FRANKFORT, Ky. (WBKO) -- The Kentucky Senate and House Budget Conference Committee reached an agreement on the two year budget. The plan sits at $20 billion but does not include a proposed $65 million for Rupp Arena renovation. Lawmakers said it does however give a small fund to the arena for planning and engineering.
Multiple things in the budget will have an affect on South Central Kentucky.
Teacher pay raises will be required of school districts. The increase will have to be 1% in 2015 and 2% in 2016.
State universities will still see a cut, but not as much as first expected. Rather than a 2.5% operational budget cut, state schools will only have to make a 1.5% cut. Community and Technical Colleges will also see a 1.5% budget cut in their operational budgets.
A flat tax will be set on instant racing, which is offered at Kentucky Downs in Franklin. That tax will come in at 1.5% as of April 1st.
Lawmakers said the budget will be ready for final approval Monday.