Gov. Nathan Deal today signed into law the Fiscal Year 2015 budget, which takes effect upon the start of the fiscal year on July 1 and includes the largest single year increase in k-12 funding in seven years. The FY 2015 budget expects the economic growth Georgia has seen since emerging from the Great Recession to accelerate and includes an estimated revenue increase of 3 percent, or $602.5 million, over the Amended FY 2014 budget. This marks the fourth year in a row the governor has successfully and conservatively balanced the state's budget without raising taxes and while providing for long-term strategic investments necessary to keep Georgia competitive in the global economy.
"Since taking office I have budgeted conservatively, downsized state government, implemented real tax reform and created jobs as we rebounded from the Great Recession," Deal said. "It is through these measures that we now have the opportunity to fund our state's top priorities. This year, more than 80 percent of new revenue receipts are dedicated to education, with 66 percent of those new revenues going to K-12 alone. Our schools are the front line in our effort to create prosperity. It is here we make our most strategic investment in the future."
The additional funds for k-12 education will provide local school systems with both the resources and flexibility to address the most critical needs of their students and teachers. The budget also includes funding for a number of postsecondary education programs.
"We are putting our education where our economy is," Deal said. "In order to fill the needs of a growing economy, Georgia needs more of our citizens to acquire education and skills beyond high school. The postsecondary degree programs included in this year's budget will play a critical role in creating a trained and reliable workforce and attracting new investment. I commend the General Assembly for enacting a budget that will help keep us the No. 1 place in the country to do business and create jobs."