NC Budget Update
by Cady Thomas
Yesterday evening, the Senate released their proposed budget and heard the bill and amendments in the Senate Appropriations and Base Budget Committee this morning. The Senate Finance Committee will hear the finance portions tomorrow at 8:30am which include the tax changes and reductions in H 334 which passed the Senate last week.
- Funds the Be Pro Be Proud Program to be run through the Department of Labor (p203 of S105) and is funded at $5 million in FY 21-22
- DOT Funding Starts on J 32 of the Money Report and includes a total budget of $2.63 billion in FY 21-22 which is a 12.6% increase.
- Highway Trust fund will receive $1.6+ billion in FY 21-22 and $1.7+ billion in FY 22-23 which are increases of 26.1% and 11.4% respectively.
- Adds $300 million in nonrecurring funds to the DOT Reserve in FY 22-23
- DOT Revenue forecast is up 17.2%
- Highway Maintenance is funded at $1.8 billion (14.8% increase)
- Bridge Repair = $344 million
- Pavement Projects = $680 million
- Resurfacing = $570 million
- Creates a budget office within DOT (p376 of S105); and
- Eliminates the requirement that DOT have a cash balance below $1 billion in order to issue bonds for just FY 21-22 (p377 of S 105).