Indiana's two-year budget will lay out about 50 percent of the total funding toward K-12 education. Screencapture
INDIANAPOLIS — Indiana Gov. Eric Holcomb, Lt. Gov. Suzanne Crouch and fellow Republicans in the state legislature highlighted the state’s commitment to investing in its people April 20, through education, in the state’s two-year budget. It also includes regional funding that, like the previous Regional Cities Initiative, is hoped to bring a ten-fold return for community investment.
Holcomb and Crouch were joined by House Speaker Todd Huston (R-Fishers) and Senate President Pro Tem Rodric Bray (R-Martinsville) on camera for the update to House Bill 1001, Indiana’s $37.4 billion budget, with 24 hours left to get it signed.
The ninth straight balanced budget is not just investing in the state for Fiscal Years 2022-23, but for decades through education and workforce development funding.
“We have had several recent economic indicators that point to Indiana’s vibrancy, and point to Indiana’s engine of growth that has put us in this pole position and has enable the state of Indiana to make key investments in our future and where we want to arrive at in 2030 and 2040.”
It’s doing so with record increases in education funding, which represents half of the budget.
The budget has a historic $1.9 billion in K-12 education, a $600 million increased annual investment in public schools as recommended by the Next Level Teacher Compensation Commission’s report. It also requires school districts to allot 45% of their tuition dollars to teacher pay.
Holcomb said he and the others with him were committed to all forms of education, and that includes expanding School Choice to “open more doors” to families.
It also gives $1.03 billion, or 9.1%, more in K-12 school choice tuition support over the biennium as compared to Fiscal Year 2021’s appropriation level.
Highlights in education include:
School Choice
• Expands income eligibility to 300% of free and reduced-price lunches qualifications starting in FY 22
• Increases all Choice scholarships to 90% or tuition and fees
Education Scholarship Accounts
• ESAs will be available to all special education students with a family income of up to 300% of free and reduced-price lunches qualifications
Community and investments
When the Fort Wayne, South Bend and Evansville regions received $126 million in funding from the state, they ended up with $1.2 billion in improvements to make the areas appeal to new residents. The proposed budget includes $500 million of federal stimulus dollars in what’s being called the Regional Economic Acceleration and Development Initiative (READI) to spur population growth and economic expansion.
Using the ten-fold formula, Holcomb said the investment could result in $5 billion in improvements.
The budget also includes $60 million in federal stimulus funding for trails and $25 million for land preservation.
The state will use $1.9 billion in new dollars over 2 years for workforce development for those who are not only unemployed but those underemployed or looking to switch careers, Holcomb said.
It also includes about $250 million of federal stimulus dollars for broadband expansion.
More revenue
Last week the state released an updated revenue forecast with $463 million more than expected coming for a total of nearly $18.2 billion this fiscal year.
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