JLF’s Joe Coletti has produced an easy-to-understand analysis of North Carolina’s new General Fund budget for 2017-19. Among the highlights: savings.
The General Assembly has created a mechanism to ensure the adequacy of the Savings Reserve Account, instituting mandatory transfers beginning in FY2018-19 and placing restrictions on how its funds can be used. The new law sets a lower bar of 15 percent of new tax revenue after tax law changes for the year if the Savings Reserve is below the threshold agreed upon by the Office of State Budget and Management and the Fiscal Research Division of the General Assembly.
Take a look at the highlights here.