Bill Strengthening North Carolina’s Rainy Day Fund Becomes Law

Yesterday Gov. Cooper signed House Bill 7 into law, albeit with some apparent reservations.

“Legislative budget-writers will have to set aside money every year for the state’s rainy day fund, under a bill signed into law on Thursday by Gov. Roy Cooper.

The governor signed the bill while warning against putting too much into savings at the expense of tax breaks for the middle-class, schools and attracting jobs….During his campaign for office last year, Cooper said the $1.5 billion in the fund was excessive. That remark prompted criticism from Republicans, who claimed Cooper would leave the state without enough savings for emergencies such as the flooding and wildfires that hit the state in 2016.”

This new law will require 15 percent of annual projected state revenue increases be set aside into the state’s rainy day fund. This, along with other measures restricting the ease with which funds from the account can be appropriated, will better grow and preserve the savings reserved for difficult fiscal times.

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(Source: https://www.nccivitas.org/civitas-review/bill-strengthen-rainy-day-fund-signed-law/)

 

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