DALLAS - A day after the election of her successor, Texas Comptroller Susan Combs reported that state revenues rose 12.9% to $2.41 billion, the second-highest monthly total of the year.
Combs will be replaced by a fellow Republican, state Sen. Glenn Combs, R-Katy, who defeated Democrat Mike Collier, an accountant and businessman who criticized Combs' erratic revenue estimates over the past three years.
With no income tax, Texas relies heavily on sales tax revenue for state operations.
The October increase represented the 55th straight month of growth in the state and the second-highest for the year behind May's $2.45 billion. On a percentage basis, the increase was the highest in at least two years.
"Strong growth in sales tax receipts was apparent across all major economic sectors," Combs said. "Notable increases from retail trade and the oil and natural gas-related sectors led the growth, indicating increased spending by both consumers and businesses."
Combs will send cities, counties, transit systems and special purpose taxing districts their November local sales tax allocations totaling $723.1 million, up 10.5% compared to November 2013.
The soaring revenues come as concerns about falling oil prices cloud the state's economic horizon. The price of benchmark West Texas Intermediate crude is down more than 25% since the June peak.
Hegar, who built his reputation in the Senate as a social conservative on issues such as abortion, expressed strong support for Combs in his campaign for Comptroller. Combs did not seek a third term.
