Indiana teachers may finally get that raise. With an extra $2 billion to spend over the next two years due to a rosy April revenue forecast, Indiana lawmakers announced Tuesday they would invest half of that into increasing funding for K-12 schools. The influx of cash allowed them to fulfill a promise made two years ago to address the stateâs teacher pay shortage. The state also benefited from the federal stimulus package signed by President Biden. The $37.4 billion two-year budget compromise, struck between Gov. Eric Holcomb and leaders of the Indiana General Assembly, will fund the $600 million down payment that a state commission found was needed to make teacher pay in Indiana competitive.