Gov. Tom Corbett unveiled his proposed state budget for the 2014-15 fiscal year today. Education reporter Angie Mason and I will have live coverage of the address, reaction and analysis. Use the #pabudget hashtag to have your tweets pulled in automatically.
You can read the text of Corbett’s budget address, as prepared for delivery, at our Record Tracker blog.
Here’s a look at some highlights of Corbett’s proposed spending plan for the 2014-15 fiscal year:
–The budget calls for more than $400 million in new available funding for school districts, including a $241 million Ready to Learn block grant.
–The general fund budget is $29.4 billion. That’s an increase of $925 million, or 3.3 percent, from 2013-14.
–The budget continues the phase-out of the Capital Stock and Franchise Tax. The tax will be eliminated beginning in 2016.
The administration says the budget includes no tax increases.
The budget plan also transfers $225 million of private equity investments and cash reserves from the Tobacco Settlement Fund and Health Venture Investment Account to the Public School Employees’ Retirement System.
Corbett is also calling for limited drilling activity on state-owned lands. It would be in areas where drilling can occur without needing additional surface impacts. That will generate $75 million of immediate revenue, according to the administration, as well as future royalty revenue.
