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JACKSON – Public schools will see most of the anticipated revenue growth as legislators expect to collect $157 million more in recurring funds over the current budget, Lt. Gov. Tate Reeves said today.
The Joint Legislative Budget Committee raised the revenue estimate for the next budget year after economic trends showed slight growth. The new revenue estimate will be used this weekend as legislators finalize a $6 billion state general fund budget for the fiscal year that begins July 1.
“Of the $157 million in anticipated recurring revenue growth, K-12 public schools will see 73 percent of those funds,” Lt. Gov. Reeves said. “Fortunately, the Legislature made education a priority and approved record funding for public schools last week. I expect the lion’s share of the remaining revenue growth to go toward universities and community colleges.”
Public education funding will be $2.52 billion in Fiscal Year 2016, which is $110 million more than educators spent this year. Over the past four years, education funding has increased by $285 million in programs that directly impact classrooms. The Legislature has increased support for teacher pay raises, reading coaches, prekindergarten, National Board Certified Teachers, teacher supply funds, school safety programs and vocational education.
The Joint Legislative Budget Committee also raised revenue expectations for the current budget year by $101.6 million. Much of those funds will be spent on an almost $100 million Medicaid deficit.
