Legislative appropriators this year passed a $23.7 billion budget for the next fiscal year, which begins July 1, 2016 and runs through June 30, 2017. While the FY2017 budget is being cited as a record increase in state spending, it is important to note that more than 40 percent of the growth is a direct result of the transportation funding bill passed last year. Additionally, next year's budget is said to be based upon a projected 4.2 percent revenue growth rate.
The final budget currently under consideration by Governor Deal includes long-awaited pay raises for teachers, government workers and law enforcement personnel. It also includes a number of additions specifically intended to enhance statewide economic development. Senate Appropriations Chairman Jack Hill (R-Reidsville) highlighted a few items in his weekly newsletter.
FY 2017 BUDGET ITEMS PROMOTING JOB DEVELOPMENT
BONDS FOR ECONOMIC DEVELOPMENT-RELATED PROJECTS
The governor has until May 3 to sign, veto, or let pass in to law all bills from the 2016 legislative session. To review the budget (HB 751) in full, click here.