Proposed Budget - Fiscal Year 2024
On March 21, Alabama Governor Kay Ivey released her fiscal 2024 budget proposals for both the Education Trust Fund and the General Fund. The Education Trust Fund proposes $8.8 billion spending for fiscal 2024, an increase of $537.0 million or 6.5 percent, over fiscal 2023. The General Fund proposes $2.97 billion in non-earmarked spending, an increase of $230.5 million or 8.4 percent over fiscal 2023. Net receipts to the Education Trust Fund are projected to grow from $10.5 billion in fiscal 2023 to $10.9 billion in fiscal 2024, a 3.8 percent growth rate. Net receipts to the General Fund are projected to grow at 0.1 percent, from $2.85 billion in fiscal 2023 to $2.854 billion in fiscal 2024. The estimated balances at the end of fiscal 2024 are $4.4 billion for the Education Trust Fund and $0 for the General Fund. Also, in her State of the State speech, the governor discussed tax relief including one-time rebates of $400 for individual state income tax filers or $800 for families.