June 5, 2023 Group Watch: Governor Ivey Signs Record-Setting State Budgets
Last week, Governor Kay Ivey signed the state’s largest-ever Education Trust Fund and General Fund budgets, as well as two supplemental spending bills. The budgets are set to govern for the fiscal year starting October 1. The education budget will channel $ 8.8 billion from the Education Trust Fund, marking an increase of 6.5% over the current year. An additional $2.8 billion will be allocated through the education supplemental bill, a surplus result due to exceeding tax revenues. The General Fund budget, marking a 6% increase from the current year, will appropriate $3 billion for non-education state programs including Medicaid, law enforcement, prisons, mental health and courts. The supplemental, with an additional allocation of $208 million from the General Fund, will support various state and local programs and projects. The 2024 budget promises a 2% raise for K-12 and community college educators. The final allocation designates $5.9 billion to K-12 learning, $2.4 billion to higher education and $195 million to early childhood education.
