While the governor has not given specifics as to what will be on the agenda, we can speculate based on his past comments.
The bill would cap the growth of state spending to that of population plus inflation.
Fairly orchestrated discussion on a budget providing for about $247 billion in spending.
The House budget, as written, accounts for about $246.7 billion of spending for the next two years.
The bill will now move over to the House, where lawmakers are expected to hold debate on their version of the budget sometime in the coming weeks.
Neither the House or Senate budget proposals rely on increased taxes or tap into the rainy day fund.
In addition to the shortfall, Hegar projected that the state would have $112.5 billion in revenue available for general-purpose spending during the coming 2022-23 biennium.
Lawmakers will have to grapple with a budget shortfall by either raising taxes or reducing spending.
The Legislative Budget Board met on Monday to approve a 7.06 percent spending limit increase for the upcoming 2022-2023 budget.
Texas Comptroller Glenn Hegar reported that “October sales tax collections from all major economic sectors declined significantly from year-ago levels.”