March 27-- Gov. Nathan Deal today announced an increase in the FY 2019 state revenue estimate by more than $194 million over initial projections, bringing the new revenue estimate to more than $26.2 billion. As a result, Deal amended his budget recommendation initially presented in January to include an additional $167 million for K-12 education.
These funds will ensure the state is fully funding the Quality Basic Education (QBE) funding formula and providing local school systems with 100 percent of the state’s share in financing for local schools.
“Georgia’s strong economic growth in recent years has allowed us to invest heavily in education, transportation, public safety and health care,” said Deal. “These investments have in turn helped to create more economic growth by helping Georgia achieve and maintain its state as the No. 1 state in which to do business. This year, as a result of stronger-than-anticipated state revenue performance and federal tax reform, I’m amending my FY 2019 budget to include additional funding in a number of areas, including education and transit, two areas that companies often cite as important factors in determining where they wish to grow and expand their businesses.
“The addition of $167 million to K-12 education will bring total funding for education to $9.6 billion. This investment will give local school systems the opportunity to provide the programs necessary to improve struggling schools and enhance student performance. During my time as governor, I have consistently heard from educators who have cited a lack of funding as a barrier to achieving success in their classroom. This additional $167 million will ensure the state is fully doing its financial part to address their concerns. Finally, fully funding QBE provides a stronger foundation to lawmakers and stakeholders to reform this outdated formula to accommodate the needs of today’s students and 21st-century classrooms.