In accordance with state law, Gov. Phil Bryant has released his Executive Budget Recommendation for Fiscal Year 2020.
Within the summary the Governor says the first and foremost important thing for the budgeting future is saving.
“Setting aside 2 percent of the estimated revenue is not only smart financial practice, but it helps the state’s credit rating. When I entered office in January 2012, the Working Cash Stabilization Reserve Fund, better known as the Rainy Day Fund, had a balance of only $148 million. In this year of growth, my recommendation sets aside $116 million, of which nearly half would go to the Rainy Day Fund, bringing our savings account to over $400 million. This fiscal responsibility should be maintained until we reach the statutory limit of the Rainy Day Fund, which is 10 percent of the state’s general fund revenue.”
He also recommended a $50 million pay raise for educators, just over $7 million to the Department of Corrections to bring employee salaries up to neighbor states standards, and a separate million going to workforce training for DOC.
“We have the important responsibility to take care of the children in our state’s custody. I am asking the Legislature to fund the Mississippi Department of Child Protection Services $26 million above last year’s allocation to provide the necessary resources for these vulnerable children to bring the state in compliance with the court-ordered staffing and technical needs.”
In an effort to retain students he proposes an $8.5 million increase to the Institutions of
Higher Learning’s Student Financial Aid program. He also makes mention of a proposal for over $1 million to the State Crime Lab, the funding of a trooper school, and an allocation of an additional $1 million to the Department of Mental Health.
Read the full recommendation below: