State Revenue by Source, 2020-21 and 2022-23 Biennia (in billions of dollars) Revenue Tax collections Federal receipts Licenses, fees, fines, and penalties Interest and investment income Lottery Land income Other revenue sources Total net revenue 2020-21 $118.9 140.1 12.5 4.5 5.3 4.0 12.5 312.1 2022-23 $135.9 131.9 12.5 3.7 5.5 4.4 11.7 317.2 Percentage Change 14.3% -5.8 -0.1 -18.6 2.9 11.6 -6.0 1.6 From "Fiscal Size-Up 2022-23 Biennium." Used by permission of the Legislative Budget Board Based on the information in the table, which of the following statements is accurate? Tax collections are projected to be higher in the 2022-23 biennium than in the 2020-21 biennium. O Tax collections are projected to be much lower in the 2022-23 biennium than in the 2020-21 biennium. After declining in the 2022-23 biennium, federal receipts are the lowest source of state revenue. O The government of Texas receives a majority of its funding from licenses, fees, the lottery, and other sources of funding