The Georgia Board of Regents voted to seek a $385.4 million increase in its fiscal 2024 mid-year budget. With the state sitting on a massive budget surplus, Gov. Brian Kemp has given state agencies permission to request 3% spending increases in both the mid-year budget, which covers spending through next June, and the fiscal 2025 budget, which takes effect next July.
Regents voted Friday to request a mid-year budget of $3.6 billion in state funds and approved a $3.3 billion fiscal 2025 budget request. The vast majority of the additional spending would come from an increase in the student funding formula driven by enrollment growth and increases in health insurance costs for system employees and retirees.
