• lower revenue volatility
  • TX revenue volatility is below average at 8.5%
• healthier reserves
  • TX reserves ” provide more than 3 times coverage of a 1st year revenue shortfall scenario”
• greater revenue
• spending flexibility
  • Texas Governor & LBB can adapt to the economy quickly wth spending cuts

Moody’s Investor Service | Moody’s: Fiscal test of most populous states show Texas best prepared for next recession, California least ready