The_AT0 state_NN1 of_PRF Texas_NP0 Comprehensive_AJ0 Annual_AJ0 Financial_AJ0 Report_NN1 (_PUL CAFR_NP0 )_PUR for_PRP the_AT0 fiscal_AJ0 year_NN1 ended_VVD Aug._NP0 31_CRD ,_PUN 2020_CRD ,_PUN is_VBZ submitted_VVN herewith_AV0 ._SENT Responsibility_NN1 for_PRP both_DT0 the_AT0 accuracy_NN1 of_PRF the_AT0 data_NN0 presented_VVN ,_PUN as_CJS well_AV0 as_CJS the_AT0 completeness_NN1 and_CJC fairness_NN1 of_PRF the_AT0 presentation_NN1 ,_PUN rests_VVZ with_PRP the_AT0 office_NN1 of_PRF the_AT0 Texas_NP0 Comptroller_NN1 of_PRF Public_AJ0 Accounts_NN2 ._SENT To_PRP the_AT0 best_AJS of_PRF my_DPS knowledge_NN1 ,_PUN the_AT0 information_NN1 presented_VVN is_VBZ accurate_AJ0 in_PRP all_DT0 material_NN1 respects_NN2 ,_PUN and_CJC all_DT0 disclosures_NN2 necessary_AJ0 for_PRP a_AT0 reasonable_AJ0 understanding_NN1 of_PRF the_AT0 state_NN1 's_POS financial_AJ0 activities_NN2 are_VBB included_VVN ._SENT 
The_AT0 reporting_NN1 approach_NN1 established_VVN by_PRP the_AT0 Governmental_AJ0 Accounting_NN1 Standards_NN2 Board_NN1 (_PUL GASB_NP0 )_PUR was_VBD utilized_VVN ._SENT The_AT0 state_NN1 also_AV0 voluntarily_AV0 follows_VVZ the_AT0 recommendations_NN2 of_PRF the_AT0 Government_NN1 Finance_NN1 Officers_NN2 Association_NN1 (_PUL GFOA_NP0 )_PUR of_PRF the_AT0 United_NP0 States_NP0 and_CJC Canada_NP0 for_PRP the_AT0 contents_NN2 of_PRF government_NN1 financial_AJ0 reports_NN2 and_CJC participates_VVZ in_PRP the_AT0 GFOA_NP0 's_POS review_NN1 program_NN1 for_PRP the_AT0 Certificate_NN1 of_PRF Achievement_NN1 for_PRP Excellence_NN1 in_PRP Financial_AJ0 Reporting_NN1 ._SENT 
The_AT0 State_NN1 Auditor_NN1 's_POS Office_NN1 performed_VVD an_AT0 audit_NN1 ,_PUN in_PRP accordance_NN1 with_PRP generally_AV0 accepted_AJ0 auditing_NN1 standards_NN2 ,_PUN of_PRF the_AT0 state_NN1 's_POS general-purpose_AJ0 financial_AJ0 statements_NN2 ._SENT Their_DPS opinion_NN1 is_VBZ presented_VVN in_PRP this_DT0 report_NN1 preceding_VVG the_AT0 financial_AJ0 statements_NN2 ._SENT The_AT0 State_NN1 Auditor_NN1 's_POS Office_NN1 contracted_VVD with_PRP Clifton_NP0 Larson_NP0 Allen_NP0 (_PUL CLA_NP0 )_PUR to_TO0 perform_VVI portions_NN2 of_PRF the_AT0 federal_AJ0 audit_NN1 procedures_NN2 necessary_AJ0 to_TO0 meet_VVI the_AT0 requirements_NN2 of_PRF Title_NN1 2_CRD ,_PUN U.S._NP0 Code_NN1 of_PRF Federal_AJ0 Regulations_NN2 ,_PUN Part_NN1 200_CRD ,_PUN Uniform_AJ0 Administrative_AJ0 Requirements_NN2 ,_PUN Cost_NN1 Principles_NN2 ,_PUN and_CJC Audit_NN1 Requirements_NN2 for_PRP Federal_AJ0 Awards_NN2 (_PUL Uniform_AJ0 Guidance_NN1 )_PUR ._SENT The_AT0 federal_AJ0 portion_NN1 of_PRF the_AT0 Statewide_AJ0 Single_AJ0 Audit_NN1 Report_NN1 for_PRP the_AT0 fiscal_AJ0 year_NN1 ended_VVD Aug._NP0 31_CRD ,_PUN 2020_CRD ,_PUN with_PRP the_AT0 opinion_NN1 expressed_VVN by_PRP CLA_NN1 ,_PUN will_VM0 be_VBI issued_VVN separately_AV0 ._SENT 
Profile_NN1 of_PRF the_AT0 Government_NN1 
This_DT0 report_NN1 includes_VVZ financial_AJ0 statements_NN2 for_PRP the_AT0 state_NN1 of_PRF Texas_NP0 reporting_NN1 entity_NN1 ._SENT Criteria_NN2 for_PRP determining_VVG the_AT0 reporting_NN1 entity_NN1 and_CJC presentation_NN1 of_PRF the_AT0 related_AJ0 financial_AJ0 data_NN0 are_VBB established_VVN by_PRP GASB_NP0 ._SENT The_AT0 criteria_NN2 include_VVB legal_AJ0 standing_NN1 and_CJC financial_AJ0 accountability_NN1 ._SENT Other_AJ0 organizations_NN2 that_CJT would_VM0 cause_VVI the_AT0 financial_AJ0 statements_NN2 to_TO0 be_VBI misleading_AJ0 or_CJC incomplete_AJ0 if_CJS they_PNP were_VBD excluded_VVN are_VBB also_AV0 included_VVN in_PRP the_AT0 reporting_NN1 entity_NN1 ._SENT Note_NN1 1_CRD of_PRF the_AT0 notes_NN2 to_PRP the_AT0 financial_AJ0 statements_NN2 provides_VVZ detail_NN1 on_PRP the_AT0 financial_AJ0 reporting_NN1 entity_NN1 ._SENT Note_NN1 19_CRD provides_VVZ a_AT0 brief_AJ0 summary_NN1 of_PRF the_AT0 nature_NN1 of_PRF significant_AJ0 component_NN1 units_NN2 and_CJC their_DPS relationship_NN1 to_PRP the_AT0 state_NN1 of_PRF Texas_NP0 ._SENT 
All_DT0 activities_NN2 generally_AV0 considered_VVN part_NN1 of_PRF the_AT0 state_NN1 of_PRF Texas_NP0 are_VBB included_VVN in_PRP this_DT0 report_NN1 ._SENT These_DT0 activities_NN2 provide_VVB a_AT0 range_NN1 of_PRF services_NN2 in_PRP the_AT0 areas_NN2 of_PRF education_NN1 ,_PUN health_NN1 and_CJC human_AJ0 services_NN2 ,_PUN public_AJ0 safety_NN1 and_CJC corrections_NN2 ,_PUN transportation_NN1 ,_PUN natural_AJ0 resources_NN2 and_CJC recreation_NN1 ,_PUN regulation_NN1 ,_PUN general_AJ0 government_NN1 ,_PUN employee_NN1 benefits_NN2 and_CJC teacher_NN1 retirement_NN1 state_NN1 contributions_NN2 ._SENT 
The_AT0 management_NN1 's_POS discussion_NN1 and_CJC analysis_NN1 (_PUL MD_NP0 &_NP0 A_ZZ0 )_PUR in_PRP the_AT0 financial_AJ0 section_NN1 provides_VVZ an_AT0 overview_NN1 of_PRF the_AT0 state_NN1 's_POS financial_AJ0 activities_NN2 ,_PUN addressing_VVG both_AV0 governmental_AJ0 and_CJC business-type_AJ0 activities_NN2 reported_VVN in_PRP the_AT0 government-wide_AJ0 financial_AJ0 statements_NN2 ._SENT Accounting_NN1 System_NN1 and_CJC Budgetary_AJ0 Controls_NN2 
The_AT0 state_NN1 's_POS internal_AJ0 accounting_NN1 controls_NN2 provide_VVB reasonable_AJ0 assurance_NN1 regarding_PRP the_AT0 safeguarding_NN1 of_PRF assets_NN2 against_PRP loss_NN1 from_PRP unauthorized_AJ0 use_NN1 or_CJC disposal_NN1 and_CJC the_AT0 reliability_NN1 of_PRF financial_AJ0 records_NN2 for_PRP preparing_VVG financial_AJ0 statements_NN2 ._SENT The_AT0 concept_NN1 of_PRF reasonable_AJ0 assurance_NN1 recognizes_VVZ that_CJT the_AT0 cost_NN1 of_PRF a_AT0 control_NN1 should_VM0 not_XX0 exceed_VVI the_AT0 resulting_AJ0 benefit_NN1 ._SENT 
Budgetary_AJ0 control_NN1 is_VBZ exercised_VVN through_PRP expenditure_NN1 budgets_NN2 for_PRP each_DT0 agency_NN1 ._SENT These_DT0 budgets_NN2 are_VBB entered_VVN into_PRP the_AT0 statewide_AJ0 accounting_NN1 system_NN1 after_PRP the_AT0 General_AJ0 Appropriations_NN2 Act_NN1 (_PUL GAA_NP0 )_PUR becomes_VVZ law_NN1 ._SENT All_DT0 governmental_AJ0 funds_NN2 are_VBB appropriated_VVN for_PRP a_AT0 biennium_NN1 ,_PUN except_CJS for_PRP appropriations_NN2 related_VVN to_PRP construction_NN1 ,_PUN which_DTQ are_VBB appropriated_VVN for_PRP five_CRD years_NN2 ._SENT The_AT0 GAA_NN1 becomes_VVZ law_NN1 after_PRP passage_NN1 by_PRP the_AT0 Texas_NP0 Legislature_NN1 ,_PUN certification_NN1 by_PRP my_DPS office_NN1 that_CJT the_AT0 amounts_NN2 appropriated_VVN are_VBB within_PRP the_AT0 estimated_AJ0 collections_NN2 and_CJC the_AT0 signing_NN1 of_PRF the_AT0 bill_NN1 by_PRP the_AT0 governor_NN1 ._SENT Controls_NN2 are_VBB maintained_VVN first_ORD at_PRP the_AT0 agency_NN1 level_NN1 ,_PUN with_PRP additional_AJ0 control_NN1 at_PRP the_AT0 fund_NN1 and_CJC appropriation_NN1 level_NN1 to_TO0 ensure_VVI expenditures_NN2 do_VDB not_XX0 exceed_VVI authorized_AJ0 limits_NN2 ._SENT Further_AJC detail_NN1 on_PRP budgetary_AJ0 accounting_NN1 for_PRP the_AT0 state_NN1 ,_PUN other_AJ0 than_CJS the_AT0 MD_NN1 &_NN1 A_AT0 section_NN1 ,_PUN is_VBZ found_VVN in_PRP the_AT0 required_AJ0 supplementary_AJ0 information_NN1 ._SENT 
Financial_AJ0 Policies_NN2 
Fiscal_AJ0 soundness_NN1 is_VBZ an_AT0 unwavering_AJ0 principle_NN1 that_CJT guides_VVZ the_AT0 financial_AJ0 policies_NN2 of_PRF the_AT0 state_NN1 ._SENT The_AT0 Texas_NP0 Constitution_NN1 supports_VVZ responsible_AJ0 governance_NN1 by_PRP mandating_VVG several_DT0 limitations_NN2 on_PRP the_AT0 budgeting_NN1 process_NN1 ._SENT In_PRP addition_NN1 to_PRP the_AT0 certification_NN1 process_NN1 requiring_VVG passage_NN1 of_PRF a_AT0 balanced_AJ0 budget_NN1 in_PRP Article_NN1 III_CRD ,_PUN Section_NN1 49a_NN1 ,_PUN budget_NN1 growth_NN1 and_CJC indebtedness_NN1 are_VBB also_AV0 limited_AJ0 ._SENT According_VVG to_PRP Article_NN1 VIII_CRD ,_PUN Section_NN1 22_CRD ,_PUN appropriations_NN2 from_PRP state_NN1 tax_NN1 revenue_NN1 not_XX0 dedicated_VVN by_PRP the_AT0 Texas_NP0 Constitution_NN1 cannot_NN1 grow_VVB faster_AJC than_CJS state_NN1 economic_AJ0 growth_NN1 estimated_VVN by_PRP the_AT0 Legislative_AJ0 Budget_NN1 Board_NN1 ._SENT Payments_NN2 required_VVN for_PRP debt_NN1 paid_VVN from_PRP general_AJ0 revenue_NN1 cannot_NN1 exceed_VVB 5_CRD percent_NN0 of_PRF the_AT0 previous_AJ0 three-year_AJ0 average_NN1 of_PRF non-dedicated_AJ0 general_AJ0 revenue_NN1 as_CJS provided_VVN in_PRP Article_NN1 III_CRD ,_PUN Section_NN1 49j_NP0 ._SENT 
The_AT0 economic_AJ0 stabilization_NN1 fund_NN1 (_PUL ESF_NP0 )_PUR ,_PUN commonly_AV0 called_VVN the_AT0 rainy_AJ0 day_NN1 fund_NN1 ,_PUN authorized_VVN in_PRP 1988_CRD by_PRP the_AT0 Texas_NP0 Constitution_NN1 ,_PUN Article_NN1 III_CRD ,_PUN Section_NN1 49g_NN1 ,_PUN is_VBZ yet_AV0 another_DT0 example_NN1 of_PRF prudent_AJ0 governance_NN1 ._SENT The_AT0 Comptroller_NN1 may_VM0 transfer_VVI ESF_NP0 amounts_NN2 to_PRP the_AT0 general_AJ0 revenue_NN1 fund_NN1 to_TO0 prevent_VVI or_CJC eliminate_VVI temporary_AJ0 cash_NN1 deficiencies_NN2 ._SENT Any_DT0 amounts_NN2 transferred_VVN to_PRP general_AJ0 revenue_NN1 shall_VM0 be_VBI returned_VVN to_PRP the_AT0 ESF_NP0 with_PRP interest_NN1 as_CJS soon_AV0 as_CJS practicable_AJ0 ,_PUN but_CJC no_AV0 later_AV0 than_CJS Aug._NP0 31_CRD of_PRF each_DT0 odd-numbered_AJ0 year_NN1 ._SENT Generally_AV0 ,_PUN the_AT0 Texas_NP0 Legislature_NN1 may_VM0 appropriate_VVI within_PRP the_AT0 constitutional_AJ0 guidelines_NN2 ,_PUN by_PRP a_AT0 three-fifths_CRD vote_NN1 of_PRF the_AT0 members_NN2 present_AJ0 in_PRP each_DT0 house_NN1 ,_PUN amounts_NN2 in_PRP the_AT0 ESF_NP0 that_CJT do_VDB not_XX0 exceed_VVI the_AT0 amount_NN1 of_PRF any_DT0 unanticipated_AJ0 deficit_NN1 in_PRP a_AT0 current_AJ0 biennium_NN1 or_CJC anticipated_AJ0 revenue_NN1 decline_NN1 during_PRP the_AT0 next_ORD biennium_NN1 ._SENT The_AT0 Texas_NP0 Legislature_NN1 may_VM0 also_AV0 appropriate_VVI any_DT0 amount_NN1 from_PRP the_AT0 ESF_NP0 for_PRP any_DT0 purpose_NN1 only_AV0 if_CJS approved_VVN by_PRP at_PRP least_AV0 two-thirds_CRD of_PRF the_AT0 members_NN2 present_AJ0 in_PRP each_DT0 house_NN1 ._SENT The_AT0 ESF_NP0 shall_VM0 receive_VVI a_AT0 transfer_NN1 ,_PUN not_XX0 later_AV0 than_CJS the_AT0 90th_ORD day_NN1 of_PRF each_DT0 biennium_NN1 ,_PUN from_PRP the_AT0 general_AJ0 revenue_NN1 fund_NN1 for_PRP one-half_CRD of_PRF any_DT0 unencumbered_AJ0 positive_AJ0 balance_NN1 remaining_VVG in_PRP the_AT0 general_AJ0 revenue_NN1 fund_NN1 on_PRP the_AT0 last_ORD day_NN1 of_PRF the_AT0 preceding_AJ0 biennium_NN1 ._SENT The_AT0 ESF_NP0 also_AV0 receives_VVZ transfers_NN2 ,_PUN not_XX0 later_AV0 than_CJS the_AT0 90th_ORD day_NN1 of_PRF each_DT0 fiscal_AJ0 year_NN1 ,_PUN from_PRP the_AT0 general_AJ0 revenue_NN1 fund_NN1 for_PRP at_PRP least_AV0 50_CRD percent_NN0 of_PRF the_AT0 75_CRD percent_NN0 of_PRF the_AT0 prior_AJ0 fiscal_AJ0 year_NN1 oil_NN1 or_CJC natural_AJ0 gas_NN1 production_NN1 net_AJ0 collections_NN2 that_CJT exceeded_VVD the_AT0 amount_NN1 of_PRF collections_NN2 in_PRP fiscal_AJ0 1987._CRD The_AT0 transfer_NN1 amount_NN1 of_PRF each_DT0 production_NN1 tax_NN1 is_VBZ calculated_VVN separately_AV0 ._SENT Until_CJS the_AT0 2015_CRD session_NN1 ,_PUN state_NN1 law_NN1 required_VVD the_AT0 Comptroller_NN1 's_POS office_NN1 to_TO0 invest_VVI the_AT0 ESF_NP0 in_PRP relatively_AV0 low-yield_AJ0 investments_NN2 that_CJT barely_AV0 kept_VVD pace_NN1 with_PRP inflation_NN1 ._SENT House_NN1 Bill_NN1 No._NN1 903_CRD of_PRF the_AT0 84th_ORD Legislature_NN1 allowed_VVD the_AT0 agency_NN1 to_TO0 move_VVI a_AT0 portion_NN1 of_PRF the_AT0 ESF_NP0 into_PRP prudent_AJ0 but_CJC higher-yield_AJ0 investments_NN2 that_CJT would_VM0 maintain_VVI the_AT0 fund_NN1 's_POS purchasing_NN1 power_NN1 ,_PUN while_CJS requiring_VVG liquid_AJ0 investments_NN2 for_PRP at_PRP least_AV0 one_CRD quarter_NN1 of_PRF the_AT0 fund_NN1 ._SENT Senate_NN1 Bill_NN1 No._NN1 69_CRD of_PRF the_AT0 86th_ORD Legislature_NN1 further_AV0 increased_VVN the_AT0 amount_NN1 of_PRF the_AT0 ESF_NP0 subject_NN1 to_PRP investment_NN1 allowing_VVG up_AVP to_PRP 75_CRD percent_NN0 of_PRF the_AT0 balance_NN1 ._SENT 
The_AT0 balance_NN1 in_PRP the_AT0 fund_NN1 on_PRP Aug._NP0 31_CRD ,_PUN 2020_CRD ,_PUN was_VBD $_NN0 11.3_CRD billion_CRD ._SENT The_AT0 ESF_NP0 is_VBZ also_AV0 discussed_VVN in_PRP Note_NN1 13._CRD Economic_AJ0 Outlook_NN1 
Texas_NP0 has_VHZ advantages_NN2 such_DT0 as_PRP relatively_AV0 low_AJ0 living_NN1 costs_NN2 ,_PUN an_AT0 attractive_AJ0 business_NN1 climate_NN1 ,_PUN a_AT0 central_AJ0 Sunbelt_NN1 location_NN1 and_CJC a_AT0 balanced_AJ0 mix_NN1 of_PRF industries_NN2 that_CJT have_VHB enabled_VVN its_DPS economy_NN1 to_TO0 grow_VVI faster_AJC than_CJS the_AT0 nation_NN1 for_PRP many_DT0 years_NN2 ._SENT Over_PRP the_AT0 past_AJ0 ten_CRD years_NN2 ,_PUN the_AT0 Texas_NP0 economy_NN1 ,_PUN as_CJS measured_VVN by_PRP Texas_NP0 real_AJ0 Gross_AJ0 State_NN1 Product_NN1 (_PUL GSP_NP0 )_PUR ,_PUN grew_VVD at_PRP an_AT0 average_AJ0 annual_AJ0 rate_NN1 of_PRF 2.9_CRD percent_NN0 ,_PUN while_CJS the_AT0 economy_NN1 of_PRF the_AT0 nation_NN1 as_PRP a_AT0 whole_NN1 grew_VVD at_PRP an_AT0 annual_AJ0 rate_NN1 of_PRF 1.7_CRD percent_NN0 ._SENT However_AV0 ,_PUN Texas_NP0 real_AJ0 GSP_NP0 and_CJC national_AJ0 real_AJ0 Gross_AJ0 Domestic_AJ0 Product_NN1 both_AV0 fell_VVD in_PRP 2020_CRD ,_PUN by_PRP an_AT0 estimated_AJ0 3.3_CRD and_CJC 3.6_CRD percent_NN0 ,_PUN respectively_AV0 ._SENT The_AT0 U.S._NP0 economy_NN1 is_VBZ projected_VVN to_TO0 grow_VVI by_PRP 3.1_CRD percent_NN0 in_PRP 2021_CRD ,_PUN while_CJS Texas_NP0 real_AJ0 GSP_NP0 is_VBZ projected_VVN to_TO0 grow_VVI by_PRP only_AV0 0.7_CRD percent_NN0 ._SENT The_AT0 Texas_NP0 economy_NN1 is_VBZ expected_VVN to_TO0 again_AV0 grow_VVI faster_AJC than_CJS that_DT0 of_PRF the_AT0 U.S._NP0 in_PRP 2022._CRD 
After_PRP increases_NN2 of_PRF 6.9_CRD percent_NN0 in_PRP 2018_CRD and_CJC 4.6_CRD percent_NN0 in_PRP 2019_CRD ,_PUN Texas_NP0 personal_AJ0 income_NN1 grew_VVD by_PRP an_AT0 estimated_AJ0 4.4_CRD percent_NN0 in_PRP 2020._CRD However_AV0 ,_PUN personal_AJ0 income_NN1 is_VBZ expected_VVN to_TO0 fall_VVI by_PRP 2.6_CRD percent_NN0 in_PRP 2021_CRD ,_PUN with_PRP less_DT0 federal_AJ0 economic_AJ0 support_NN1 related_VVN to_PRP the_AT0 pandemic_AJ0 ._SENT Texas_NP0 personal_AJ0 income_NN1 growth_NN1 is_VBZ expected_VVN to_TO0 resume_VVI in_PRP 2022._CRD Underlying_VVG this_DT0 income_NN1 growth_NN1 is_VBZ growth_NN1 in_PRP the_AT0 Texas_NP0 population_NN1 ._SENT Recent_AJ0 estimates_NN2 by_PRP the_AT0 U.S._NP0 Census_NN1 Bureau_NN1 show_VVB that_CJT six_CRD of_PRF the_AT0 nation_NN1 's_POS 15_CRD most_AV0 rapidly_AV0 growing_AJ0 large_AJ0 cities_NN2 from_PRP 2010_CRD through_PRP 2019_CRD were_VBD in_PRP Texas_NP0 ,_PUN including_PRP three_CRD of_PRF the_AT0 top_AJ0 four_CRD :_PUN Frisco_NP0 (_PUL first_ORD )_PUR ,_PUN New_NP0 Braunfels_NP0 (_PUL third_ORD )_PUR and_CJC McKinney_NP0 (_PUL fourth_ORD )_PUR ._SENT Texas_NP0 '_POS population_NN1 is_VBZ estimated_VVN to_TO0 have_VHI grown_VVN by_PRP 1.1_CRD percent_NN0 in_PRP 2020_CRD and_CJC is_VBZ projected_VVN to_TO0 grow_VVI by_PRP a_AT0 further_AJC 1.2_CRD percent_NN0 in_PRP 2021_CRD to_TO0 reach_VVI 29.7_CRD million_CRD ._SENT 
As_CJS of_PRF November_NP0 2020_CRD ,_PUN the_AT0 Texas_NP0 unemployment_NN1 rate_NN1 was_VBD 8.1_CRD percent_NN0 ,_PUN up_AVP from_PRP 3.5_CRD percent_NN0 in_PRP November_NP0 2019._CRD Over_PRP that_DT0 period_NN1 ,_PUN the_AT0 U.S._NP0 unemployment_NN1 rate_NN1 rose_VVD from_PRP 3.5_CRD percent_NN0 to_PRP 6.7_CRD percent_NN0 ._SENT The_AT0 Texas_NP0 unemployment_NN1 rate_NN1 is_VBZ expected_VVN to_TO0 average_VVI 7_CRD percent_NN0 in_PRP 2021_CRD ,_PUN while_CJS the_AT0 U.S._NP0 rate_NN1 is_VBZ expected_VVN to_PRP average_NN1 5.7_CRD ._SENT Total_AJ0 Texas_NP0 nonfarm_AJ0 employment_NN1 fell_VVD by_PRP an_AT0 estimated_AJ0 3.6_CRD percent_NN0 in_PRP 2020_CRD but_CJC is_VBZ expected_VVN to_TO0 increase_VVI by_PRP 1.2_CRD percent_NN0 in_PRP 2021._CRD 
Texas_NP0 Industry_NN1 Performance_NN1 
Nine_CRD of_PRF Texas_NP0 '_POS 11_CRD major_AJ0 nonfarm_AJ0 industries_NN2 experienced_VVD net_AJ0 job_NN1 losses_NN2 from_PRP November_NP0 2019_CRD to_PRP November_NP0 2020._CRD Employment_NN1 in_PRP goods-producing_AJ0 industries_NN2 decreased_VVN by_PRP 5.9_CRD percent_NN0 ,_PUN while_CJS employment_NN1 in_PRP serviceproducing_AJ0 industries_NN2 fell_VVD by_PRP 3.3_CRD percent_NN0 ._SENT All_DT0 three_CRD of_PRF the_AT0 goods-producing_AJ0 industries_NN2 (_PUL mining_NN1 and_CJC logging_NN1 ,_PUN manufacturing_NN1 ,_PUN and_CJC construction_NN1 )_PUR decreased_AJ0 employment_NN1 ._SENT Employment_NN1 was_VBD led_VVN by_PRP a_AT0 49_CRD ,_PUN 600_CRD decrease_NN1 in_PRP mining_NN1 and_CJC logging_NN1 ,_PUN which_DTQ also_AV0 had_VHD the_AT0 highest_AJS rate_NN1 of_PRF contraction_NN1 (_PUL 20.5_CRD percent_NN0 )_PUR among_PRP all_DT0 industries_NN2 ._SENT 
The_AT0 service-providing_AJ0 industries_NN2 were_VBD the_AT0 only_AJ0 sector_NN1 to_TO0 see_VVI employment_NN1 growth_NN1 over_PRP the_AT0 past_AJ0 12_CRD months_NN2 ._SENT Among_PRP the_AT0 service_NN1 providing_VVG industries_NN2 ,_PUN employment_NN1 in_PRP financial_AJ0 activities_NN2 increased_VVN by_PRP 2.4_CRD percent_NN0 (_PUL up_PRP 19_CRD ,_PUN 300_CRD )_PUR while_CJS employment_NN1 in_PRP professional_AJ0 and_CJC business_NN1 services_NN2 increased_VVN by_PRP 1.1_CRD percent_NN0 (_PUL up_PRP 19_CRD ,_PUN 600_CRD )_PUR ._SENT 
Manufacturing_NN1 
According_VVG to_PRP the_AT0 U.S._NP0 Census_NN1 Bureau_NN1 ,_PUN the_AT0 value_NN1 of_PRF Texas_NP0 exports_NN2 in_PRP 2015_CRD fell_VVD sharply_AV0 (_PUL to_PRP $_NN0 251_CRD billion_CRD ,_PUN down_PRP 13.1_CRD percent_NN0 )_PUR ,_PUN hurt_VVN by_PRP falling_VVG oil_NN1 prices_NN2 and_CJC a_AT0 stronger_AJC dollar_NN1 ._SENT Texas_NP0 exports_NN2 continued_VVD to_TO0 fall_VVI in_PRP 2016_CRD ,_PUN down_PRP another_DT0 7.4_CRD percent_NN0 ._SENT However_AV0 ,_PUN Texas_NP0 2017_CRD exports_NN2 were_VBD up_AVP 13.5_CRD percent_NN0 from_PRP the_AT0 2016_CRD level_NN1 and_CJC increased_VVN by_PRP another_DT0 19.4_CRD percent_NN0 in_PRP 2018._CRD In_PRP November_NP0 2019_CRD ,_PUN for_PRP the_AT0 first_ORD time_NN1 since_PRP October_NP0 2016_CRD ,_PUN monthly_AJ0 Texas_NP0 exports_NN2 decreased_VVN on_PRP a_AT0 year-over-year_AJ0 basis_NN1 ._SENT Total_NN1 2019_CRD exports_NN2 were_VBD still_AV0 4.8_CRD percent_NN0 higher_AJC than_CJS 2018_CRD exports_NN2 ._SENT However_AV0 ,_PUN exports_NN2 have_VHB fallen_VVN sharply_AV0 since_PRP March_NP0 ._SENT For_PRP the_AT0 period_NN1 January_NP0 2020_CRD to_PRP November_NP0 2020_CRD ,_PUN the_AT0 value_NN1 of_PRF Texas_NP0 exports_NN2 was_VBD 16_CRD percent_NN0 lower_AJC than_CJS that_DT0 of_PRF the_AT0 corresponding_AJ0 period_NN1 of_PRF 2019._CRD Texas_NP0 ,_PUN however_AV0 ,_PUN remains_VVZ the_AT0 nation_NN1 's_POS leading_AJ0 exporting_NN1 state_NN1 ,_PUN as_CJS it_PNP has_VHZ been_VBN for_PRP more_AV0 than_CJS a_AT0 decade_NN1 ._SENT Texas_NP0 exports_NN2 comprised_VVD 20_CRD percent_NN0 of_PRF total_AJ0 U.S._NP0 exports_NN2 in_PRP 2019._CRD 
Construction_NN1 
Total_AJ0 housing_NN1 construction_NN1 activity_NN1 was_VBD up_AVP over_PRP the_AT0 year_NN1 ._SENT Single-family_AJ0 building_NN1 permits_NN2 issued_VVN in_PRP the_AT0 past_AJ0 12_CRD months_NN2 ,_PUN at_PRP 143_CRD ,_PUN 389_CRD ,_PUN were_VBD up_AVP sharply_AV0 (_PUL by_PRP 19.3_CRD percent_NN0 )_PUR from_PRP the_AT0 same_DT0 period_NN1 one_CRD year_NN1 earlier_AV0 ._SENT However_AV0 ,_PUN building_VVG permits_NN2 for_PRP multi-family_AJ0 units_NN2 fell_VVD by_PRP 11.4_CRD percent_NN0 ._SENT Total_AJ0 permits_NN2 issued_VVN were_VBD up_AVP by_PRP 7.2_CRD percent_NN0 from_PRP the_AT0 corresponding_AJ0 period_NN1 in_PRP 2019_CRD According_VVG to_PRP Multiple_AJ0 Listing_NN1 Service_NN1 data_NN0 from_PRP the_AT0 Texas_NP0 A_ZZ0 &_NP0 M_ZZ0 Real_AJ0 Estate_NN1 Center_NN1 ,_PUN the_AT0 median_AJ0 sales_NN0 price_NN1 for_PRP an_AT0 existing_AJ0 Texas_NP0 single-family_AJ0 home_NN1 rose_VVD 12.8_CRD percent_NN0 over_PRP the_AT0 last_ORD year_NN1 ,_PUN from_PRP $_NN0 239_CRD ,_PUN 000_CRD in_PRP November_NP0 2019_CRD to_PRP $_NN0 269_CRD ,_PUN 500_CRD in_PRP November_NP0 2020._CRD The_AT0 inventory_NN1 of_PRF existing_AJ0 homes_NN2 for_PRP sale_NN1 in_PRP November_NP0 2020_CRD was_VBD just_AV0 2_CRD months_NN2 ,_PUN the_AT0 lowest_AJS level_NN1 since_CJS at_PRP least_AV0 1990._CRD 
Mining_NN1 and_CJC Logging_NN1 
Texas_NP0 oil_NN1 production_NN1 peaked_VVD more_AV0 than_CJS 40_CRD years_NN2 ago_AV0 in_PRP 1972_CRD ,_PUN when_AVQ calendar_NN1 year_NN1 production_NN1 reached_VVD 1_CRD ,_PUN 263_CRD million_CRD barrels_NN2 ._SENT Production_NN1 volumes_NN2 reached_VVD a_AT0 low_NN1 of_PRF 343_CRD million_CRD barrels_NN2 in_PRP calendar_NN1 2007._CRD From_PRP that_DT0 low_AJ0 point_NN1 ,_PUN oil_NN1 production_NN1 has_VHZ increased_VVN steadily_AV0 ,_PUN in_PRP large_AJ0 part_NN1 due_AJ0 to_PRP the_AT0 development_NN1 and_CJC widespread_AJ0 use_NN1 of_PRF enhanced_AJ0 fracturing_NN1 techniques_NN2 ._SENT Calendar_NN1 2019_CRD production_NN1 increased_VVN by_PRP more_AV0 than_CJS 15_CRD percent_NN0 from_PRP 2018_CRD levels_NN2 ,_PUN to_TO0 reach_VVI a_AT0 new_AJ0 record_NN1 of_PRF 1.7_CRD billion_CRD barrels_NN2 ._SENT Decreased_AJ0 demand_NN1 as_PRP a_AT0 result_NN1 of_PRF COVID-related_AJ0 economic_AJ0 disruptions_NN2 combined_VVN with_PRP increases_NN2 in_PRP Saudi_AJ0 Arabian_AJ0 and_CJC Russian_AJ0 production_NN1 in_PRP the_AT0 early_AJ0 part_NN1 of_PRF 2020_CRD led_VVD to_PRP a_AT0 sharp_AJ0 decrease_NN1 in_PRP oil_NN1 prices_NN2 and_CJC a_AT0 resulting_AJ0 decrease_NN1 in_PRP production_NN1 ._SENT Calendar_NN1 2020_CRD production_NN1 was_VBD down_AVP by_PRP an_AT0 estimated_AJ0 7.9_CRD percent_NN0 from_PRP 2019._CRD 
Awards_NN2 and_CJC Acknowledgments_NN2 Certificate_NN1 of_PRF Achievement_NN1 
The_AT0 GFOA_NN1 of_PRF the_AT0 United_NP0 States_NP0 and_CJC Canada_NP0 awarded_VVD a_AT0 Certificate_NN1 of_PRF Achievement_NN1 for_PRP Excellence_NN1 in_PRP Financial_AJ0 Reporting_NN1 to_PRP the_AT0 state_NN1 of_PRF Texas_NP0 for_PRP its_DPS CAFR_NN1 for_PRP the_AT0 fiscal_AJ0 year_NN1 ended_VVD Aug._NP0 31_CRD ,_PUN 2019._CRD The_AT0 Certificate_NN1 of_PRF Achievement_NN1 is_VBZ a_AT0 prestigious_AJ0 national_AJ0 award_NN1 that_CJT recognizes_VVZ conformance_NN1 with_PRP the_AT0 highest_AJS standards_NN2 for_PRP preparation_NN1 of_PRF state_NN1 and_CJC local_AJ0 government_NN1 financial_AJ0 reports_NN2 ._SENT 
In_PRP order_NN1 to_TO0 be_VBI awarded_VVN a_AT0 Certificate_NN1 of_PRF Achievement_NN1 ,_PUN a_AT0 government_NN1 unit_NN1 must_VM0 publish_VVI an_AT0 easily_AV0 readable_AJ0 and_CJC efficiently_AV0 organized_AJ0 CAFR_NN1 whose_DTQ contents_NN2 conform_VVB to_PRP program_NN1 standards_NN2 ._SENT Such_DT0 reports_NN2 must_VM0 satisfy_VVI both_AV0 generally_AV0 accepted_VVN accounting_NN1 principles_NN2 and_CJC applicable_AJ0 legal_AJ0 requirements_NN2 ._SENT 
