Lawmakers Detail Budget Compromise

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Indiana legislative leaders have unveiled a two-year, $31 billion budget compromise. The spending plan, based on a lower-than-expected revenue forecast, includes a K-12 funding increase of about 2.3 percent per year, totaling about $460 million. Lawmakers allotted more than $25 million for a multi-institutional medical campus in Evansville. The money is shared by schools including the Indiana University School of Medicine and the University of Southern Indiana. In addition, it provides for the development of Indiana University-Purdue University Fort Wayne a “multisystem metropolitan institution,” with Purdue University and Indiana University providing recommendations about its future.

The budget also provides about $84 million for the Indiana Economic Development Corp.'s Regional Cities initiative. That funding will come from a proposed tax amnesty program.

Legislators say the spending plan leaves the state with about $1.9 billion in reserves.

You can connect to the full budget conference committee report by clicking here and to the education funding formula by clicking here.

Source: Indiana House Republicans