200,000,000 0

TOTAL EXPENDITURES $98,352,056,847 $99,830,681,638 ($1,478,624,790)

REVENUES LESS EXPENDITURES $14,243,133,414 $9,346,701,136 $4,896,432,278

Revenue Interfund Transfers $10,042,443,318 $11,216,267,883 (1,173,824,566)Expenditure Interfund Transfers3 20,636,933,992 22,112,728,392 (1,475,794,400)

Net Interfund Transfers ($10,594,490,674) ($10,896,460,509) $301,969,834 ENDING CASH BALANCE $3,062,092,848 ($2,563,986,125) $5,626,078,973

GENERAL REVENUE BORROWABLE ACCOUNTS $5,350,682,084 $4,927,503,341 $423,178,744 OTHER BORROWABLE RESOURCES4 525,232,140 203,133,792 322,098,348 EXPANDED BORROWABLE FUNDS 1,344,585,491 1,344,821,310 (235,819)ENDING CASH BALANCE & BORROWABLE RESOURCES $10,282,592,563 $3,911,472,318 $6,371,120,246

INTERFUND BORROWING5 $0 $0 $0 Notes:

1) This table compares the fiscal 2019 cash flow forecast prepared in July 2018 with actual cash flow for fiscal 2019.2) The “State Health Service Fees and Rebates” does not include deposits to Funds 0989 and 0855 for the Teacher Retirement System.3) Expenditure Interfund Transfers includes the transfer of sales tax collections pursuant to Proposition 7 (2015) to the Highway Fund. 4) Balances do not include the portion of the Economic Stabilization Fund (ESF) above the $7.5 billion sufficient balance invested pursuant to Government Code 404.0241.5) The ESF is not available for interfund borrowing on the last day of the biennium and is not included in the August 31, 2019 balance.Totals may not sum due to rounding.

SOURCE: Texas Comptroller of Public Accounts – Treasury Operations

2Cash Flow Report • Fiscal 2019

STATE OF TEXAS

General Revenue Fund1

Revenues and Expenditures, Year-to-DateComparisons for Fiscal 2018 and 2019 - September-August

categoryFISCAL YEAR

2018FISCAL YEAR

2019%

CHANGEREVENUE:

Sales Tax $31,827,973,695 $33,899,344,983 6.5%Natural Gas Production Tax 1,431,106,198 1,685,680,675 17.8%Oil Production Tax 3,391,517,599 3,886,823,879 14.6%Motor Vehicle Sales & Rental Taxes 4,931,010,185 4,966,892,139 0.7%Motor Fuels Taxes 3,674,996,627 3,743,004,327 1.9%Franchise Tax 2,829,812,000 2,962,146,000 4.7%Alcoholic Beverage Taxes 1,291,988,533 1,369,402,271 6.0%Insurance Occupation Taxes 2,507,282,833 2,597,819,353 3.6%Utility Taxes 452,391,102 471,361,566 4.2%Property Tax Relief 1,641,074,267 2,099,387,384 27.9%Hotel and Motel Tax 601,244,170 636,110,128 5.8%Lottery 2,228,779,118 2,510,143,199 12.6%Federal Funds 27,976,066,395 29,932,902,166 7.0%Cigarette Tax2 561,825,561 594,145,403 5.8%State Health Service Fees and Rebates3 7,598,885,950 7,087,931,884 -6.7%Other Revenue 5,501,415,079 6,462,222,586 17.5%Tobacco Settlement Money4 448,243,541 489,872,318 9.3%

TOTAL REVENUE $98,895,612,853 $105,395,190,261 6.6%

EXPENDITURES:Construction/Equipment/Materials $800,312,688 $821,197,253 2.6%Payroll/Benefits 16,149,975,536 16,066,784,749 -0.5%Public Assistance Payments 46,042,029,778 47,361,730,127 2.9%Intergovernmental Payments 2,467,004,313 2,489,786,396 0.9%Professional Service and Fees 2,117,686,292 1,940,120,609 -8.4%Other Expenditures 4,280,629,770 4,308,661,407 0.7%Transfers to Foundation School Fund 20,447,640,935 18,163,776,307 -11.2%

TOTAL EXPENDITURES $92,305,279,312 $91,152,056,847 -1.2%

REVENUES LESS EXPENDITURES $6,590,333,541 $14,243,133,414

Revenue Interfund Transfers $10,812,116,786 $10,042,443,318 -7.1%Expenditure Interfund Transfers5 (16,781,761,824) (20,636,933,992) 23.0%

NET INTERFUND TRANSFERS ($5,969,645,038) ($10,594,490,674) 77.5%

TOTAL NET REVENUE AND EXPENDITURES $620,688,503 $3,648,642,739

Notes:1) Excludes General Revenue Borrowable Accounts.

2) Cigarette Tax is lower in September of even-numbered fiscal years, due to a required speed-up of tax payment in August of odd-numbered fiscal years.

3) The “State Health Service Fees and Rebates” does not include deposits to Funds 0989 and 0855 for the Teacher Retirement System.

4) Fiscal Year 1999 was the first year that Texas received litigation settlement payments from the tobacco industry. The State will receive settlement payments in perpetuity.

5) Expenditure Interfund Transfers includes the transfer of sales tax collections pursuant to Proposition 7 (2015) to the Highway Fund.Totals may not sum due to rounding.

SOURCE: Texas Comptroller of Public Accounts - Treasury Operations


Cash Flow Graphs


FY 2016 FY 2017 FY 2018 FY 2019

In billions

FY 2016 FY 2017 FY 2018 FY 2019 *Excludes General Revenue Borrowable Accounts and Interfund Borrowing.

*Excludes Interfund Transfers.

1-Sep 30-Sep 30-Oct 29-Nov 29-Dec 28-Jan 29-Feb 28-Mar 27-Apr 27-May 26-Jun 26-Jul 31-Aug

In billions

SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG

-15

-12

-9

-6

-3

0

3

6

$9

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

$6

General Revenue Fund Daily Balances*

General Revenue Fund Net Cash Flow*


In billions


0

1

2

3

4

5

6

7

8

9

10

11

$12

In billions

SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG0

.5

1

1.5

2

2.5

3

$3.5

FY 2016 FY 2017 FY 2018 FY 2019

FY 2016 FY 2017 FY 2018 FY 2019 *Excludes Interfund Transfers.

Total Revenue*

Sales Tax


FY 2016 FY 2017 FY 2018 FY 2019

FY 2016 FY 2017 FY 2018 FY 2019

In millions

In millions


50

100

150

200

250

300

350

$400


50

100

150

$200

Oil Production Tax

Natural Gas Production Tax


FY 2016 FY 2017 FY 2018 FY 2019

FY 2016 FY 2017 FY 2018 FY 2019

In millions


In billions

0

100

200

300

400

$500

SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG-1

0

1

2

3

$4

Motor Vehicle Sales/Rental Tax

Franchise Tax


FY 2016 FY 2017 FY 2018 FY 2019

FY 2016 FY 2017 FY 2018 FY 2019

In millions

In millions


50

100

150

200

250

300

$350

SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG-100

0

100

200

300

400

500

600

700

800

$900

Motor Fuels Taxes

Insurance Taxes


In billions

In billions



FY 2016 FY 2017 FY 2018 FY 2019 *Excludes Interfund Transfers.

FY 2016 FY 2017 FY 2018 FY 2019 *Includes Teacher Retirement Contributions.

0

-2

-4

-6

-8

-10

-$12

0

-.5

-1

-1.5

-$2

Total Expenditures*

Payroll/Benefits Expenditures*


FY 2016 FY 2017 FY 2018 FY 2019

FY 2016 FY 2017 FY 2018 FY 2019

In billions


-1

-2

-3

-4

-$5

In millions


50

100

150

200

250

300

350

400

$450

Public Education Expenditures

Lottery Ticket Sales


FY 2016 FY 2017 FY 2018 FY 2019

Percent


-10

-5

0

5

10

15

20%

FY 2017 FY 2018 FY 2019 FY 2019 Reverse Repo

In billions

1-SEP 1-OCT 31-OCT 30-NOV 30-DEC 29-JAN 29-FEB 29-MAR 28-APR 28-MAY 27-JUN 27-JUL 31-AUG

0

1

2

3

4

5

6

$7

FY 19 Reverse Repo

Sales Tax Collections (Percent change over same month prior year)

Daily Repo Balances

Texas Comptroller of Public AccountsPublication #96-1251

Updated September 2019

For additional copies write:Texas Comptroller of Public Accounts

Treasury OperationsP.O. Box 12608

Austin, Texas 78711

The Texas Comptroller of Public Accounts is an equal opportunity employer and does not discriminate on the basis of race, color, religion, sex, national origin, age or disability in employment or in the provision

of any services, programs or activities.

In compliance with the Americans with Disabilities Act, this document may be requested in alternative formats by calling toll free

1-800-252-5555 or by calling in Austin 512-463-4600.

Documents

96-1251 Cash Flow Report Sept-Aug Fiscal Year 2019 · 2019. 9. 18. · Cash Flow Report September–August Fiscal Year 2019. Texas Comptroller of Public Accounts. ii Cas Flo Report