Georgia governor signs budget boosting spending, looking to surplus billions to cut taxes in future
Time:2024-05-08 10:45:16 Source:businessViews(143)
ATLANTA (AP) — Georgia Gov. Brian Kemp is both increasing spending and cutting taxes as state tax revenues decline, saying he is looking to the state’s billions in surplus to allow him to remain on that course.
The Republican governor on Tuesday signed a $36.1 billion budget for the year beginning July 1 that will boost pay for public school teachers and state employees, while spending more on education, health care and mental health.
Including federal money and other funds such as college tuition, the state will spend $66.8 billion overall.
In remarks to reporters at the state Capitol after signing the spending plan, Kemp said this year’s legislative session “offered something for everybody.”
Georgia has $5.4 billion set aside in its rainy day fund, which is filled to its legal limit of 15% of state revenue. Beyond that, it had $10.7 billion in surplus cash collected over three years. Lawmakers approved Kemp’s plan to spend more than $2 billion of the surplus in changes to the current budget, which ends June 30. But that would leave more than $8 billion in reserve.
Previous:Delhi notches crucial 20
Next:Marquette athletic director Bill Scholl plans to retire as he ends a decade
You may also like
- Beraldo selected in central defense for PSG to face Dortmund in Champions League semifinal
- Hello Kitty theme park shut down after terrorist threat
- Hello Kitty theme park shut down after terrorist threat
- Coronavirus news: American tries to slip through quarantine
- Why going to the gym could help to stop your voice from ageing
- More videos of Kiwi hostage Philip Mehrtens in Papua warn against Indonesian military air strikes
- Alexei Navalny was about to be freed in prisoner swap, says colleague
- Ministry for the Environment asks for voluntary redundancies
- Illegal migrants cost the taxpayer £14 billion every year, says former minister Dame Andrea Jenkyns