Georgia will boost spending by nearly $5.5 billion in the remaining three months of its current budget, providing money to boost roadbuilding, build a new legislative office building and overhaul the state Capitol and pay for $1,000 bonuses already sent to state employees and teachers.
Republican Gov Brian Kemp said the huge boost in spending proves “you can make investments that have an impact when you budget wisely,” just before signing the House Bill 915 at a Thursday ceremony at the Capitol in Atlanta.
Total spending of state revenue will rise to nearly $38 billion, over the $32.5 billion that that lawmakers approved last year. Total spending, including federal aid, college tuition, fines and fees, would rise to $68 billion in the budget running through June 30.
The money would also pay for a new dental school at Georgia Southern University in Savannah and a new medical school at the University of Georgia in Athens. It also spends $500 million to bolster one of the state’s pension funds and spends hundreds of millions to pay off other debts.
The state can spend lots more, even though growth in tax collections is slowing, because Kemp set a revenue estimate much lower than what the state will actually collect this year and because Georgia has $10.7 billion in surplus cash beyond its $5.4 billion rainy day fund. Kemp would spend up to $2 billion of the surplus.
