James March-April 2024 online - Flipbook - Page 68
To more effectively meet Georgia’s childcare needs, our colleagues
at the Georgia Budget & Policy Institute have proposed the use of state
reserves to create a $7.5 billion Child
Care Trust Fund. Assuming an annual 6 percent return, the fund could
reinvest $486 million into Georgia’s
childcare infrastructure in the first
year. While a trust fund would require the passage of a state constitutional amendment, the resulting
investment in Georgia’s families
would complement the investments
that Kemp and the General Assembly have made in economic and
workforce development over the last
five years.
COMMUNITY &
ECONOMIC DEVELOPMENT
Recent state budgets have also
allocated funds to be invested in
attracting new businesses to Georgia and revitalizing rural communities. The governor’s most recent
budget request continues these
investments by building out training
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M ARCH/ A PR I L 2024
infrastructure to support private
employers who have relocated to
Georgia. While Kia and Hyundai
have grabbed the headlines in the
last two years, a steady stream of
employers like Rivian and Qcells
have expanded operations in the
state, especially in rural areas.
Consequently, the Amended FY
2024 budget includes $50 million
to expand the supply of workforce
housing and $100 million to initiate
economic development projects in
rural areas. The FY 2025 budget
includes $50 million to support economic and workforce development.
One of the state’s primary assets
in attracting businesses to Georgia
is the Quick Start program. Managed by the Technical College System of Georgia, Quick Start designs
and delivers customized training
programs for employers relocating to
the state or expanding their operations. The FY 2024 budget includes
$15 million in additional funds to
expand Quick Start programming
across the state.
In the future, the Partnership
urges legislators to consider tax and
workforce development incentives
that encourage greater corporate
involvement in supporting education
and career readiness.
ACCELERATING EDUCATION
& ECONOMIC OPPORTUNITY
Our economic future is in the
hands of Georgians, leaders and
residents alike. That is why the Partnership released the EdQuest Georgia
State Policy Plan in August 2023 to
help identify the state investments
that will improve personal well-being,
economic mobility, and statewide
economic security. While the Partnership commends the governor and
General Assembly for using reserve
funds to invest in Georgia’s future,
the Partnership also urges elected officials to invest in community-driven
solutions that ensure Georgians are
prepared for life and work.
Matthew Smith is the Director of Policy and
Research at the Georgia Partnership for
Excellence in Education.
