Republican senators reveal their version of Kentucky's next two-year budget

abcnews.go.com:

Kentucky Senate Republicans have revealed their version of the state’s next two-year budget

FRANKFORT, Ky. — Kentucky Senate Republicans revealed their version of the state's next two-year budget Wednesday, proposing more funding for the main K-12 school funding formula and doubling the amount of performance-based funding that goes to public universities.

The spending blueprint could be voted on in the full Senate later Wednesday, hours after it cleared a Senate committee. The ultimate version of the spending plan — the state's main policy document — will be hashed out in coming days by House and Senate conferees. The GOP holds supermajorities in both chambers.

A separate spending bill headed to the full Senate would tap into the Bluegrass State’s massive budget reserves to make a number of one-time investments. Senators made several additions to the House version, including a $75 million appropriation to deliver a one-time additional pension payment for retirees in the Kentucky Employee Retirement System to help cushion them from the impact of high inflation.

Those one-time funding priorities also include $50 million for an economic development fund to assist business recruitment in areas plagued by high unemployment and a combined $37 million for cancer centers in Middlesboro in eastern Kentucky and in Bullitt County, south of Louisville.

“I think that the discipline we’ve shown over the last decade has given us the opportunities to make the investments we’re making now for the next decade,” Republican Sen. Chris McDaniel, chairman of the Senate Appropriations and Revenue Committee, told reporters afterward.

The Senate's version of the state's main budget bill, like the House version, left out two of Democratic Gov.