State panel sets budget projection for upcoming fiscal year

Published 11:48 am Tuesday, December 3, 2019

NASHVILLE (AP) — Tennessee is projected to have between $345 million and $408 million in new general fund revenue when lawmakers begin setting the budget for the upcoming fiscal year.

According to the The Times Free Press, the State Funding Board announced this week that the state budget is expected to grow between 2.7% and 3.1% for the 2020-2021 fiscal year, which takes effect July 1. The budget estimate is the lowest the board has set in five years. It’s also below what economic experts had previously suggested.

The general fund covers most Tennessee expenditures, including K-12 education funding, state prisons and state trooper pay.

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This year’s general fund is $34.6 billion and has already seen a $225 million surplus.