On Wednesday evening, the North Carolina Senate unveiled its $21.16 billion budget proposal for the 2015 fiscal year that begins in June 2014 and ends in July 2015. The Senate leadership decided to put the budget on a fast track to approval, bypassing the appropriations subcommittee process and scheduling the final debate to begin today at 4pm into early Saturday morning.
Even when lawmakers have an adequate amount of time to review the full budget proposal—and to be clear, in this case, an adequate amount of time was not allowed—budget debates tend to spend a majority of the 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 Senate pays for its 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. Read More