The Indiana General Assembly gave final approval Thursday to a new two-year $37 billion state budget that is bolstered by $3 billion in federal coronavirus relief funding. The new budget takes effect in July.

A revenue forecast unveiled a week ago was the game changer. It projected $2 billion more for the new budget, much of it put into K-12 education that all but guarantees teacher pay raises.

Gov. Eric Holcomb and top Republican lawmakers announced the latest budget proposal Tuesday, which includes the state's biggest investment in K-12 education -- nearly $2 billion in state funding for schools over the next two years.

Gov. Eric Holcomb and other state leaders provide an update on House Bill 1001, the state's two-year budget.

Gov. Eric Holcomb said the states new, $37 billion state budget will be "transformational" for Indiana's future.

This week at the Indiana Statehouse, Republicans voted to override another Gov. Eric Holcomb veto. Plus, a new revenue forecast projected billions of additional dollars for the new state budget.

The state's largest teachers union says it wants lawmakers to take action on recommendations made by the governor's compensation commission to boost teacher pay.

Indiana Senate Republicans unveiled their $36 billion two-year state budget proposal Thursday making a number of changes to the Houses K-12 funding plan and focusing heavily on one-time spending.

A proposed expansion of Indiana's private school voucher program would be scaled back under the new state budget plan from state Senate Republicans, while still boosting the program's spending by about 25 percent.

Hoosiers got likely their last chance this session to testify on the new, two-year, $36 billion state budget Thursday.