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Governor unveils new Tennessee budget Gov. Bill Haslam announced the largest investment in K-12 education without a tax increase in Tennessee’s history during his sixth State of the State speech on Monday. The governor’s $34.8 billion budget proposal for fiscal year 2016-17 includes $261 million in new money for public education, including $104.6 million dedicated to giving teachers raises. Out of the $261 million for public education, $247 million would be recurring funds. That tops what he put into the system last year, when education in Tennessee received a $170 million budget increase. The investment in education is one of historic proportions and allows Haslam to work toward a goal he set several years ago when he sought to make Tennessee the fastest-improving state in the nation when it comes to teacher pay. This year's pay increase is the second in two years. The Republican governor gave teachers a $97 million pay raise last year. “Our commitment to education continues in a big way tonight,” Haslam said.
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