Thursday, April 1, 2010

NCGA: Upcoming Appropriation Subcommittee Meetings

Legislators will be heading back to work on the budget early this year. A series of appropriation subcommittee meetings were announced yesterday. As of the end of last quarter the state was still facing a serious deficit in revenue. Here is a replay of the numbers and the schedule for the upcoming meetings.

State of the Budget for North Carolina as of February 2010:

Medicaid: The hole in Medicaid has grown to between $250 and $260 million dollars. Part of the growth is due to the double-digit unemployment numbers in our state.

Revenue collection: State revenue collections are $45 million bellow the $12.1 billion target through February.

Income tax withholding: Currently the state is seeing income tax withholding down 4.1% through February. $145 million bellow target

Sales tax collections: Sales tax collections are down 11.0% and net collections are up 12.2% however the current budget expected a 15.9% increase. We are currently $125 million below target.

Budget Deficit for 2010: Governor Bev Perdue stated that her economic team forecasts a $1 billion dollar deficit for the coming budget year and a possible $3 billion dollar deficit for the 2011-2013 budget.

Rainy Day Fund: $150 million dollars. At the end of the 2009 session Governor Bev Perdue took an addition cut of 5%. That hold aside is being used to cover any deficit in the current operating budget. It will not be added to the $150 million dollar rainy day fund.

Appropriation Subcommittee Meetings:

Tuesday, April 6

Education: 10:30am 421 LOB

Wednesday, April 7

General Government: 1:00pm 1425LB

HHS: 2:00pm-5:00pm 643 LOB

Thursday, April 8

General Government: 9:00 AM 1425 LB

Monday, April 12

Education: 2:00pm 544 LOB

Tuesday, April 13

HHS: 8:30am (Room to be announced later)

General Government: 9:00 AM 1425 LB

Wednesday, April 14

General Government: 9:00 AM 1425 LB

Thursday, April 15

General Government: 9:00 AM 1425 LB




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