(STATEHOUSE) - A $150-million dollar boost to school funding in the proposed new state budget represents about a fifth of the windfall of new money in the latest economic forecast.
But budgeters have no plans to spend the rest. State budget analysts have increased their estimate of the state's tax collections for the next two years by $630-million dollars.
The state is already $115-million ahead of projections for this year after doing better than expected for the last five months, and analysts expect to add another $15-million over the three months remaining in the fiscal year.
Senate Appropriations Chairman Luke Kenley has scheduled a committee vote on a new budget on Monday.
He notes it's not long ago the state was chronically underperforming the forecast, and says he'd rather hang onto the additional money to shore up the bottom line.
He says if the forecast appears to be on target next year, legislators can always add money then.
House Speaker Brian Bosma says Governor Daniels and legislative leaders agreed any new spending should go to schools, but had to discuss how much they could spend and still feel secure about keeping the new budget in balance.
He vows Republicans won't budge on how much the state should spend.
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