NC Gov. Roy Cooper approves $27.9B state budget proposal
North Carolina Gov. Roy Cooper on Monday decided to sign off on state lawmakers’ budget proposal hours before an approaching deadline.
The Governor had until the end of the day on Monday to act on the $27.9 billion spending plan, which passed the Republican-controlled legislature with enough votes.
Governor Cooper said, “Today, I signed the state budget (HB 103) that includes critical investments in education, economic development, transportation, and the state workforce”. The budget increases wages for teachers, state employees, and retirees, while also setting aside $1 billion in a fund dedicated to addressing rising costs in the face of economic headwinds. Let’s talk about what is included in the state budget and what is not included.
What’s Included in the State Budget:
The plan includes $883 million for water and wastewater initiatives, $300 million for a new education complex and governor’s office, and improvements to other government buildings. The budget allocates an additional $120.8 million in capital grants to local governments and nonprofits. The spending plan provides $32 million for school safety grants, an additional $15 million for school resource officers in elementary and middle schools, $26 million for officers in high schools, and $5 million for historically black colleges and universities to address cybersecurity and bomb threats.
Is a State Stimulus Check Included?
Unfortunately, the spending plan doesn’t go far enough in providing immediate financial relief to families dealing with rising costs. The budget does not include reducing taxes, nor did it provide the gas tax rebates that most North Carolinians were hoping for. According to AAA, North Carolina's Average for the gas week of 07/11/22 is $4.319 compared to the National Gas average of $4.678.
Additional Note Worthy North Carolina Bills on the Floor:
Under House Bill 911, lenders could get money from a borrower through a legal mechanism known as a confession of judgment, which is often found in a contract clause.
The consumer may not be aware of these provisions buried in the small fine print section of the contract. When borrowers agree to allow a creditor to obtain a judgment against them over an unpaid bill, often without advance notice or a hearing. Those who are against the bill feel this process is a function of predatory lending. The North Carolina House on July 1 amended a separate bill to strike down the provision, the confession of judgment language still went to Governor Cooper because the Senate adjourned earlier in the day. Governor Cooper said he expects the Senate to remove the provision.
What are your thoughts, should the North Carolina Legislative pass a separate bill that gives direct payments to North Carolinians for relief due to inflation?