Governor Signs Fiscal Year 2014 State Budget
On Thursday, Governor Rick Snyder signed House Bills 4228 and 4328 into law, finishing the budget process for the next fiscal year which is set to begin on October 1st.
This is the third year in a row that the state has passed a budget plan ahead of schedule. Officials say the new schedule allows schools and local governments to use definite figures when putting together their own budgets for the coming year.
Snyder said “we should be proud of the financial stability that is now firmly established within the state budget. Through strong partnership with the Legislature, we have put the state’s fiscal house in order, and we have given our residents, communities and businesses the assurance that Michigan is indeed the comeback state.”
Some of the highlights of the Fiscal Year 2014 budget include:
- An 0.8% increase in total spending
- $450 million more in funding for K-12 education
- $65 million more for early childhood education
- $13.2 million more in funding for veterans’ programs
- $20 million set aside for individual tax relief
- $46.6 million more for revenue sharing
- $75 million deposited into the state rainy day fund
State Budget Director John Nixon said “tough choice we made to balance the budget two years ago are paying dividends now. With growing revenues and a budget in a structural balance for the long term, Michigan is in a strong financial position where we are now able to make strategic investments in our future rather than manage from a position of fiscal crisis.”
The leaders also pledged to continue addressing the issues of Medicaid via the proposed Healthy Michigan plan and a long-term solution for adequately funding Michigan roads.