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OKLAHOMA CITY — Gov. Kevin Stitt and legislative leaders on Wednesday announced a budget that includes raises for teachers, correctional officers and state employees.

It also includes $200 million in savings for economic downturns and $19 million for a Quick Action Closing Fund for economic development.

Overall, it represents an approximately $8.2 billion appropriation for fiscal year 2020, up from about $7.6 billion, Stitt said.

Stitt said the largest accomplishments in the budget are the $200 million in savings, no new taxes and a 5 percent investment in core services.

“For the first time in state history, we are setting back an additional savings account of $200 million without the law forcing it,” he said. “This is going to allow us at the end of this year to have $1 billion in our savings account.”

The $200 million is on top of what the state has in its Rainy Day account, which has a balance of $541.6 million with another expected deposit after general revenue fund collections for fiscal year 2019 have been reconciled.

On average, teachers will receive a $1,220 teacher pay raise for districts that are on the funding formula, or 97 percent of teachers.