What’s in the Governor’s Proposed FY24 Budget?
Governor Hobbs included a number of investments for K-12 and higher education in her proposed budget for the next fiscal year (FY24).
We’re thrilled about the proposed investments in the Governor’s budget to expand the Arizona Promise Program and to create a new scholarship for Dreamers. The proposed investment in dual enrollment will provide a stronger on-ramp for students to pursue postsecondary education. Investments like these will be transformational to change our students’ lives and the future of our state.
The additional investments in K-12 funding are encouraging. To fully realize these future investments for next year and for this year, the legislature must allow schools to exceed the Aggregate Expenditure Limit (FY23 and FY24) and propose a long-term fix so that the AEL is not a barrier to schools being able to spend the funds they currently have each year.
Budget Proposal Highlights:
- $40 million to expand the Arizona Promise scholarship program
- $40 million to create the Promise for Dreamers scholarship program
- $20.5 million for dual enrollment
- $14 million for rural community colleges
- $15 million for the Arizona Teachers Academy, which includes funding for students, teachers and schools
- $46 million as a continued investment in the ABOR New Economy Initiative
- $10.3 million as a continued investment in Maricopa, Pima and Pinal’s STEM programs
- $198.6 million in K-12 base level support funding
- Repeals the mass expansion of Empowerment Scholarship Accounts