The Comptroller's Office handles both the receipt of most state tax revenue (the sales tax is the largest source) and accounting for expenditures of most state agencies. It also holds a unique function: as the Texas Constitution requires a balanced budget each biennium (a two-year period beginning on September 1 of odd-numbered years and ending on August 31 two years later less one day), the Comptroller prepares the estimate of state revenue from all sources and state expenditures of all agencies. The Texas Legislature cannot pass any appropriation in excess of the revenue estimate without a 4/5 majority of both chambers; if it does the Comptroller can unilaterally reject the appropriation. It also handles the Economic Stabilization Fund, more commonly known as the "rainy day fund" which serves to maintain a balance in the event of severe economic downturns. Furthermore it oversees the [[Texas Bullion Depository]], the only state-operated such facility in the United States. | The Comptroller's Office handles both the receipt of most state tax revenue (the sales tax is the largest source) and accounting for expenditures of most state agencies. It also holds a unique function: as the Texas Constitution requires a balanced budget each biennium (a two-year period beginning on September 1 of odd-numbered years and ending on August 31 two years later less one day), the Comptroller prepares the estimate of state revenue from all sources and state expenditures of all agencies. The Texas Legislature cannot pass any appropriation in excess of the revenue estimate without a 4/5 majority of both chambers; if it does the Comptroller can unilaterally reject the appropriation. It also handles the Economic Stabilization Fund, more commonly known as the "rainy day fund" which serves to maintain a balance in the event of severe economic downturns. Furthermore it oversees the [[Texas Bullion Depository]], the only state-operated such facility in the United States. |