State Finance Commissioner Butch Eley called the $39.5 billion budget passed by the Legislature on Friday prudent and fiscally responsible. The budget is about $1 billion less than the spending plan prior to the coronavirus pandemic slashed revenues.
He said, “After deliberate negotiations, the Legislature passed a fiscally responsible spending plan centered around Gov.
Bill Lee’s proposal earlier this month. It outlines a prudent framework and provides the governor with additional tools to manage an uncertain fiscal landscape in the next year. I am very proud to have worked with the Legislature on this budget and greatly appreciate their commitment to financial stability and stalwart support of sound business management.
"Even in the midst of unprecedented revenue challenges due to the effort to contain COVID-19, we share with Legislators the commitment to fully funding the Basic Education Program (BEP), our obligations to debt service as well as maintaining our portion of state employee insurance premiums and the state pension.
"The work is far from complete. The state must match its spending with revenues and that will mean greater efficiencies and innovative solutions in how we serve Tennesseans. We’re committed to good stewardship of tax revenues as well as maintaining citizen services while improving how we deliver them.”