BRADENTON, Fla. - Georgia Gov. Nathan Deal signed a $42.4 billion fiscal 2015 budget into law on Monday.
The spending plan includes $20.8 billion for the state general fund for operations, which will be $602.5 million over the current budget due to another year of projected revenue growth.
The revenue shortfall reserve or rainy day fund is expected to exceed $717 million.
Deal signed the budget bill without offering any vetoes.
It authorizes about $860 million of new state-issued general obligation bonds for education and infrastructure projects across the state. The final figure is about $100 million more than Deal recommended in his budget proposal.
The budget shows that the state's economy is rebounding, and that revenues are projected to increase more than 5%, Deal told the Atlanta Journal Constitution Monday.
"Every indication is that our income is going to continue to increase at the state level," he told the paper.
In a press release announcing that the budget bill was signed, Deal focused largely on increased funding for K-12 that the July 1 budget will provide, as well as balancing the budget for a fourth year without raising taxes.
"Since taking office I have budgeted conservatively, downsized state government, implemented real tax reform, and created jobs as we rebounded from the Great Recession," he said. "It is through these measures that we now have the opportunity to fund our state's top priorities."
More than 80% of new revenues will be dedicated to education, with 66% of those funds for K-12, according to Deal.
The additional $514.3 million in new funding for the state's basic education programs will go to fund enrollment growth, teacher training, increased instructional days, and reducing teacher furloughs or increasing teacher salaries.
Deal said he authorized $16.5 million in bonds for local school systems and the University System to expand PeachNet, the technology infrastructure for internet access in public school classrooms.
Another $273 million in bonds is earmarked for capital projects by the State Board of Education, $204.3 million in bonds is for capital projects for the University System of Georgia, and $39 million in bonds is for projects at the Technical College System of Georgia.
Some smaller bond allocations include $35 million for the harbor dredging project at the Port of Savannah, $17.7 million in state GOs for the Department of Transportation, $50 million for the Georgia Environmental Finance Authority to fund water and sewer projects statewide, and $17 million for a parking garage at the Georgia World Congress Center where the new $1.2 billion stadium for the Atlanta Falcons is being constructed.
Deal, a Republican, is seeking reelection this fall. He faces two GOP opponents in the May 20 primary. A Democrat has also filed in the race.
The offices of all 236 state lawmakers are also up for election.
On the November ballot, Georgia voters will be asked whether to prohibit the state from increasing the maximum income tax rate above the rate in effect on January 1, 2015.
Another statewide question will ask voters to decide if an ad valorem tax exemption should apply to privately owned and operated student dormitories and parking decks in the University of Georgia system.
