State of Texas Cash Management Committee
Cash Flow Forecast
Susan Combs Texas Comptroller of Public Accounts
Fiscal Years 2010-2011
State of Texas Cash Management Committee
Cash Flow Forecast
Susan Combs Texas Comptroller of Public Accounts
Fiscal Years 2010-2011
Table of Contents
TABLE 1 Projected General Revenue Fund Cash Flow, Fiscal Year 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TABLE 2 General Revenue Fund Account Projected Temporary Cash Shortfall, Fiscal Year 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TABLE 3 Projected General Revenue Fund Cash Flow, Fiscal Year 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TABLE 4 General Revenue Fund Account Projected Temporary Cash Shortfall, Fiscal Year 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
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State of Texas Cash Management Committee – Cash Flow Forecast, Fiscal Years 2010-2011
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TA B L E 1
Projected General Revenue Fund Cash Flow1
Fiscal Year 2010 Millions of Dollars
Sep 09 Oct 09 $ 5,748 Nov 09 $ 3,326 Dec 09 $ 1,699 Jan 09 $ 2,105
BEGINNING CASH BALANCE (Before Interfund Borrowing) $ REVENUES Sales Tax Oil Production Tax Natural Gas Production Taxes Motor Vehicle Sales/Rental Tax Motor Fuels Tax Franchise Tax Alcoholic Beverage Taxes Insurance Occupation Taxes Utility Taxes Inheritance Tax Hotel and Motel Tax Lottery Federal Funds Property Tax Relief Transfer Cigarette Tax Other Revenue Sources Tobacco Settlement Money Transfers From TRAN Proceeds Account Total Revenues EXPENDITURES Construction/Equipment/Materials Payroll/Benefits Public Assistance Payments Intergovernmental Payments Professional Service and Fees Other Expenditures Transfers to Foundation School Fund Transfer to Economic Stabilization Fund Transfers to TRAN Fund Total Expenditures REVENUES LESS EXPENDITURES Revenue Interfund Transfers Expenditure Interfund Transfers NET INTERFUND TRANSFERS ENDING CASH BALANCE (Before Interfund Borrowing) GENERAL REVENUE BORROWABLE ACCOUNTS TOTAL GENERAL REVENUE OTHER BORROWABLE RESOURCES EXPANDED BORROWABLE FUNDS ENDING CASH BALANCE AND BORROWABLE RESOURCES
842
1,615 58 47 218 280 26 65 14 3 30 163 1,770 3,016 75 466 5,500 13,348
1,670 61 50 205 255 11 64 18 11 31 126 1,806 63 39 609
1,943 60 52 229 278 177 72 11 114 35 109 1,843 60 44 500
1,855 57 75 269 217 (177) 71 16 (11) 28 142 2,113 48 43 650 488 5,885
1,933 60 73 232 258 (52) 78 14 (1) 23 121 1,670 55 47 470 1 4,982
5,019
5,525
61 910 2,518 229 38 275 3,731
64 1,133 2,670 199 28 272 2,786
67 1,078 2,633 255 46 260 1,846 852 7,036 (1,511) 983 1,099 (115) 1,699 3,201 4,900 7,760 755 $ 13,415
45 1,062 3,320 154 19 138 454
54 1,059 2,343 89 11 409 453
7,762 5,586 2,236 2,916 (680) 5,748 3,078 8,826 6,848 730 $ 16,405
7,152 (2,133) 1,085 1,375 (290) 3,326 3,117 6,442 6,967 748 $ 14,157
5,191 694 920 1,209 (288) 2,105 3,172 5,277 7,782 789 $ 13,847
4,420 562 859 921 (62) 2,605 3,327 5,932 7,908 901 $ 14,741
1
General Revenue Fund excludes Restricted Accounts. Cash flows reflect issuance and payment of Series 2009 Notes. Totals may not add due to rounding.
SOURCE: Texas Comptroller of Public Accounts – Treasury Operations
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State of Texas Cash Management Committee – Cash Flow Forecast, Fiscal Years 2010-2011
Feb 09 $ 2,605
Mar 09 $ 3,899
Apr 09 $ 3,396
May 09 $ 3,873
Jun 09 $ 7,225
Jul 09 $ 5,162
Aug 09 $ 3,787 $
TOTAL FY 2010 842
1,815 62 79 241 258 9 65 360 113 25 139 1,917 55 44 590
1,658 63 99 220 251 117 68 346
1,732 60 100 212 256 176 73 42 110 33 116 2,252 110 40 691 8 6,011
1,866 62 98 204 262 3,947 70 (26) 2 28 123 1,809 56 72 461
1,710 60 100 250 268 (1,678) 74 (18) 1 28 141 1,922 1,594 53 695
1,795 58 102 242 253 (50) 74 261 2 30 111 1,844 78 45 913
1,984 60 103 227 263 90 74 313 171 29 112 2,052 527 (14) 674
21,578 721 976 2,750 3,100 2,597 844 1,349 514 349 1,554 22,634 5,663 538 7,302 498 5,500 78,469
28 151 1,637 51 583
5,770
5,272
9,033
5,199
5,760
6,666
48 1,021 2,565 77 45 359 246
35 997 2,839 171 371 205 454 250 5,322 (51) 1,134 1,586 (452) 3,396 3,327 6,723 7,872 723 $ 15,319
45 1,068 2,671 190 24 340 762 300 5,399 612 1,000 1,136 (136) 3,873 3,328 7,201 7,989 790 $ 15,980
62 940 2,367 210 184 295 792 825 5,675 3,358 921 925 (5) 7,225 3,257 10,482 7,922 772 $ 19,176
59 929 2,857 186 130 172 1,186 1,375 6,894 (1,695) 1,084 1,453 (369) 5,162 3,173 8,335 7,907 774 $ 17,015
88 904 2,390 174 179 359 1,370 1,375 6,838 (1,078) 1,076 1,374 (297) 3,787 3,065 6,852 8,036 828 $ 15,716
59 895 2,818 525 181 267 1,690 1,375 7,810 (1,144) 1,653 2,152 (498) 2,144 3,195 5,339 7,940 842 $ 14,121
4,361 1,409 1,042 1,157 (115) 3,899 3,385 7,284 7,863 715 $ 15,862
686 11,996 31,991 2,459 1,256 3,352 15,770 852 5,500 73,861 4,608 13,995 17,301 (3,306) 2,144 3,195 5,339 7,940 842 $ 14,121
State of Texas Cash Management Committee – Cash Flow Forecast, Fiscal Years 2010-2011
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State of Texas Cash Management Committee – Cash Flow Forecast, Fiscal Years 2010-2011
TA B L E 2
General Revenue Fund Account Projected Temporary Cash Shortfall
Fiscal Year 2010
$ (3,796,191,887)
BEGINNING BALANCE ON DECEMBER 1, 2009 REVENUE (DECEMBER 1-11, 2009) Motor Vehicle Sales and Use Tax Sales Tax Federal Funds Cigarette Tax* Lottery Other Revenue Total Revenue EXPENDITURES (DECEMBER 1-11, 2009) Salaries/Benefits Motor Fuels Transfer to Highways/Education Intergovernmental Payments Public Assistance Other Expenditures Total Expenditures Revenue Interfund Transfers Expenditure Interfund Transfers Net Transfers Net Cash Activity ENDING BALANCE ON DECEMBER 11, 2009 MAXIMUM CASH NEED REASONABLE CASH BALANCE TEMPORARY CASH SHORTFALL SERIES 2009 NOTE PROCEEDS
117,028,253 44,661,774 900,221,979 (39,828,310) 56,814,078 68,754,435 1,147,652,209
(838,236,998) (269,860,960) (97,984,689) (1,522,222,633) (109,662,332) (2,837,967,612) 420,801,323 (416,371,409) 4,429,914 (1,685,885,489) $ (5,482,077,376) $ 5,482,077,376 $ 217,922,624
$ 5,700,000,000 $ 5,700,000,000
* Cigarette Tax is negative due to a monthly transfer to the Property Tax Relief Fund. SOURCE: Comptroller of Public Accounts – Treasury Operations, July 14, 2009
State of Texas Cash Management Committee – Cash Flow Forecast, Fiscal Years 2010-2011
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TA B L E 3
Projected General Revenue Fund Cash Flow1
Fiscal Year 2011 Millions of Dollars
Sep 09 Oct 09 $ 5,765 Nov 09 $ 3,128 Dec 09 $ 1,774 Jan 09 $ 2,262
BEGINNING CASH BALANCE (Before Interfund Borrowing) $ 2,144 REVENUES Sales Tax Oil Production Tax Natural Gas Production Taxes Motor Vehicle Sales/Rental Tax Motor Fuels Tax Franchise Tax Alcoholic Beverage Taxes Insurance Occupation Taxes Utility Taxes Inheritance Tax Hotel and Motel Tax Lottery Federal Funds Property Tax Relief Transfer Cigarette Tax Other Revenue Sources Tobacco Settlement Money Transfers From TRAN Proceeds Account Total Revenues EXPENDITURES Construction/Equipment/Materials Payroll/Benefits Public Assistance Payments Intergovernmental Payments Professional Service and Fees Other Expenditures Transfers to Foundation School Fund Transfer to Economic Stabilization Fund Transfers to TRAN Fund Total Expenditures REVENUES LESS EXPENDITURES Revenue Interfund Transfers Expenditure Interfund Transfers NET INTERFUND TRANSFERS ENDING CASH BALANCE (Before Interfund Borrowing) GENERAL REVENUE BORROWABLE ACCOUNTS TOTAL GENERAL REVENUE OTHER BORROWABLE RESOURCES EXPANDED BORROWABLE FUNDS ENDING CASH BALANCE AND BORROWABLE RESOURCES
1,713 69 123 238 283 26 68 15 3 32 160 1,846 12 183 490 7,500 12,761
1,772 71 125 235 257 11 67 18 12 33 123 1,879 54 76 675
2,061 69 127 232 280 177 76 11 118 36 106 1,913 59 40 511
1,963 73 147 236 262 (277) 74 16 (11) 30 139 2,163 52 86 682 475 6,110
2,045 73 149 230 260 (102) 81 15 113 25 118 1,543 59 17 540 1 5,167
5,409
5,818
62 913 2,522 234 39 316 4,353
65 1,170 2,674 203 29 269 3,275
68 1,165 2,637 260 47 256 2,049 422 6,904 (1,086) 1,022 1,290 (268) 1,774 3,229 5,003 8,515 797 $ 14,315
45 1,095 3,325 157 19 158 533
55 1,096 2,438 91 11 415 533
8,440 4,321 2,391 3,092 (701) 5,765 3,150 8,915 7,991 771 $ 17,676
7,685 (2,276) 1,132 1,493 (361) 3,128 3,139 6,267 8,092 789 $ 15,148
5,333 777 949 1,237 (289) 2,262 3,197 5,458 8,528 832 $ 14,818
4,639 529 863 996 (134) 2,657 3,311 5,968 8,619 950 $ 15,538
1
General Revenue Fund excludes Restricted Accounts. Cash flows reflect issuance and payment of Series 2010 Notes. Totals may not add due to rounding.
SOURCE: Texas Comptroller of Public Accounts – Treasury Operations
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State of Texas Cash Management Committee – Cash Flow Forecast, Fiscal Years 2010-2011
Feb 09 $ 2,657
Mar 09 $ 3,787
Apr 09 $ 3,219
May 09 $ 3,638
Jun 09 $ 7,760
Jul 09 $ 3,398
Aug 09 $ 1,217
TOTAL FY 2011 $ 2,144
1,921 74 152 243 260 (41) 68 378 3 26 135 1,772 59 49 541
1,762 78 176 242 254 117 71 363
1,841 77 173 234 258 176 76 44 1 34 114 2,082 117 37 946 8 6,218
1,984 80 175 240 264 5,322 73 (28) 116 30 120 1,462 59 55 624
1,817 79 202 256 270 (2,782) 77 (19) 1 29 138 1,566 1,448 57 621
1,908 80 201 262 256 20 77 274 2 32 109 1,495 75 65 803
2,110 80 204 263 266 20 77 329 177 31 110 1,687 716 (127) 597
22,898 904 1,954 2,910 3,170 2,668 886 1,417 535 366 1,519 20,923 2,711 603 7,648 484 7,500 79,096
29 147 1,514 66 614
5,640
5,433
10,577
3,762
5,661
6,540
49 1,050 2,405 79 46 311 290
35 1,053 2,679 174 379 264 534 375 5,493 (60) 1,194 1,702 (508) 3,219 3,217 6,437 8,607 766 $ 15,810
46 1,037 2,765 193 24 267 873 425 5,631 587 1,021 1,190 (168) 3,638 3,246 6,885 8,725 838 $ 16,447
64 975 2,461 214 187 282 933 1,075 6,191 4,386 837 1,101 (264) 7,760 3,202 10,961 8,686 819 $ 20,466
60 850 2,952 190 132 270 1,391 1,875 7,720 (3,959) 768 1,171 (403) 3,398 3,120 6,518 8,685 821 $ 16,024
90 850 2,484 178 182 341 1,614 1,875 7,614 (1,954) 1,092 1,319 (227) 1,217 3,015 4,233 8,821 878 $ 13,931
60 837 2,913 536 184 264 1,990 1,875 8,660 (2,120) 1,646 1,962 (316) (1,219) 3,141 1,922 102 893 $ 2,917
4,229 1,411 1,015 1,296 (281) 3,787 3,272 7,058 8,602 754 $ 16,415
700 12,093 32,256 2,508 1,281 3,413 18,368 422 7,500 78,540 556 13,929 17,849 (3,920) (1,219) 3,141 1,922 102 893 $ 2,917
State of Texas Cash Management Committee – Cash Flow Forecast, Fiscal Years 2010-2011
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State of Texas Cash Management Committee – Cash Flow Forecast, Fiscal Years 2010-2011
TA B L E 4
General Revenue Fund Account Projected Temporary Cash Shortfall
Fiscal Year 2011
BEGINNING BALANCE ON DECEMBER 1, 2010 REVENUE (DECEMBER 1-13, 2010) Motor Vehicle Sales and Use Tax Sales Tax Federal Funds Cigarette Tax* Lottery Other Revenue Total Revenue EXPENDITURES (DECEMBER 1-13, 2010) Salaries/Benefits Motor Fuels Transfer to Highways/Education Intergovernmental Payments Public Assistance Other Expenditures Total Expenditures Revenue Interfund Transfers Expenditure Interfund Transfers Net Transfers Net Cash Activity ENDING BALANCE ON DECEMBER 13, 2010 MAXIMUM CASH NEED REASONABLE CASH BALANCE TEMPORARY CASH SHORTFALL SERIES 2010 NOTE PROCEEDS
$ (5,726,251,077)
97,798,868 92,399,959 919,106,286 (48,484,564) 55,542,988 48,052,703 1,164,416,240
(865,709,426) (275,200,584) (99,944,383) (1,476,220,260) (113,478,971) (2,830,553,624) 381,060,584 (472,787,101) (91,726,517) (1,757,863,901) $ (7,484,114,978) $ 7,484,114,978 $ 315,885,022
$ 7,800,000,000 $ 7,800,000,000
* Cigarette Tax is negative due to a monthly transfer to the Property Tax Relief Fund. SOURCE: Comptroller of Public Accounts – Treasury Operations, July 14, 2009
State of Texas Cash Management Committee – Cash Flow Forecast, Fiscal Years 2010-2011
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Texas Comptroller of Public Accounts Publication #96-1263 July 2009