Republican Gov. Bill Haslam's $34.8 billion spending plan includes new spending for schools, colleges and road projects along with another large deposit into Tennessee's emergency reserves



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NASHVILLE, Tennessee — Republican Gov. Bill Haslam's $34.8 billion spending plan includes new spending for schools, colleges and road projects along with another large deposit into Tennessee's emergency budget reserves.

Haslam made his sixth budget proposal in his annual State of the State address at the state Capitol on Monday.

The governor touted his proposed $261 million increase in spending on public education as the state's largest ever investment in K-12 education without a tax increase.

Haslam also proposed to transfer $130 million from the general fund to pay for highway projects and maintenance. That's about half of the amount diverted from the highway fund to help bridge budget gaps about a decade ago.

Placing $100 million into budget reserves would bring the state's rainy day fund to $668 million, its second-highest level on record.

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