Lansing — Gov. Rick Snyder and Republican legislative leaders have agreed to deposit $35 million into a statewide infrastructure fund and $150 million into a “rainy day” savings fund as part of a final budget deal for fiscal year 2018.
The Legislature had cut proposed deposits from Snyder’s recommended budget in an attempt to free up $495 million for a teacher pension reform plan, which has since been revised and now is expected to cost significantly less.
The budget deal, which leaders hope to send to the governor’s desk next week, is expected to include $55 million to cover two-year upfront costs for teacher pension reforms along with $200 million to pay down debt accrued in the state’s legacy pension system.
Additional money will “go back into budget priorities for the administration,” said Senate Appropriations Chairman Dave Hildenbrand, R-Lowell.