The Georgia Senate has signed off on a fiscal year 2023 state budget that increases spending by 10.8% over last year.
The Senate voted 56-0 in favor of an amended House Bill 911, a more than $30 billion spending plan that includes pay raises for many state employees and largely returns spending to pre-COVID-19-pandemic spending levels.
The budget proposal includes pay raises for certified teachers and other school workers, including nutrition workers, bus drivers and school nurses. It also increases funding for law enforcement, including for the Georgia Department of Public Safety to hire state troopers and expand crisis intervention training for officers across the Peach State.
Apple chief executive Tim Cook made nearly $100 million in compensation in the company’s fiscal year, according to SEC filings published Thursday.
SEC filings show that Cook took home $98.73 million in the 2021 fiscal year, more than 500% more than the previous year’s $14.8 million, The Wall Street Journal reported.
Cook’s $3 million base salary remained stable in 2021, but he received a $12 million bonus for hitting Apple’s financial and environmental sustainability goals, $1.39 million in other compensation and $82.35 million in stock awards.
Harvard University announced Thursday that its endowment grew by $11.3 billion to a record $53.2 billion during the fiscal year ending in June, a year-over-year increase of 33.6%.
The announcement comes after Harvard, which runs the nation’s largest private university endowment, defeated a lawsuit from students who took umbrage with the school’s decision to not offer partial tuition refunds when it moved to online-only classes during the early stages of the COVID-19 pandemic.
“Fiscal year 2021 was an extraordinary year. Public and private markets both continued their strong performance, which allowed the endowment to not only increase its distribution to the University, but also continue to grow during this critical time when pandemic-related financial pressures challenge all of higher education,” Harvard Management Company Chief Executive N.P. Narvekar said in a report Thursday.
The annual budget deficit has already hit $1.9 trillion and counting for the fiscal year that will end in September, according to the U.S. Treasury’s April statement, and it will reach as high as $3.6 trillion this year, says the White House Office of Management and Budget (OMB). Comparatively, in 2020, the deficit totaled about $3.1 trillion for the entire year.
This comes amid the massive government spending in response to the Covid pandemic, including the $2.2 trillion CARES Act in March 2020, the $900 billion phase four legislation in Dec. 2020 and then President Joe Biden’s additional $1.9 trillion Covid stimulus bill in March 2020. Another $2.1 trillion infrastructure plan is in the works. And now, Biden is offering his $6 trillion budget, which will blow another $1.8 trillion hole in the deficit in 2022.
As a result, 33 percent of marketable national debt, or about $7.27 trillion of the $22 trillion of publicly held debt, will be coming due within the next year, according to the latest data by the U.S. Treasury. For perspective, that’s more debt than existed as recently as 2003.
Higher than expected revenues for the month of April resulted in the state’s budget surplus exceeding $2 billion with three months remaining in the 2020-2021 fiscal year.
Commissioner of Tennessee’s Department of Finance and Administration Butch Eley made the announcement Friday that April revenues of $2.5 billion resulted in a $596.7 million surplus for the month of April 2021.
Ohio concluded the 2020 fiscal year with General Revenue Fund tax revenues of $1.1 billion, or 4.6 percent, below estimates, a clear indication of the impact the COVID-19 restrictions have had on the state.
Tax revenues in June were $50.5 million, or 2.2 percent, below estimate. However, state officials noted that revenues were better than a month earlier when they were 13 percent below expectations.