Governor’s Budget Proposal and State of the State Address in Tennessee
In his February State of the State address, Governor Haslam called on the state to continue making gains in education and economic development. He released a $15.1 billion state budget proposal for 2015-16, which supports increasing the number of Tennesseans with postsecondary credentials, building a more efficient government and providing teachers with training and higher compensation.
General funds for K-12 education would increase to $4.5 billion (up 2.9 percent), including an additional $43.8 million to fully fund the state aid formula. The governor recommends $97.6 million to increase teachers’ pay. The proposal would direct $1.6 billion to higher education. Funds would increase 3.9 percent to the university system, up to $507.6 million, and 2.8 percent to the Board of Regents System, up to $675.5 million. The governor also requests additional funds to expand Tennessee Student Assistance Awards and one-time funds to support adults returning to community college.