TxDOT to get additional $1.7 billion for road projects

A legislative committee Thursday decided that the state rainy day fund’s minimum balance should be $7 billion, in the process freeing up $1.74 billion of oil and gas severance taxes for highways under a Texas constitutional amendment approved last month.

Given the suddenly beleaguered state of the oil business because of plunging prices, the Texas Department of Transportation’s windfall next year is likely to be smaller, but still substantial.