From Carolina Journal Radio Program No. 726: North Carolina lawmakers are pursuing new rules to restrict the use of the state’s “rainy-day” savings reserve. While the General Assembly has made a conscious effort to rebuild that reserve in recent years, they have had no rules to guide them. New legislation would mandate that a portion of each year’s revenue growth must head to the reserve. The plan also would limit rainy-day spending to a limited number of fiscal and natural emergencies. You’ll hear highlight from a recent debate about the topic.
State forecasts $1.4 billion budget surplus
The North Carolina General Assembly's Fiscal Research Division projects that while inflation and interest rates are still up, the state will have $400 million over in collections in the current fiscal year and $1 billion additional revenue coming into the state coffers in FY 2024-25.