Georgia governor signs budget boosting spending, looking to surplus billions to cut taxes in future
Time:2024-05-08 11:34:44 Source:opinionsViews(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:Badosa shows signs of her old form in a win over Andreeva at the Italian Open
Next:Kenvue, Crocs rise; Disney, Teradata fall, Tuesday, 5/7/2024
You may also like
- The terrifying 100
- Italy seeks G7 message to de
- Taylor Swift fans are scammed out of more than £1 million by ticket fraudsters
- Timothee Chalamet carries a guitar case as he films scenes with co
- Ancelotti keeps Lunin in goal for Madrid in 2nd leg of Champions League semifinal against Bayern
- Stock market today: Asian benchmarks are mixed while US seems committed to current rates
- Virginia lawmakers set to take up Youngkin's proposed amendments, vetoes in reconvened session
- European Union questions TikTok on new app that pays users for watching
- Analysis: Brooks Koepka has a big game. He doesn't need a lot of words