Yesterday, Governor McCrory unveiled his $20.99 billion budget proposal for the 2015 fiscal year that begins in July 2014 and ends in June 2015. Budget debates tend to spend a considerable amount of time on the spending side. Yet, how the state raises the billions of dollars that fuel the state budget gets relatively little scrutiny compared to the rest of the budget during the budget process.
Examining how the Governor pays for his budget is more important than ever in light of last year’s tax plan that drains $438 million from the state’s coffers in the upcoming fiscal year. This is on top of the fact that lawmakers are facing a current year revenue shortfall, a projected revenue shortfall for the next 2015 fiscal year, and a Medicaid shortfall.
Here’s what you need to know regarding how the Governor chose to pay for his budget:
The Governor expects to receive nearly $20.96 billion in base revenues—$191 million short of what the state initially anticipated. Read More