Budgets (page 3)

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    CJ reports: Senate passes tax cut package; measure heads to House

    From Carolina Journal: The Senate approved the Tax Reduction Act of 2019 on a 28-13 vote on Monday, May 20, and sent it to the House. Last Thursday, the bill passed its initial vote by a 26-19 margin. Sponsors say Senate Bill 622 will reduce individual and corporate taxes…
    Anna Manning, May 21, 2019
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    Cutting federal aid to the states

    Chris Edwards explains why the Cato Institute’s latest report links a cut in federal aid to restoration of responsible state government. The federal government spends $750 billion a year on 1,386 different subsidy programs for state and local governments. The study describes 18 reasons why these programs should…
    Mitch Kokai, May 20, 2019
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    How to use one-time money

    Yesterday, the governor’s Office of State Budget and Management and the General Assembly’s Fiscal Research Division released their latest consensus forecast, which includes the truly surprising April tax collections. Earlier reports suggested the revenue could be as much as $700 million higher than originally forecast. The final estimate is…
    Joseph Coletti, May 15, 2019
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    Senate tax cut package could get floor vote tomorrow

    Carolina Journal reports on the latest from Senate Bill 622: The Senate Finance Committee unanimously passed Senate Bill 622, the Tax Reduction Act of 2019, on Tuesday, May 14, and sent it to the Senate Rules Committee. Sen. Bill Rabon, R-Brunswick, Rules Committee chairman, told Carolina Journal the bill would be…
    Anna Manning, May 15, 2019
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    2019-21 House Budget: Looking Ahead

    The House increases spending faster than the pace since 2011, and prepares for more demands next fiscal year in education and Medicaid, but Gov. Cooper expects much slower spending growth than he has proposed in any of his first three budgets (3.0% vs 4.9% / 5.0% / 5.6%). Even with…
    Joseph Coletti, May 13, 2019
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    2019-21 House Budget: Savings Reserve

    The Savings Reserve, the state’s rainy-day fund, would increase to $1.5 billion over the biennium under the House budget proposal, though it also leaves $600 million unspent that could be available in case of an urgent need. With the recently forecast $700 million surplus, the Senate could more…
    Joseph Coletti, May 13, 2019
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    2019-21 House Budget: Capital and Infrastructure

    One of the most confusing things about the House budget is the State Capital and Infrastructure Fund (SCIF). It makes comparing the House plan with the Governor’s plan or with spending in previous years, a challenge, but here is how the House and Cooper handle capital spending and…
    Joseph Coletti, May 13, 2019
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    2019-21 House Budget: Appropriations and Availability

    You can read our Spotlight on the House Budget or, if you prefer tables and graphs, we have them below First, we compare appropriations and availability in the House budget with Gov. Cooper’s proposed budget. When we treat debt service similarly, we see the governor would have spent $600 million…
    Joseph Coletti, May 13, 2019